Individual & Group Professional Liability
There are a number of plans available for professional liability coverage, and limits vary. PIAM has a selection of carriers and offers both Occurrence and Claims Made coverage. PIAM can provide you with competitive quotes for excellent policies. We can work with our carriers to develop a special, reduced premium medical professional liability program specifically for your group. Such a program could save your members thousands of dollars in excess premium costs each year.
Corporate Professional Liability
If you have a corporation, it is highly recommended that you consider a corporate professional liability policy. Corporate professional liability insurance covers liability suits against the corporation that may arise when the contractual obligations and responsibilities of participating physicians and managed care companies are absent or left ambiguous. It also covers vicarious liability that can occur when employees of the corporation are deemed negligent in patient care decisions including denial of care, delay of care, failure to diagnose or failure to perform.
PA & NP Coverage
Physician Assistants and Nurse Practitioners, responsible for expanded duties that closely parallel that of a physician, have quite a bit more exposure to claims than the traditional nurse and should purchase coverage accordingly.
VICARIOUS Liability exists on the policy to provide coverage for the employer only with regard to acts of the employees. NO COVERAGE is provided for the employee under this part of the policy. In essence, the employer is likely to be sued if the employee is sued for malpractice, and this part of the policy will cover the employer's defense and settlement costs.
NAMED EMPLOYEES or ADDITIONAL INTERESTS coverage is an optional coverage on the policy of the employer, and extends the coverage limits to include employees, who may either share in the entity's limits of liability or be protected under a separate limit of liability. Depending upon the policy form, there may or may not be a charge for this coverage.