As a podiatry specific practice management consultant, I receive lots of questions and requests for assistance on subjects that are as they say, “in my wheelhouse.” Recently, however I received an email from a physician/practice owner that was not. The physician wanted to know if she needed to have malpractice for both herself and the business (and how/if this was different than her current personal malpractice, liability and workers’ comp coverage). 

To find the answer I reached out to Ben Wise, Healthcare Practice Consultant with The Keane Insurance Group, of which I have recommended to my practices for years and he responded; “She does need coverage for her corporation because it will be named in any suits against her.  If it is not listed on the policy, she would have to hire counsel and pay any settlements or awards against the corporation on her own.”           

I wondered how many other physicians/practice owners were unaware of this caveat, and so I asked Ben to provide some self-polling questions and points to consider. I hope you find them helpful: 

• Is your business entity covered for malpractice?
• Did you know that if you are sued for malpractice, your business will likely be included in the suit?

It is important to make sure that your business is named as an additional insured on your malpractice policy otherwise you could face substantial costs in defending and indemnifying your business for that portion of the claim. You can also be sued for vicarious liability as a result of the acts or omissions of your employees, staff, or even independent contractors. If your policy does not provide vicarious liability for your medical staff and associated providers, you will not be covered for lawsuits alleging vicarious liability against you as employer or owner.

For these reasons and countless others, it is important to engage the services of a licensed broker that specializes in medical professional liability coverage and can guide you in selecting the correct coverage and make sure you do not have uncovered exposure. 

If you have questions or would like a free consultation (assessment of your current situation) please contact my preferred malpractice broker, Ben Wise of The Keane Insurance Group.  Ben is licensed in Property & Casualty, and Life & Health, and has over 13 years of experience in helping physicians to improve their quality of care while protecting their reputation and assets at the lowest possible cost. 

Benjamin E. Wise
Healthcare Practice Consultant
The Keane Insurance Group, Inc.
800.966.7731 – Office
512.662.8087 – Cell
Ben.wise@keanegroup.com