There once was an event that occurred every holiday season—an event so spectacular that everyone who experienced it still remembers it to this day—when the Sears “Wish Book” catalog arrived in the mail.

The arrival of this catalog was essential for cKey-Coverages-Inspirienhildren because it meant they could finally begin making their Christmas wish list. A task so important children always gave it their complete attention. Serious consideration would be given to how they have grown over the last year, how their needs and interests have changed. No child would simply submit the same wish list from the year before. Children knew the toys they circled on those glossy catalog pages would be the same toys they would be playing with until the next Christmas. The children who gave their list the attention it deserved were often the happiest on Christmas morning and throughout the new year.

Insurance should be as important and exciting to healthcare organizations as a Christmas wish list is to a child. When your annual renewal application arrives in the mail or in your email inbox, think of it like the Sears “Wish Book” catalog, full of new products and inspired possibilities. Take the time to consider how your organization has grown over the last year and any new risks. Having the right coverages in place when an incident occurs can make all the difference between remaining solvent and facing financial ruin.

Be sure to consider circling these coverages:

  • Excess Coverage. If your organization has grown over the last year, you may need more coverage. Adding an extra layer of coverage can help protect the future of your organization, your reputation and your overall success.
  • Cyber Coverage. Hackers are increasingly targeting the healthcare industry for protected health information (PHI) that includes valuable black market information such as Social Security numbers and date of birth. A recent Ponemon Institute report found the average cost per lost or stolen record to be $363 for a healthcare organization. And with 1 in 3 Americans being a victim of healthcare data breaches, cyber protection coverage is critical to avoid lawsuits, lost revenue, and reputational harm.
  • Patient Safety Organization. Patient safety is a top priority. Add the guidance and resources of the industry leading ECRI Institute to help improve patient safety outcomes and meet the CMS requirement for reporting patient safety events with the additional layer of federal protection.

The revenues needed to add these coverages and protect against potential risks is minimal in relation to the financial pitfalls and consequences from an incident that always seems to occur at some point. It is better to pay less now than to pay more later.

For more information on these coverages, contact Tim Miller at 334.323.4112 or