As the aging population and advances in medical technology fuel the healthcare industry’s rapid expansion, providers face new growth opportunities and specialized protection needs.
To help healthcare administrators address these needs, The Hartford Financial Services Group, Inc., has expanded its portfolio of insurance products and services for healthcare providers with tailored coverage designed specifically for healthcare facilities.
“Healthcare service providers have a broad range of insurance and risk management needs, from protecting their property, medical equipment and computer records to ensuring patient and staff safety,” said Lisa Morgan, senior vice president of The Hartford’s Middle Market commercial insurance business.
The Hartford has added several healthcare-specific coverage options to its Property Choice policy, which is designed for midsize businesses:
- Coverage for patient or resident emergency evacuation when the facility is threatened by a covered cause of loss.
- Coverage for clean-up of a contaminated building and equipment in the event of a disease outbreak.
- Decontamination expense coverage, including testing, clean-up, or removal of pollutants.
- Reimbursement for drugs, medical devices or supplies that are condemned or required to be withheld from the market by a government authority.
- Coverage for loss or damage of perishable stock due to a loss of power.
For smaller outpatient practices, The Hartford offers several healthcare-specific coverage options as part of its Spectrum Business Owner’s Policy. These include:
- Optional daily limits for business income, which are designed to make it easier for a provider to recover income from canceled patient appointments due to a covered loss.
- Spoilage coverage for perishable medicines and medical supplies (including pharmaceutical samples).
- Higher optional limits for reimbursement of legal expenses for court or review boards.
The Hartford also recently enhanced its workers’ compensation claim practice for needlestick injuries. The Hartford provides reimbursement for testing of the source patient in addition to the injured employee, which helps to identify potential illnesses and begin appropriate treatment more quickly.
“For healthcare practitioners, the risk of infection resulting from a needlestick injury can be a significant concern,” said Robert Bonner, MD, MPH, The Hartford’s medical director and vice president of medical practices. “This approach is designed to facilitate prompt testing of both patient and employee, which helps alleviate uncertainty and potential delays in treatment.”
The Hartford also provides training resources for healthcare facility risk managers, including loss control webinars that address such issues as patient lifting, the aging workforce, business continuity planning, healthcare fleet management and ergonomics.
The Hartford offers the property and workers’ compensation enhancements as part of its portfolio of protection, benefits and wealth management products for healthcare services providers.
Source: The Hartford
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