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Insurance for Specialty Hospitals

Insurance for Specialty Hospitals 

Specialty hospitals, dedicated to providing focused medical care in specific fields such as cardiology, orthopedics, oncology, and neurology, play an invaluable role in the healthcare system.

Given the complexity and high stakes involved in treating acute and chronic conditions, these facilities face unique challenges that demand robust risk management strategies.

Ensuring patient safety while delivering cutting-edge treatments requires not only exceptional medical expertise but also comprehensive protection against potential legal liabilities.

This is where specialized insurance coverage becomes indispensable, offering specialty hospitals the financial safeguard necessary to manage risks.

Get a Free Quote Now

The fastest way to find the most suitable insurance coverage for your specialty hospital is to fill out our quick quote form, so we can give you an idea of the type of insurance coverage that best suits you.

Westwood Insurance works with a number of different carriers to ensure you have the most suitable insurance coverage at the best price.

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Insurance for Specialty Hospitals can include:

  • Bodily Injury Coverage
  • Property Damage Coverage
  • Premises Liability including slips, trips, and falls
  • Completed Operations Coverage
  • Personal and Advertising Injury including Defamation (slander or libel)
  • Medical Payments Coverage
  • Legal Defense Costs
  • Legal defense expenses covered in addition to liability limits
  • Abuse and Molestation (SAM) Coverage (limited coverage)

Why do Specialty Hospitals need Insurance?

While specializing allows for a high degree of expertise in particular areas of medicine, it also introduces unique challenges that necessitate the need for malpractice or liability insurance. Here are key areas where specialty hospitals are vulnerable to being sued for malpractice:

  1. Complex Procedures and Treatments: Specialty hospitals often perform advanced, high-risk procedures or treatments that carry inherent risks of complications. Despite the high level of expertise, adverse outcomes can occur, leading to potential malpractice claims if the patient or family believes that errors were made or the standard of care was not met.
  2. Misdiagnosis or Delayed Diagnosis: In specialized care settings, there’s a heightened expectation for accurate and timely diagnosis, especially for diseases within the hospital’s specialty. Failures in this area can delay critical treatments and negatively impact patient outcomes, making the hospital vulnerable to lawsuits.
  3. Inadequate Consent Process: Given the complexity of treatments and procedures in specialty hospitals, thoroughly informing patients of the risks, benefits, and alternatives is crucial. Inadequate informed consent can lead to legal action if patients experience unexpected complications or outcomes.
  4. Failure to Monitor Post-Treatment Complications: Specialty treatments may have specific post-treatment risks. Failure to adequately monitor patients for complications or to act swiftly when issues arise can result in harm and potential liability.
  5. Equipment and Technology Failures: Specialty hospitals often rely on cutting-edge medical technology and equipment. Malfunctions or improper use of this equipment can lead to patient harm and subsequent lawsuits.
  6. Medication Errors: Errors in prescribing, dispensing, or administering medications, particularly those involving specialized treatments, can have serious consequences, leading to potential malpractice claims.
  7. Breach of Confidentiality: Specialty hospitals handle sensitive patient data, and breaches of confidentiality, whether through improper access or data breaches, can lead to lawsuits for violating patient privacy rights.
  8. Referral and Transfer Issues: Specialty hospitals receive referrals from or transfer patients to other healthcare facilities. Issues arising from miscommunication, delays, or failure to transfer medical records can impact patient care and result in liability.

Malpractice or liability insurance provides financial protection against claims of negligence or malpractice, covering legal defense costs, settlements, and judgments. For specialty hospitals, this insurance is crucial for mitigating the financial risks associated with the high-stakes nature of their specialized services.

Westwood insurance brokers works with a number of different carriers to source the most comprehensive protection at the best price. Contact us now for more information.

MedPro Group
Core Specialty
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Travelers Insurance
CFC Underwriting
Applied Underwriters
Tokyo Marine Insurance Group
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AIG Insurance
Ironshore
Strategic Comp
MagMutual
Genstar
Beazley
Empro Insurance
Great American Insurance
Skyward Specialty Insurance
Hudson Insurance Group
Huntersure Insurance
MIG Insurance
Kinsale Insurance

What types of Insurance do Specialty Hospitals need?

 
General Liability Insurance

General Liability Insurance

General Liability covers medical expenses and attorney fees which result from bodily injuries and property damage that your facility or organization could be legally responsible for.
 
 
Professional Liability Insurance

Professional Liability Insurance

Also known as malpractice insurance, this  protects facilities against claims related to malpractice, negligence, or injury resulting from resident care. Staff members will typically be covered by professional liability insurance.
 
 
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Sexual Abuse and Molestation Insurance

Provides coverage for your specialty hospital against claims arising from alleged sexual misconduct or molestation by an employee or other representative of your organization. Essential for the senior living industry.
 
 
Commercial Property Insurance

Commercial Property Insurance

This protects your facility against damage or loss to your buildings, equipment, and other property, which can happen as the result of various risks such as fire, theft, or vandalism.
 
 
workers compensation insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law. It protects specialty hospitals and employees in case of work-related injuries or illnesses.
 
 
Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.
 
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02 May, 2023

five-starsI’ve worked with Michael Richards and his team now for many years and I can unequivocally say that they are by far the...

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11 June, 2023

five-starsWestwood Insurance Group, with Dale and Liz are a pleasure to work with in helping solve for my insured’s insurance needs...

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Greg Cullom
08 Nov, 2023

five-starsLaura has been a great contact for us over at the Westwood Insurance Group. She is extremely communicative...

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Hayley Shryock
30 June, 2023

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Kathy Natale

Kathy Natale
25 Sept, 2024

Speak with an Insurance Professional

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Michael Richards

Michael specializes in sourcing the most suitable insurance for Specialty Hospitals at the best price. You can call him or fill out the form and he will get your message directly.

Call 216-502-4967 or
Fill Out the Form