Insurance is all about numbers and using numbers and statistics to predict outcomes. That is because some people say that insurance is like gambling. Why is that? While similar to gambling, however, insurance is not a zero-sum game where the dealer wins the bet and you lose.
Avoiding Malpractice Tips
Just about any insurance carrier allows the buyer of an insurance policy or an active insured covered under an insurance policy to buy a “Rider,” referred to as an “Endorsement.” When you add an Endorsement to an insurance policy contract, think CHANGE. It could amend anything.
Today we will talk briefly about certain statistical tools and perspectives that you may want to use in your practice so you get a better handle on your cases and general work activity. The goal here is to help you work smarter, not harder while managing your risk better. The first thing to ask is: “What’s my story?” Is your practice driven by a few types of cases or is it widespread among many diverse case types?
COVID-19 caused the closing of state licensing boards and civil courts for many months, depending on the state, some are still recovering. Historically, our experience has shown that state licensing boards normally require on average 8 to 15 months to resolve a case. With COVID-19 delays, we are now looking at years.
According to the Deloitte Center for Financial Services, Deloitte Insights’ survey of 200 industry leaders reported on December 3, 2020, the pandemic from COVID-19 hurt the property and casualty insurance business significantly. The trend will continue perhaps into Q3 2022.
Whether it is life, health, hospital, dental, vision, accident, property, casualty, auto, renters, homeowners, mortgage, credit, or liability, insurance is a part of everybody’s life. So, like it or not, you are an insurance policy customer, and you should know how the insurance distribution process works. It will save you money.
When you are renewing or buying a liability insurance policy such as a professional liability policy, a general liability policy, a cyber liability policy, or any other insurance policy for that matter, we recommend that you read and review your coverage. Make your insurance coverage review a standard part of your practice administrative support tasks.
The NASW Risk Retention Group’s Cyber Liability insurance suite covers the major cyber liability perils specified under the 45 CFR Part 160 HIPAA HITECH Law. These are “Third-Party” liability records breach incidents. These perils include legal defense, state and federal fines and penalties, damages to clients, the required security breach audit, client notification costs, and the required ID theft protection subscriptions for victims. Professional Liability policies do not cover these “Third-Party” perils.
The social worker profession is indeed a noble one, founded on service, integrity, and clinical expertise. At times, it can be a stressful and hazardous occupation. The nation is grateful for what you do, thank you!
This article shares some brief research about the growing trend that shifts some police risk to the social workers and shares some detail regarding how the NASW Risk Retention Group insures its practitioner policyholders for bodily injury and damages sustained by its practitioners.
While the use of teletherapy and online-therapy has been increasing as alternative treatments in the Allied Health profession, the COVID-19 pandemic has accelerated their use, and they have become top-of-mind discussion topics. These therapies have essentially become based on and enabled by virtual catalysts as agents of significant change.
The COVID-19 pandemic has caused NASW Assurance Services and the NASW Risk Retention Group (“NASW RRG”), to receive many phone calls from mental health professionals asking about alternative treatment methods including teletherapy and online therapy. It is the NASW RRG’s priority to protect its policyholders since they are owners of the NASW RRG, and the NASW RRG wants to help its policyholders to be able to continue serving their clients and communities.
The COVID-19 pandemic has caused NASW Assurance Services and the NASW Risk Retention Group to receive an inordinate number of phone calls from social workers asking a variety of questions. We have found that most of the calls relate to remote practice methods. With the immediate social distancing shift away from in-person therapy, many social workers are asking how to begin online and telehealth therapy and requisite guidelines.
NASW Risk Retention Group (NASW RRG) shares information based on our helpline inquiries, corresponding claims history, and an understanding of a varying nationwide professional state regulatory environment.
Due to COVID-19, many states have implemented or waived specific regulations; it is the individual professional's responsibility to research, implement, and monitor those regulations; and apply our risk management content as a consideration in your practice environment. Do not interpret this risk management material as any means to alter professional training, standards, nor any ethics information provided by your professional association.
Please understand, the NASW RRG makes no representations or warranties other than those stated to our current policyholders in the insurance policy contract. Please contact us if you have further questions.