Healthcare Providers Coverage: Top Reasons Doctors are Sued

Healthcare Providers Coverage Top Reasons Doctors are SuedHealthcare Providers Coverage: Top Reasons Doctors are Sued

Lawsuits and medical malpractice suits are a difficult but unfortunately common facet of the healthcare industry.

There are several reasons for malpractice payments. Surgical mistakes, overdoses, and obstetric errors are all reasons for insurance payments. However, the most common reason for insurance payments were diagnostic mistakes, accounting for 28.6 percent of payouts. Errors related to treatment and surgery are the second most common.

According to the New York Times, in a survey of 7,000 doctors, nearly one in four were involved in litigation. The effects of litigation on doctors can be detrimental. Surgeons involved in recent lawsuits are more likely to suffer from depression and burnout. And although a large majority of claims never result in any kind of payments, they still rack up costs of $55 billion yearly.

Healthcare providers and nursing homes face inherent risks when running their business. Medical malpractice suits alone can rack up significant costs both financially and time-wise that can seriously set healthcare providers back.

Healthcare services require insurance coverage that comes with a risk management program to help them analyze their history and current exposure and evaluate an operation inside and out before implementing solutions.

At Sinclair Risk & Financial Management, our services include risk survey and assessments, loss prevention, claims monitoring and intervention and more. Our insurance products span everything from Property to Business Interruption, General Liability and Workers Comp. Our integrated risk consulting and claims philosophy can help you reduce your risk. Contact us today for more information. (877) 602-2305

High-Value Home Insurance: The Garage Showroom

High-Value Home Insurance The Garage ShowroomHigh-Value Home Insurance: The Garage Showroom

The garage used to be a purely functional space. It was that black hole where you crammed every soccer ball, winter jacket, holiday decoration, and family photo albums that wouldn’t fit inside the house. It was a practical space that most visiting guests never saw. However, more and more homeowners are investing in garages, treating them as additional rooms rather than storage spaces.

High-end homeowners are re-doing their garages- big time. They clearing the clutter, bringing the cars back into garage, and investing in serious high end luxuries. Three bays, finished walls and floors, cold and hot running water, and heating systems are becoming standard in the garage. According to the Wall Street Journal, one remodeling company has seen an approximately 50 percent increase in garage projects over the past three years.

Technology advances has also made high-end garages more lavish than ever before. Quieter car lifts can hold more tonnage, and iPads and smart devices can control entire rooms. One 1,500-square-foot garage holds four cars above ground. A fifth car is kept below ground via a subterranean lift that opens into a wine cellar. Finally, a lofted living area with a kitchen and full bathroom overlooks the area where the cars are parked. Finally, a glass door was put in between the wine cellar and underground parking space so the owner can see the car from the cellar.

The price tag for these types of installments don’t come cheap, swinging upwards towards one million dollars for the garage. Roughly 85% of all single family homes in the U.S. have a garage and 74% of those say parking cars is its most important use. But the spaces are increasing. Of new homes built in 2011, 29% of them had a three-car or larger garage.

The spaces are meant for entertainment and show, rather than a simple parking space. But while they can be a great addition for owners and even boost the real estate value, high end garage additions can add significant liability. Depending on the size and amenities, a standard home insurance policy may not cover the cost to repair or rebuild your garage if it is ever damaged.

Sinclair Risk & Financial Management offers selected programs designed exclusively for our affluent clientele and their high value homes. These homeowners programs provide higher limits and broader coverage than standard policies and are designed for houses worth millions that often include expensive furnishings and cutting edge technology and equipment. Contact us today for more information .

Fine Art Insurance: FBI’s Top 10 Art Crimes

Fine Art Insurance FBI's Top 10 Art CrimesFine Art Insurance: FBI’s Top 10 Art Crimes

Iraq National Museum. In 2003, 10,000 artifacts were taken by U.S. Department of Defense contractors who used them as gifts or bribes. Seven to ten thousand remain missing.

Isabella Stewart Gardner Museum. Two men dressed as Boston police entered the  museum during St. Patrick’s Day, tied up the night guards, and stole 11 paintings, including a Rembrandt, Dega, Manet, and Vermeer worth up to $500 million. The paintings have yet to be recovered.

Oratory of San Lorenzo. Two thieves removed a painting by Michelangelo Merisi da Caravaggio, estimated to be worth $20 million, from its frame in October 1969.

Apartment of concert violinist Erica Morini. A Stradivarius violin, known as the Davidoff-Morini Stradivarius and made in 1727. The violin is worth $3 million.

The Van Gogh Museum. Two thieves stole two of Van Gogh’s paintings, together valued at $30 million. The two were convicted for the theft but the paintings have yet to be recovered.

Ashmolean Museum. A thief broke into the museum on New Year’s Eve 1991 and stole a Cezanne landscape painting valued at $3 million.

Gallery, West Hollywood, CA. Burglars stole two oil paintings by Maxfield Parrish- the paintings, two panels of a series, were cut from their frames and valued at $4 million.

Museu Chacara Do Ceu, Rio De Janiero. Four paintings by Salvador Dali, Henri Matisee, Pable Picasso, and Claude Money were stolen from the museum- no value has been established.

Art Gallery of New South Wales. A self-portrait by Dutch Master Frans Van Mieris was stolen in Sydney Australia- estimates value the painting around $1 million.

Private Home in Houston. A masked man stole an oil painting by French Impressionist Pierre Auguste Renoir, estimated $1 million.

Two of the FBI’s top art crimes involved pieces that weren’t stolen from national museums or exhibits. They were stolen from private homes. As an art collector, you hope that will never happen to you, but it is essential to be prepared. Make sure to protect your fine art and jewelry with a policy from Sinclair Risk & Financial Management. A Fine Arts Floater Insurance policy is one of the most important, yet most overlooked, aspects of an overall financial program. Contact us today for more information about our Fine Art Insurance programs. (877) 602-2305

Wallingford Health Insurance: Business Owners Weighing Both Sides

Wallingford Health Insurance Business Owners Weighing Both SidesWallingford Health Insurance: Business Owners Weighing Both Sides

There is a lot of uncertainty about how the healthcare reforms will affect business owners as the changes begin to roll out, especially in terms of cost. Now required to provide health insurance for all employees, business owners are debating forgoing the health insurance and paying the fee.

Under the Affordable Care Act, employers with 50 or more full-time workers will be required to provide coverage for employees who work an average of 30 or more hours a week in a given month. If they don’t comply, business owners will pay a $2,000 dollar penalty for every full-time worker over a 30-employee threshold.

The requirement has many business owners, especially those in the retail and hospitality sector, which employ large numbers of full-time workers but typically don’t provide health insurance, worried they will be unable to keep up with healthcare costs. As an alternative, some business owners are considering forgoing their coverage entirely and opt to pay the penalty instead, according to the Wall Street Journal.

However those numbers remain small. One study of 400 employers with 50 or more workers found 71% planned to continue offering health insurance while only 3% said they planned to pay the penalty. In addition, there is a drawback to the pay-the-penalty strategy. Health insurance is deductible as a business expense, but penalties aren’t.

Businesses are in a difficult transition, and there are many unknown factors and effects that will emerge and the new healthcare reforms roll out. Employers are looking for health insurance alternatives to help with skyrocketing medical costs and regulatory changes that can impact their expenditures.

Sinclair Risk & Financial Management works with companies of all sizes to design and implement Group Medical options that rethink the traditional way of offering benefits and meet the financial needs of employers while also addressing the choices and flexibility employees want. Contact us today for more information about our Wallingford and New Haven County Group benefits programs(877) 602-2305

Connecticut Risk Management: Distracted Driving & Risk Management

Connecticut Risk Management: Distracted Driving & Risk ManagementConnecticut Risk Management: Distracted Driving & Risk Management

April is Distracted Driving Awareness Month. As a business owner, what can you do to keep your employees safe on the road?

Thousands of business owners across the country use commercial vehicles as part of their daily operations. It’s the law to get commercial auto insurance to cover them. But have you factored your distracted driving into your risk management strategy?

Smart phones have turned the vehicle into a mobile office. Employees can check their email, type and access documents, call in to meetings, and conduct a large portion of their business from wherever they are. While it is convenient, they can also disrupt a driver’s focus if they use it on the road. Distracted drivers are a growing liability for business owners, both for their employees’ safety and passengers on the road.

Distraction occurs anytime you take your eyes off the road, your hands off the wheel, or your mind off your primary task. Engaging in any non-driving activities while you are behind the wheel significantly delays your reaction time and significantly increases your risk of crashing.

Distracted driving is rampant. At any given moment, over 800,000 vehicles are being driven by someone using a handheld phone. Sending or reading texts, checking emails, even social media sites are among the most alarming distractions.

Countering distracted driving should be a part of your company’s risk management approach. Implementing a strict no-cellphone while driving policy can help drivers minimize their risk. Employee training on driver safety with a component for distracted driving can also help educate employees on the risk of driving distractions.

Commercial auto insurance is a critical component of your Connecticut risk management program. Whether you have one car or a fleet of vehicles, our risk management programs feature Accident Investigation Programs & Injury Management.  properly placed coverage is necessary to protect your assets in the event there’s an accident with the company automobile or truck. Sinclair Risk & Financial Management has solid, professional relationships with several top-rated insurance companies to provide you with a program that is both comprehensive and competitive. Contact us today for more information. (877) 602-2305

Employee Benefits: Financial Wellness

Employee Benefits: Financial WellnessThe importance of Employee Benefits remains a crucially high priority business owners should provide for their employees.

The Employee Benefit Research Institute conducted a study examining Americans’ satisfaction with health care. According to the EBRI, 69 percent of respondents reported that benefits were very important when choosing a job- another 20 percent indicated they were somewhat important. And health insurance ranks at the top of that list. Six in ten employees (58 percent) listed health insurance as the most important benefit; a retirement savings plan in contrast trailed behind at 18 percent.

Competitive organizations need benefits plans not only to attract employees but to keep a high rate of retention in their company. Employees are more satisfied with their job overall and are less likely to leave it when they have a good benefits plan.

But it goes beyond simply providing the plan- a successful employee benefits plan must have active employees. Educating and communicating with them on their options and how to get the most out of their benefits can help business owners ensure their dollars are being spent wisely. Employees are also aware of what they’re getting and are appreciative of the effort employers are making to take care of them.

At Sinclair Risk & Financial Management, we understand an effective Employee Benefits program is key in hiring and keeping top talent and in helping employees with life needs. We’ll help you strike the right balance in offering employees a benefit plant that is attractive, offers more choices, flexibility, and customization with your organization’s financial ability by spending smarter, not more. contact us today for more information.