In this episode of Healthcare Happy Hour, sponsored by RxBenefits, host David Saltzman speaks with John Jasinski, senior vice president at CalSurance, about the complexities of Errors and Omissions (E&O) insurance, particularly in the context of the evolving landscape of self-funded plans. They discuss the various risks associated with professional liability, the importance of effective communication and documentation, and strategies for advisors to protect themselves from potential claims. The conversation also touches on compliance issues and the tailored coverage options available for different types of professionals in the insurance industry.
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Takeaways
- E&O insurance is often overlooked but critical for professionals.
- Self-funded plans can increase liability for advisors.
- Effective communication is essential to avoid claims.
- Documentation can serve as a defense in claims.
- Getting client signatures can protect advisors.
- Compliance-related services may not be covered under E&O.
- Coverage options for E&O insurance can vary significantly.
- Operational efficiency can mitigate risks for advisors.
- Understanding the claims process is vital for professionals.
- Tailored insurance products can meet diverse needs of advisors.
Chapters
00:00 Understanding E&O Insurance
03:05 The Impact of Self-Funded Plans on Liability
05:49 Common Claims and Risk Awareness for Advisors
08:52 Protecting Yourself as an Advisor
11:52 Navigating Compliance and Coverage Options
15:03 Tailoring E&O Coverage for Diverse Needs
18:01 Risk Control Strategies for Advisors
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