As a CAP member, you understand the importance of securing excellent medical liability coverage. The question is, how do you know what other business-related coverages you may need to adequately protect your practice? CAP Physicians Insurance Agency, Inc., a wholly owned subsidiary of the Cooperative of American Physicians, is here to help you maneuver through the insurance world by providing a consultative approach to understanding what your practice insurance needs are. The Agency is here to make sure the coverages you have are the ones you need and provide you comparative pricing to make sure you are getting the best coverage with the best companies. Below is a chart that outlines the most common types of insurance coverage most practices purchased. Use this table to assist you in evaluating coverage for your practice.
| INSURANCE COVERAGE | COVERED EXPOSURES | COMMONLY PURCHASED LIMITS | COMMENTS |
| Workers' Compensation | Injuries to employees while in the course and scope of their employment. | $1,000,000 | If your practice has full time or part time employees, even family members, it is mandatory in the state of California to provide this coverage. |
| Business Owners Policy | Liability coverage to protect you from third-party claims as well as coverage for your personal office content and or property. | $1,000,000 /claim with a $2,000,000 aggregate | Most landlords require you carry this coverage in order to rent. If you own your building, then coverage for the building can be included. |
| Employment Practices Liability Insurance | If employees make a claim against you or your practice for wrongful termination, discrimination, or sexual harassment. Wage and hour coverage may be included. | $1,000,000 | This coverage is recommended because these claims are extremely costly to defend and settle. |
| Cyber Liability | Protection against a breach of personal information or health information to your employees or patients. | $1,000,000 | Protection against a breach of personal information or health information to your employees or patients. |
| Medefense Plus | Protection against billing errors and omissions, governmental fines and penalties, HIPAA violations, medical board disciplinary proceedings, and whistleblower claims. | $1,000,000 | Protection against billing errors and omissions, governmental fines and penalties, HIPAA violations, medical board disciplinary proceedings, and whistleblower claims. |
| Group Disability Insurance/Business Overhead Protection | Loss of income due to an illness or injury. | Based on the monthly income of the physician or the practice revenue | Loss of income due to an illness or injury. |
It is recommended that you do a review of your exposures and coverages each year. Make 2016 a year you don’t have to think about protecting your practice and focus on what is important: taking care of your patients. You may contact an account executive at CAPAgency@capphysicians.com or by calling 800-819-0061 and asking for an insurance representative.