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Author: RLT-Jacki
Doctors – we’ll see you now!
There is volatility in the Healthcare Professional Liability insurance market right now. This means lower premiums for doctors and nurses.
Our doctors in New York, New Jersey, and Connecticut are getting the best Medical Malpractice insurance at the lowest rates.
Here’s our bed-side manner:
- Up to 50% off of your current premium
- 85% of claims settled without indemnity
- Keep your reputation intact
There has been a dramatic shift in New York State’s medical malpractice market. Local carriers are struggling to compete with out-of-state companies.
These changes mean better rates for you, the physician.
Choose Signature B&B for
- FULL SERVICE
- OVER 65 YEARS EXPERIENCE
- THOUSANDS OF HAPPY CLIENTS
- ALL MARKETS
- ALL DISCOUNTS
Let’s face it – you can’t turn on the news without hearing about another high-profile cyber attack. But, if you think it only happens to the ‘big guys,’ you’re wrong.
Actually, healthcare organizations can usually be found at the top of any hacker’s hit list since the data is so much more valuable than payment cards.
Due to this high-risk exposure, the marketplace has started to customize cyber coverage specifically for healthcare-related business.
Not to mention, these four very good reasons to add it, and fast!
- Cyber exposures have (and will continue to) become very complex
- Organizations could be at risk for a full limit loss, so an independent limit will mitigate that risk
- It’s necessary to have 24/7 legal and communication expertise available to help minimize the loss
- A surplus lines cyber policy will evolve as cyber risk continues to broaden
Now, more than ever, healthcare businesses must look into a dedicated cyber policy to protect their assets.
Learn more in Will Your Healthcare Facility Survive a Data Breach? To find out more about Cyber Risk call Adam Abresch, Vice President of Cyber Risk at 516.823.3101 or email aabresch@sbbinsure.com
NEENAH, Wis. (May 8, 2018) – Jewelers Mutual Insurance Group recognized its top agencies for their expertise in jewelers block insurance during JM Summit, an annual sales conference.
Agencies were named to the President’s Club in recognition of their efforts to serve Jewelers Mutual policyholders.
“Jewelers block policies are a cornerstone of Jewelers Mutual’s success,” said Scott Murphy, president and CEO of Jewelers Mutual. “Our success as a company is a direct result of the dedication and consistency of our top agencies and producers.”
At the annual awards ceremony, The Signature B&B Companies were honored to have Gary Castle and Wendy Goldberg accept their award with President and CEO of Jewelers Mutual, Scott Murphy.
This is the 5th year in a row that The Signature B&B Companies have been named to the Jewelers Mutual President’s Club.
For 25 years, Peak Performance Physical Therapy, an outpatient orthopedic rehabilitation and fitness center, has served Nassau County New York area now with four locations and 21 physical therapists.
Their primary focus is on complete outpatient orthopedic and sports physical therapy, but what makes them unique is their specializations in spine and fitness programs; gait, balance and vestibuler; and aquatic physical therapy.
“Having the broad spectrum of specialties of programs that we provide under one outpatient hood is something that is unique to this area,” said Joe Sullivan, owner of Peak Performance Physical Therapy. “So many lives have been changed due to the positive based work we do.”
SITUATION
Peak Performance had grown from just four people to more than 130 people in four locations and was spending a great deal of time and energy on managing many separate insurance policies.
“We spent a lot of our energy focusing on an area that’s not our expertise,” said Sullivan. “We needed a solution that allowed us to focus on what we need to do to deliver good care and run the complexities of the business we’re in.”
They were challenged by the same issues that challenge any business.
“Our biggest challenge is time,” said Sullivan. “The balancing act of being an efficient, productive practice AND being an efficient, productive business is tough. Balancing delivery of care, talent attraction and everything else while trying to be profitable.”
SOLUTION
So, they turned to The Signature B&B Companies.
“We wanted a resource to take a holistic look at our coverage, as well as how our business was running and actually make some forecasts so we could move forward with our growth,” said Sullivan. “Rather than being reactive we wanted to be more proactive.”
RESULTS
After just one meeting with Signature they saw value in their single-source, full-service broker approach.
“Signature sat down and looked at our overall portfolio and not only saw avenues for us to save considerably, but also where we were quite redundant in our coverage,” said Sullivan.
Peak Performance saved $40,000 on their medical professional liability policy freeing up money to purchase even more protection that included cyber, EPL and inland marine.
Beyond the cost and time savings, they have also seen the long-term value of the relationship with Signature.
“Having dealt with a lot of professionals like legal and accounting, when you start off with people you see that often their interest is in the short term,” said Sullivan. “With Signature, they’ve been very good about saying, ‘Let’s talk about how we,’ … they probably could have sold us more expensive policies that would’ve helped them in the short term, but would have missed the mark on our longer term development.”
Sullivan added, “Signature gets it, because they understand that we’ll be a healthier business that’s going to need their services even more in the future rather than getting sold something short term that’s not going to help us.”
Through all this, Peak Performance has also been able to enhance patient care.
“If we’re not spending time and energy focusing on our insurance policies, then we’re focused on developing and attracting new talent, grooming them, training them, teaching them how to be better therapists and caregivers, said Sullivan. “We’re now focused more on what gives us net improvement in our practice rather than dealing with issues that slow us down.”
To learn more, call Julie Shumer at 516.240.8872 or email jshumer@sbbinsure.com. If you’d like a quote, please complete this quick form.
I get asked all the time what makes The Signature B&B Companies unique in this increasingly crowded, confusing marketplace.
My response is simple. Although we are full-service insurance generalists, we also have a number of specialized practice groups that offer coverages and risk management insight that others can’t.
Additionally, we have tremendous relationships with carriers and insurance companies allowing us to negotiate terms, conditions and pricing on coverages that most brokers don’t even know exist.
How the New York Med Mal Environment Benefits You
Let’s take our specialty in medical professional liability insurance. It’s been dominated by two carriers for the last 30 or 40 years. And they’ve struggled.
Now, a number of carriers have come into the marketplace providing terms, conditions and pricing that’s literally shaking up the industry and physicians, practices and healthcare facilities have noticed and have started to move.
What’s interesting is that those two players were mostly direct writers, meaning they wrote directly with clients and medical practices.
However, these new carriers are working with agents and brokers. When your agent or broker is working with an insurance company, you’re not tied to that direct writer. In many cases, the insureds interests and the direct writers interests aren’t necessarily aligned. This can result in the carrier’s inane ability to negotiate claims in their best interest, not he insureds.
I believe that when you work with an independent insurance agent, they have your best interest at heart. And when you work with a specialized independent writer like Signature B&B, that’s exactly what happens.
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To learn more how The Signature B&B Companies can keep your best interest at heart, contact Julie Shumer at 516.240.8872 or email jshumer@gmail.com. To get a no-obligation risk assessment, complete this quick form and we’ll get you scheduled.
A medical practice faces a variety of different risk exposures than the average commercial business.
In order to achieve maximum cost savings and protection, healthcare organizations require a specialized agency that possesses in-depth experience not only in commercial risk coverages, but also medical professional liability exposures.
The Signature B&B Companies’ (SBB) healthcare client Peak Performance Physical Therapy is a perfect example. We were able to restructure their medical malpractice protection and create more efficient commercial coverages for a combined total savings of $40,000.
Benefits of a Full-Service Agency Approach
We evaluate the landscape of a client’s location, as well as their comfort zone and look for ways to educate, provide resources and identify customized services that may have been overlooked by other agencies.
It’s about taking the time to understand a client’s business goals and how we can create operational efficiencies while also taking into account various state and federal requirements, potential cyber risks and employment practice liability exposures.
If you’re a healthcare practice or medical professional, now is the time to think differently about your coverages by allowing a full-service agency to identify practice exposures that will not only provide peace of mind, but also cost-saving opportunities that will allow you to reinvest in your medical practice.
To learn more, please complete this quick form.
Southern Arizona Anesthesia (SAA) is an 80 physician group practice in Tucson, Arizona and the largest independent group practice in Arizona.
“We’re unique in that we are an all physician model group with an emphasis on fair and egalitarian practices,” said Dr. David Joseph, CEO of SAA. “Our ability to work through challenges has allowed us to become stronger and more unified over the years.”
As a result, they’ve grown from just eight physicians to more than 80 in the last 32 years attracting anesthesiologists from top residency programs across the country.
They also credit their ability to track data. “In the earlier years, the data driven portion was really focused on financial metrics, on knowing everything about ourselves and the hospital environments,” said Joseph. “More recently we’ve looked at quality metrics and compared them on a national level.”
SITUATION
“For many years we were happy with the coverage we had,” said Joseph. “We had great rates compared to everybody else in the state. We were paying less, well under half of what the average anesthesiologist in the state was paying.”
Until they met a new broker, Julie Shumer. Armed with SAA’ data, she was convinced she could present something that was even more innovative.
RESULTS
Southern Arizona Anesthesia saved more than $168,000 plus received custom retro plan pay dividends to the group during their favorable loss years.
“We were not aware that there were additional savings out there,” said Joseph. “But she came back with something that was vastly superior to what we had resulting in a retro-program that gave us a rebate based on our loss runs. It saved us a tremendous amount of money.”
But the support didn’t stop there.
“Over the years, she has become a true asset to our company,” said Joseph. “She is someone that I trust and know that I can go to with pretty much any insurance question and she’ll get the answer back to me.”
Shumer added, “At the core we are more concerned with building a long-term partnership with clients ensuring they know that we will fight harder than any other broker to help them save maximum dollars all while reducing risk.
Beyond the broker relationship, SAA relies heavily on Shumer and The Signature B&B Companies to help them stay on top of constantly evolving healthcare changes.
“You’ll be halfway through the year before you even know what rules have changed especially with so many patients shifting into Medicare, which for some specialties is great, but for anesthesiologists MediCare pays 20- to 25-percent of commercial rates so that’s a big problem for us,” said Joseph.
SAA has been loyal client of Shumber for more than 10 years.
When asked why he continues his working relationship with Shumer and The Signature B&B Companies he said, “Unfortunately, the way the insurance industry is set up, there’s a disincentive for a lot of brokers to fight for their client and try and reduce the premiums because that reduces their commissions.”
“So finding someone who had both the integrity to really bring forth a unique proposal and industry knowledge and expertise to come up with out of the box creative programs was extremely helpful,” said Joseph.
To learn more, call Julie Shumer at 516.240.8872 or email jshumer@sbbinsure.com. If you’d like a quote, please complete this quick form.