Insurance costs continue to plague businesses. You can’t afford to cut insurance, especially when you consider how many natural disasters struck the US in 2017. Add to that the number of sexual harassment allegations that have hit many industries, and you don’t want to be caught without a portfolio of insurance products that mitigate your financial risk. Allied healthcare services face the same risks as any other industry, maybe more.
The insurance market was heavily impacted by the hurricane damage, and this could affect the upcoming year. Maria, Harvey and Irma were just three of the 17 named storms that struck the Atlantic. Insurance companies will have to recuperate their losses, and this could drive premiums across the US.
Professional liability insurance continues to be competitive, especially in the allied healthcare services market. Businesses that are proactive in risk management an often negotiate better premiums and terms, but insurance companies are concerned about high-risk industries and newer companies that don’t have experience in risk management.
The allied health sector has unique needs for insurance and the liabilities it faces. Although there’s no way to prevent a hurricane from wiping out your business, you can take steps with your insurance underwriter to mitigate the exposures that threaten your company.