Insurer introduces specialized property coverage for hospitals, outpatient centers and long-term care facilities; enhances workers’ compensation approach for needlestick injuries
Medical Group Management Association (MGMA) 2010 Annual Conference
The American Society for Healthcare Risk Management (ASHRM) 2010 Annual Conference and Exhibition
HARTFORD, Conn.–(BUSINESS WIRE)–As the aging population and advances in medical technology fuel the healthcare industry’s rapid expansion, providers face new growth opportunities and specialized protection needs.
To help healthcare administrators address these needs, The Hartford Financial Services Group, Inc., has expanded its portfolio of insurance products and services for healthcare providers with tailored coverage designed specifically for healthcare facilities.
“Healthcare service providers have a broad range of insurance and risk management needs, from protecting their property, medical equipment and computer records to ensuring patient and staff safety,” said Lisa Morgan, senior vice president of The Hartford’s Middle Market commercial insurance business.
“Many providers already count on The Hartford for their workers’ compensation insurance,” said Morgan. “We’re pleased to introduce additional enhancements to our property coverage and workers’ compensation claim approach that address specific exposures for customers in this industry.”
The Hartford has added several healthcare-specific coverage options to its Property Choice® policy, which is designed for midsize businesses:
- Coverage for patient or resident emergency evacuation when the facility is threatened by a covered cause of loss.
- Coverage for clean-up of a contaminated building and equipment in the event of a disease outbreak.
- Decontamination expense coverage, including testing, clean-up, or removal of pollutants.
- Reimbursement for drugs, medical devices or supplies that are condemned or required to be withheld from the market by a government authority.
- Coverage for loss or damage of perishable stock due to a loss of power.
For smaller outpatient practices, The Hartford offers several healthcare-specific coverage options as part of its Spectrum® Business Owner’s Policy. These include:
- Optional daily limits for business income, which are designed to make it easier for a provider to recover income from canceled patient appointments due to a covered loss.
- Spoilage coverage for perishable medicines and medical supplies (including pharmaceutical samples).
- Higher optional limits for reimbursement of legal expenses for court or review boards.
- The Hartford also recently enhanced its workers’ compensation claim practice for needlestick injuries.
- The Hartford provides reimbursement for testing of the source patient in addition to the injured employee, which helps to identify potential illnesses and begin appropriate treatment more quickly.
“For healthcare practitioners, the risk of infection resulting from a needlestick injury can be a significant concern,” said Robert Bonner, MD, MPH, The Hartford’s medical director and vice president of medical practices. “This approach is designed to facilitate prompt testing of both patient and employee, which helps alleviate uncertainty and potential delays in treatment.”
The Hartford also provides training resources for healthcare facility risk managers, including loss control webinars that address such issues as patient lifting, the aging workforce, business continuity planning, healthcare fleet management and ergonomics.
The Hartford offers the property and workers’ compensation enhancements as part of its portfolio of protection, benefits and wealth management products for healthcare services providers.
More information about The Hartford’s solutions for the healthcare industry is available at www.thehartford.com/info/healthcareindustry or at The Hartford’s booths at two healthcare industry conferences this month: The American Society for Healthcare Risk Management (ASHRM) 2010 Annual Conference and Exhibition in Tampa, Fla., Oct. 13-16, Booth #308, and the Medical Group Management Association (MGMA) 2010 Annual Conference in New Orleans Oct. 24 – 27, Booth # 654.
About The Hartford
Celebrating 200 years of helping its customers achieve what’s ahead, The Hartford (NYSE: HIG) is an insurance and wealth management company. Through its unique focus on customer needs, the company serves businesses and consumers by providing the products and solutions they need to protect their assets and income from risks and manage their wealth and retirement needs. A Fortune 100 company, The Hartford is recognized widely for its service expertise and as one of the world’s most ethical companies. More information on the company and its financial performance is available at www.thehartford.com.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our Annual Report for fiscal year 2009 on Form 10-K and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
The description herein is a summary only and may not apply under all circumstances. Coverage is individually underwritten. For a complete description of coverage terms and conditions, refer to the insurance policy. In the event of a loss, the terms and conditions of the policy issued will determine the coverage provided. Coverage is provided by the member insurance companies of The Hartford and may not be available in all states.
Pamela Rekow, 860-547-8990