Death by Medical Error, Time Out Protocol & Business Insurance
Medical errors contribute to a significant numbers of deaths per year, estimated to equate to around the 7th leading cause of death (if ranked and purely visible).
To place the quantity of deaths caused by medical error in perspective, the number of deaths due medical error per year is the numeric equivalent of crashing a 747 plane full of passengers every three days for one year straight.
As a prevention strategy and efforts to improve the horrific results, health institutions implemented a Time Out procedure. The procedure is a safety protocol to ensure the proper decisions, techniques and strategies are implemented for any invasive procedure.
Since the medical profession is attempting to save lives, we can easily understand the importance. What about businesses? People’s livelihoods and life’s are invested into these entities. We equate the same efforts in purchasing the proper business insurance protection for businesses as the medical profession does for life safety protocols.
Our efforts as agents to help advise, place and service the insurance protection that would save a business’ life if a catastrophic event occurred.
So, what about business insurance? How many business “deaths” occur due to improper coverage terms? Are the terms in place in favor of the insurance company or the business? Did a business purchase the right insurance? What if something bad happens, will the business survive? Do we want to know before or after the event occurs?
What about a Time Out procedure for business insurance? Does anyone have a protocol to evaluate exposures, coverage items and market availability and cost? How do you select the right agent (equivalent to doctor) and the right practice?
Brown & Brown has utilized a process for many years meant to simulate an invasive procedure and will let you know if the business will survive with the current policies. Our “Time Out” protocol, including over 300 analysis points within an insurance program.
Your business depends on the policies in place for protection.
Have you spent “time” to review them lately?
by Brian Pilarski