As an Athletic Trainer, you work extremely hard to take care of your athletes, teams, and/or personal clients. While focusing on your clients and performing your various duties are the main goal of your day-to-day practice, it is important to understand how to keep your personal assets, license and reputation protected. Athletic Trainers and other fitness professionals help their clients train for competitions and games, get in shape, and recover after injuries. Anything could go wrong when training, even if all of the proper safety precautions are in place. Due to the hands-on nature of the profession, it is imperative that athletic trainers consider protection.
The 5 Key Aspects To Consider For Your Professional Liability Coverage:
- Occurrence vs. Claims-Made
- Although claims-made policies seem cheaper on the outset, you will typically end up paying 200% more for ‘Tail’ Coverage when your policy terminates versus a minimal short-rate cancellation penalty (about 10%) or no cost at all when you non-renew. Claims-made coverage ends up being more expensive because you have to purchase a tail policy. If you cancel your claims-made policy for any reason, you are left unprotected for any claims brought on regarding an event that occurred while you were covered, but after the policy expiration, unless you purchase the tail coverage. Occurrence coverage will protect you for any claim that arises surrounding an incident that happened while you were covered, even if you no longer have that coverage in effect.
- Consent to Settle: The difference between Pure Consent aHammer Clause, and At Company Discretion
- The consent to settle options are essential. The reason they exist is because it allows insurance companies to maintain control of their own costs; in an economic downturn, the clause options often become very restricted.
- The only option that puts you in the drivers seat of your reputation is to have Pure Consent. Pure consent means you decide whether you want to settle or not; and the insurance company will still pay out the full amount up to your limits should you lose at trial. With a hammer clause, you have the option to avoid a settlement, but the insurance company will only pay up to the settlement amount should you lose at trial – the rest of the loss (e.g. trial verdict) would be on you personally. And even worse, At Company Discretion, minimizes the level of input you get in a settlement which is not something any innocent provider wants when it is their name that is on the line.
- All of CM&F’s professional liability insurance policies are Pure Consent. We believe in our clients and we know you as the provider know the best care and what you are doing right or wrong. You should have full consent on whether you want to settle or not if you know you did nothing wrong. We will move forward together with you, and stand behind you through the fight to defend your reputation.
- Defense Costs.
- Read the coverage details and defend and protect YOUR best interests. Many insurance companies include the defense costs within your policy limits. You want a policy that provides defense costs in addition to your policy limits.
- Sexual Misconduct Defense.
- The limits you have on sexual misconduct defense matters, especially for ATs when in a very hands-on environment. CM&F offers up to $25,000 in coverage.
- Insurance Company Financial Solvency
- The biggest detail to research is to make sure you are fully aware of the stability and history of the liability insurance provider you choose to cover you. You want to make sure you are putting your money and your career with a company that is going to be there when you need it, as reality is that many insurers are also being hit with the implications of these uncertain times.
