Hiscox Announces New Insurance Policy for Businesses in the Mental Health Profession
New York, NY, March 01, 2018 -- Hiscox, the international specialist insurer, today announced new coverages in their insurance policy for US businesses in the mental health industry. Hiscox PRO® Outpatient Mental Healthcare Professional Liability offers a wide variety of specialized benefits for mental health professionals tailored to cover emerging risks in the allied healthcare field.
Underscoring the need and demand for this specialized insurance solution, the Bureau of Labor Statistics predicts job growth for mental health counselors will increase by as much as 23 percent by 2026. Comparatively, the average projected job growth rate for all occupations during the same time period is 7 percent.
“Mental health treatment options, such as remote therapy and telehealth, are rapidly expanding in the US,” said Alicia Marsiglia, Vice President and Allied Healthcare Product Head for Hiscox in the US. “As a result, we considered the unique exposures of the latest treatments and offerings in this space and designed a policy that provides greater coverage for companies on the cutting edge of this evolving industry.”
Coverage will apply to claims involving a variety of areas and treatment options, including:
•Outpatient mental healthcare
•Substance abuse counseling
•Partial hospitalization or intensive outpatient programs
•Remote therapy (teletherapy)
Medical directors, non-physician employees, independent contractors, students, volunteers (including mid-level providers) and employed or contracted physicians by endorsement are also included as insureds and receive key benefits, such as:
•Waiver of retention available for outpatient mental healthcare practices following exemplary risk management standards
•Billing and regulatory errors sublimit
•Sexual abuse and misconduct sublimit
•HIPAA liability sublimit
•Reported incident trigger of coverage
•Affirmative coverage for remote therapy services
•Duty to defend
The Hiscox PRO Outpatient Mental Healthcare Professional Liability offering can be combined with other insurance products, including General Liability, Technology E&O, and Crime and Privacy, to create bespoke packages of coverage to fit an individual business’s needs.
In the US, Hiscox offers general liability coverage alongside a diverse portfolio of executive risk, professional liability, property insurance and a full suite of small business insurance products. Hiscox USA operates offices in New York, NY; Atlanta, GA; Chicago, IL; Dallas, TX; Los Angeles, CA; San Francisco, CA and White Plains, NY.
Additional information can be found at www.hiscox.com.
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2016 helped generate gross premiums written of £2,402.6 million and a record profit before tax of £354.5 million.
The Hiscox Group employs over 2,300 people in 13 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re and ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. This information is neither intended nor should be construed to be a solicitation for the purchase of insurance by any US person or entity. For further information visit www.hiscox.com.
Follow Hiscox on Twitter @HiscoxSmallbiz.