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Getting Bond Coverage
We are currently considering bonding all our staff who handle money. Policies quoted to us range from $250 to over $800 per month, with the most expensive policy covering theft, ERISA, forgery, on premises and transit, funds transfer, computer fraud, personal accounts, and claim expense. We have 17 full- and part-time workers. What is the recommended amount of bond coverage? What additional coverage is recommended?
Question: We are currently considering bonding all our staff who handle money. Policies quoted to us range from $250 to over $800 per month, with the most expensive policy covering theft, ERISA, forgery, on premises and transit, funds transfer, computer fraud, personal accounts, and claim expense. We have 17 full- and part-time workers. What is the recommended amount of bond coverage? What additional coverage is recommended?
Answer: Here is a good recommendation from Karen Zupko of Zupko and Associates who often deals with these issues:
“I would ask three insurance brokers with ties to medical societies to comment on this. I don’t recommend fidelity bonds anymore-unless it’s on the executive director with lots of power and the entity has lots of money. My understanding is that it is as effective and less expensive to cover staff under the office umbrella policy.”
Try some medical association brokers and see what they say.
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
Reducing burnout with medical scribes
November 29th 2021Physicians Practice® spoke with Fernando Mendoza, MD, FAAP, FACEP, the founder and CEO of Scrivas, LLC, about the rising rates of reported burnout among physicians and how medical scribes might be able to alleviate some pressures from physicians.
