ProTek Insurance

  • What does it cover?
  • Protek - General and Professional Liability Insurance

    The core coverage in this program is general liability insurance, with a professional component, that protects you and your assets against liability claims and judgments. Claims of bodily or property damage can be brought by others against you as a result of your operations, your completed operations (service) or your product at any time. This coverage (subject to policy terms and conditions) pays, on your behalf, for the cost of defense and judgments that arise from incidences that occur in the course of your doing business.

    It is an "Occurrence Form" which is broader and more flexible than the more restrictive "Claims Made Form". This form is a key benefit. Just ask us to explain further.

    In addition there is no deductible that you have to pay for defense costs and judgments as contained in other plans. Our experience has taught us they are not needed to keep costs down.

    So, whether you service, sell, distribute, refurbish, remanufacture or manufacture medical devices, we are your insurance resource and expert.
  • Who Qualifies for the Protek Insurance Program?
  • Companies (including certain manufacturers) that sell, service, and repair medical equipment.

    Examples of companies:
    • Companies who purchase used equipment to refurbish and then resell to hospitals, clinics or physician offices.
    • Companies who purchase equipment but never touch the equipment and sell to a third party also known as brokers or manufacturers reps.
    • Companies who have service agreements with hospitals, clinics or physican offices to service their medical equipment.
    • Companies who lease medical equipment to a third party either on a short-term or long-term basis.
    • Companies who sell durable equipment to hospitals, clinics or physician offices.
    • Companies the manufacture non-invasive devices.
    If I am a new venture will I qualify?
    • Yes, companies that are new in business but have prior work experience can qualify based on their experience.
    Do I have to be Incorporated or be an LLC in order to qualify?
    • No you do not, you can be a Sole Proprietor, Limited Liability Company, Corporation; how you establish your company does not impact the availability of this program.
  • What is the difference between Occurrence Form vs Claims Made Form?
  • ProTek is one of the only "occurrence form" liability insurance available to medical equipment sales & service organizations. Other companies offer "claims made" insurance that can leave you unprotected when claims come. ProTek is an open ended insurance, providing you better protection in the long run.

    • Covers incidents occurring during the policy period - no matter when claimed
    • No time limit to file claims
    • Not necessary to continue insurance coverage until claim is made
    • No hidden costs
    • No additional costs
    • Easy to Manage
    • Incident and claim must be in policy period - otherwise no coverage
    • Not long term protection
    • Must be kept in effect for coverage
    • Limited to policy and reporting period
    • Actual cost unknown
    • Must acquire prior acts coverage
    • More difficult to manage
    Which policy would you rather own?

    We have specialized in the medical equipment product liability insurance programs for over 20 years. Our occurrence form policy covers incidents occurring during the policy period - no matter when claimed.

    We offer comprehensive forms of insurance coverage for all aspects of your business. Our specialists can customize a program to fit your specific needs, including:
    • Property
    • Automobile
    • Cargo & Transit
    • Worker Compensation
    • Stop Loss Maintenance Coverage

    Our short form application is very easy to complete. Please ask about special ProTeks plans reserved exclusively for our clients, including stop-loss maintenance insurance, property coverage and alternative worker compensation coverage.
  • Having a deductible on a policy and what does that mean?
  • Some insurance agents may tell you that they can save you money on your policy but what they don't tell you sometimes is that a hefty deductbile will also be on your policy. You can see anywhere from $500 to $10,000 on up for a deductible.

    What does this mean for you the insured?

    Most often the deductible will be written on a per claim basis which means if you have a $5,000 claim you will be coming out of pocket $5,000. Some carriers require that anything that falls under $5,000 you pay first, other carriers may pay the claim and then request that you reimburse them. The insurance carrier can afford to give you a lesser rate and that is because they have added a hefty deductible. Pay this deductible one time and any savings you made on the policy will be gone.

    What does it mean to have a deductible on a per claim basis?

    If you have a $5,000 per claim deductible you will pay $5,000 per claim even if there is potentially one event. Here is an example -- Suppose an employee had a glass of water sitting next to several pieces of equipment that needed to be repaired. The water spills over damaging several pieces of equipment valued at $20,000 each. Each piece of equipment is owned by a different party. The insurance carrier could hold you responsible to pay $5,000 for each piece of equipment that was damaged stating that each equipment owned by a different party is considered a claim.

    *Our policy under the Protek Program does not include a deductible.