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I am fairly new DMM. I have been asked if I will serve as medical and/or financial Power of Attorney. Please provide pros, cons and additional insurance suggestions above general E&O. I have +25 years of experience in Financial Industry which makes me cautious.
Teri,
Great question. Yes there are a few things you should do differently from DMM services. First, I would explore a Fiduciary insurance policy instead of just E&O. And then I would sign up for the March webinar which addresses exactly this topic!
My personal choice is not to do the medical as I have no expertise in that area. The answers you will get from other members with experience in social work or other related fields may tell you differently. I do very often act as a POA for financial matters as it makes my job so much easier, but it is an added risk as you have significantly more exposure so you will want the proper fiduciary policy for this. It is a lot more expensive so I wouldn’t do it if you will only take on the role for 1-2 clients.
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