Your employees are counting on you to provide a safe working environment that protects them from potential contamination, illness, and accidents. In other words, from an insurance perspective, diagnostic laboratories face a number of unique risks, including (but of course not limited to):
- Spills, accidents, and contamination during disposal of biological waste
- Samples and/or results being misplaced, destroyed, or contaminated due to equipment failure
- Employees exposed to contaminants or infectious disease while at work
- Accidently releasing incorrect information or test results
- HIPAA violations due to data breach or computer security problems
- Car accidents involving bodily injury/property damage while delivering specimens
- Damage or destruction of rented, borrowed, or leased equipment
- Damage or destruction of your facility due to a natural disaster
As you’ve probably already guessed just by looking at this (incomplete) list, insurance coverage that will adequately protect your diagnostic lab from financial loss in the unlikely event of an unfortunate accident or harmful incident requires significantly more than most standard businesses, even within the medical community. Instead of trying to understand the risks and determine what types and levels of coverage are appropriate, we recommend working with an independent insurance agent with experience in the medical community and specifically with diagnostic laboratories. A knowledgeable and experienced insurance agent, such as the experts at Sungate Insurance Agency, can develop a comprehensive, flexible, and personalized insurance policy designed to help you keep your diagnostic lab operating at top efficiency!
Insurance Coverages for My Diagnostic Laboratory
When working with diagnostic laboratories to develop an appropriately comprehensive insurance policy, we generally recommend a mix of standard business coverages, medical coverages, and extended coverages specific to diagnostic labs. While the list provided below will give you some idea of the general types of coverages, your policy—including deductibles, coverage limits, etc—will be unique to your specific business.
Standard coverages include:
- General Liability protects your premise and operations from lawsuits
- Commercial Property protects your buildings and property against damages due to natural disasters (flood insurance requires additional coverage)
- Equipment Property Insurance protects rented and owned equipment against damages on site or while in transit
- Workers’ Compensation Insurance covers employees in case of exposure or injury (required by Florida law)
- Commercial Auto Insurance insures company-owned vehicles used by employees on the job (also required by Florida law)
Medical coverages include:
- Medical malpractice: protects against lawsuits due to mistakes, errors, or negligence
- Data breach/first-party Cyber Liability: financial protection in case of problems relating to the use, transmission, and storage of personal and medical information, including HIPAA fines
Extended coverages may include:
- Coverage for cleanup of medical waste, radioactive materials, and contaminants
- Coverage for expenses accumulated during emergency evacuations
- Coverage for financial loss due to bio-contamination
- Coverage for loss of income due to equipment failures, loss of prototypes, or interruption of R&D efforts
Understanding the specific risks of diagnostic laboratory—and making sure you are adequately protect against the worst-case scenarios—can be challenging and stressful. By working with the independent insurance experts at Sungate Insurance Agency, we can help ensure that you get the right coverages at a price that you can afford!
We are the insurance experts at your local insurance company. Contact us today to discuss your diagnostic laboratory insurance needs or to get a free quote!
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