Insuring Your Medical Office – the Right Coverages at the Right Price
Yet it can be easy to forget that a medical office also faces the same risks as any other small- or medium-sized business. Therefore, when putting together a comprehensive insurance policy that will give your medical practice the protection it needs, it is important to think carefully about the type of healthcare and medical services you provide, the specific risks your practice faces, and the types of coverages you need to protect your business. A qualified insurance agent—like the experts at Sungate Insurance Agency—can help you develop an appropriate insurance policy to give you peace of mind.
Types of Medical Office Insurance
A typical insurance package for most healthcare and medical professionals will include a mix of standard business coverages as well as more specialized coverages relating to the healthcare industry. Most policies will include all or some of the following standard business coverages:
- General Liability: protects your medical and healthcare business in case a client is injured or a client’s property is damaged as a result of your business operations (but not stemming from services you provide—a critical distinction); for instance, this would protect you if a client files a lawsuit after falling in your office.
- Commercial Property: protects your property—such as office space, medical and computer equipment, tools and supplies, hard-copy records, and other assets—in case of damage, theft, vandalism, or loss, up to the limits of your policy.
- Business Income: protects you against lost income if you are unable to treat your patients due to covered property damage.
- Often, general liability, commercial property, and business income insurance can be bundled together in what’s called a Business Owner’s Policy, or BOP. A BOP can usually be offered at discounted rates, especially for low-risk businesses.
- In some cases, limits on coverage may not match your perceived risk. To extend the limits of some coverages, such as General Liability and Employer’s Liability (part of Worker’s Compensation), an Umbrella Liability Insurance policy (or Excess Liability Insurance) may be appropriate.
- Commercial Auto Insurance: If you own and/or operate a vehicle for business purposes—for example, home health care workers who visit clients in their home—Florida law requires that you must carry commercial auto insurance. This is true regardless of vehicle ownership: whether you own a commercial vehicle, use your own vehicle while working, rent and/or loan out vehicles, or utilize a ride-share car service.
- Worker’s Compensation: Also required by Florida law for any businesses employing more than four or more part- or full-time employees, Worker’s Compensation can help pay medical bills and lost wages to employees who incur a job-related injury or who contract an occupational illness.
In addition, healthcare and medical professional should consider specialized insurance to protect them against unique risks not covered by the standard business insurance coverages listed above. The two most important of these are:
- Data Breach/First-party Cyber Liability: All medical and healthcare practices store extremely sensitive information about both their clients and their employees, including social security numbers, health insurance data, and credit card numbers. Should this data be compromised through a data breach, this coverage will protect you from lawsuits as well as the costs of notifying patients and paying HIPAA fines.
- Medical Malpractice Insurance: Also known as Professional Liability or Errors and Omissions Insurance, malpractice insurance protects you against financial loss should a client file a lawsuit against you or your business relating to your advice or treatment. Examples include financial loss and/or bodily injury, failure to provide promised services, and negligence, mistakes, and oversight while caring for patients.
Understanding the specific risks of your medical or healthcare-related business—and making sure you are adequately protect against the worst-case scenarios—can be complicated. Working with an independent insurance expert like Sungate Insurance Agency can ensure that you get the right level of protection at a price that you can afford!
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