Business Insurance Policies Important for Small Medical Practices
Ultimately, your medical practice is a business. As such, it is subject to many of the same issues and concerns as any other commercial endeavor, including the need for various forms of insurance. Key to protecting your patients, your practice and your career, medical general liability insurance is a must. Other business insurance polices important for small medical practices include property, commercial auto, cyber, business interruption and workers’ compensation.
The moment you opened the doors to your office you became responsible for the safety of everyone who walks in. General liability insurance will cover you If a patient stumbles over a doormat or a hand gets slammed in a door. It will also protect you against most other mishaps resulting in a physical injury.
With that said, general liability will not cover your premises in the event of a natural disaster, burglary, vandalism, or other types of accidents. This is where your property insurance coverage will be needed to shield your assets.
While property insurance will restore your office, you’ll still be out of income of the facility is unfit for operation while it is being repaired. After all, you can’t see patients while construction is going on. Business interruption coverage will cover temporary relocation costs as well as overhead expenses including rent and utility bills.
Let’s say you’re on your way to visit a patient who can’t come into the office and your car is involved in an accident. Your regular auto insurance policy won’t cover the incident because it happened while your car was being used for business. Similarly, if your office has a vehicle for shuttling patients, transporting employees or getting samples to a lab, you’ll need a commercial auto policy.
An integral aspect of every contemporary business, your electronic files are the lifeblood of your business. Billing, patient records, insurance payments; all of these flow through your data system. If a hacker invades your network and your patient’s personal information is compromised, you can be held financially responsible. It can be exceptionally costly to notify all of the affected people as well as retain legal counsel should anyone decide to sue.
Mandatory for businesses with a certain number of employees in all states except Texas, workers’ comp covers job-related injuries or illnesses suffered by your staff. Without coverage, your workers could sue you for relief in such instances.
These six business insurance policies are important for protecting small medical practices. Operating without them could leave you vulnerable to a debilitating financial setback. Additionally, it’s important to review your policies on a regular basis to ensure your portfolio keeps pace with the growth of your practice.