Home Medical Practices Types of Insurance That You Need to Have for Your Medical Practice

Types of Insurance That You Need to Have for Your Medical Practice

Insurance is a very important thing to have both personally and in business. This is especially true if you have a medical practice. Running a medical practice is a very serious matter and a single disastrous event can easily wipe you out.

As such, it is critical that getting insurance is one of the first things that you do. There are several types of coverage, though, and having the right ones is something that you should be seriously thinking about. Getting insurance year in and year out can be a bit expensive, but these are investments that can help your practice afloat in the long run.

Here are the types of insurance that you should be looking for if you want to run a worry-free medical practice.

Medical Malpractice Insurance

Medical malpractice is one of the most common lawsuits that medical practitioners will encounter during their career. Doctors, nurses, and specialists can be sued if any grounds can justify their claim. This can be a very tedious and expensive process if you do not have medical malpractice insurance.

Medical malpractice insurance covers you if you are ever sued for medical malpractice. Coverage would include any legal fees as well as settlements that may have to pay. This type of insurance if one of the main types of insurance that you should get as it can potentially save your practice from ruin.

Commercial Property Insurance

Medical equipment and supplies can cost a lot. Likewise, you might have invested a lot in furnishing your office. Fires, floods, or any type of accident or crime can wipe all of that out in a snap. Without commercial property insurance, you won’t get anything even if you lose all of your property.

While a bit expensive, commercial property insurance can cover you for losses or replacements should any of your insured items get damaged or taken away. It is a pretty hefty investment but it is far better to spend a little extra each year than to lose thousands or even millions of dollars in a day.

Cyber Insurance

Everything is computerized now, from patient records to the way that we communicate with our patients. With these conveniences come risks, as well. The threat of computer breaches or data wipes is very real, and you may need to spend a hefty amount for things such as penalties or data recovery services.

Just like medical malpractice insurance, cyber insurance covers you in the event that your computers have been compromised. Coverage will include dealing with the authorities and acquiring legal assistance as needed. This is best for those who are not that familiar with IT and would just like the problem to be solved as soon as possible.

Group Disability Insurance

As the workers in your practice, you included, are human too, there is a possibility that they will get sick or injured. Being out due to these events will cause loss of income and a decrease in productivity, things that you may not be able to afford during peak operating hours.

Group disability insurance has multiple benefits. Not only will it be able to partially cover for wages lost while you are not able to work, but it can also assist you with regard to medical bills and other expenses. This will allow you to get back sooner and at peak health.

Group disability insurance is also a great package to have as this is a compensation package that potential employees may be looking for. By offering this type of insurance, you can ensure your workers that they will be taken care of if ever they are sick or medically unable to work.

Commercial Auto Insurance

This type of insurance is important if you have vehicles such as ambulances or service vehicles that you or your personnel use on official business. Commercial auto insurance is different from private car insurance as this is intended for those used in business.

Having commercial car insurance covers you from any liabilities or damages. Most of the time, coverages include damages to your or the other party’s vehicle. It can also protect you against liabilities due to injuries caused by collisions. This is must-have insurance for those who find themselves constantly using vehicles for business trips and the like.

Business Interruption Insurance

There will be instances wherein your usual operations may be interrupted by unforeseen circumstances. This can be due to natural calamities or even outbreak of disease in the area. Transferring locations or ceasing operations altogether can be a huge financial burden for your practice.

Fortunately, you can purchase business interruption insurance that can save you during these types of events. These types of insurance can cover lost income due to work stoppage. Business interruption insurance is sometimes also bundled along with property insurance, so be sure to check that out as well.

General Liability Insurance

You may be legally liable for harm done to your patients even if it is not due to medical malpractice. Visitors falling due to slippery falls or injuries caused by falling debris may result in lawsuits that will require you to settle or appear in court.

General liability insurance takes care of all that. This type of insurance protects you from lawsuits caused by bodily injury or property damage that occurs within your workplace. General liability insurance encompasses a wide variety of situations, and having this will definitely protect you financially if someone files a lawsuit against you because of these events.

Of course, it is very important to find the right insurers that will cover you. Not only is the price of these policies a deciding factor, but the scope of coverage is also very important. Make sure that you are able to read the fine print and know which events are excluded in the policies that you would like to purchase.

Insurance policies are necessary expenses that will secure the future of your medical practice. Look into these especially if you are just starting your business, and aim to get more coverage whenever you can so that you and your practice will be ore protected.

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