Physicians who run practices have more than themselves and their patients to look after. They have to supervise a staff, oversee security and also perform business upkeep.
With such responsibilities, you likely know it is important to protect the practice. The most secure way to do so is with various types of commercial insurance. You might already have malpractice coverage, but that’s not the only protection you need. Let’s explore some more about the coverage your business might need.
Why Practices Need Commercial Insurance
Medical practices are businesses. They have hard assets they need to protect. Given that even essential equipment can cost thousands of dollars, it’s easy to see why disasters might ruin a practice.
So, physicians should have the backing to protect them in case of harmful occurrences. Various types of business insurance can come in handy in these cases.
Coverage to Ask Your Agent About
Your commercial insurance package might vary based on the structure of your practice. However, most businesses benefit from some of the following coverage options.
- General liability insurance: Someone could get hurt on your premises. For example, a patient might slip and fall on a wet bathroom floor. This could create medical needs for which they blame the practice. This coverage can help you repay the harmed party.
- Property coverage: Think about the cost of your tools, building and other property. You can use this coverage to help pay for damage or losses to these items.
- Spoilage protection: Medication and other items don’t last forever. If contamination ruins these items, you can get the funds to replace them with this coverage.
- Interruption coverage: In case you have to stop seeing patients while cleaning up after a hazard, that might mean a profit loss. This coverage can help you pay your bills during temporary closures. That way, you have a better chance of reopening without challenges.
- Cyber liability insurance: Most medical practices keep extremely sensitive data on computer networks. If data losses or theft occurs, this policy can help with damage control.
- Workers’ comp: You will likely have to provide employees with workers’ comp. It helps pay them if they become injured or sick because of a work-related hazard.
- Employment practice liability insurance: Businesses have to conduct fair hiring and retention practices. If a current or prospective employee alleges discrimination, harassment or other problems, this coverage might help settle those allegations.
Your practice is a unique entity. Therefore, you’ll have to insure it with targeted forms of insurance. Let one of our agents help you do that and get coverage for your practice today!