Business Insurance Medical Providers Should Not Be Without

Most medical providers know they must buy malpractice insurance. It’s a no-brainer like Workers Compensation for their employees. There is more that should be considered essential however – here is a list that medical providers should strongly consider for their practice (and peace of mind):

  • Commercial General Liability Policies will cover the following risks:
    • Property damage,
    • Bodily injury,
    • Reputational harm, and
    • Advertising injury.
  • Renter or Owner Property Insurance will cover you for:
    • Fire,
    • Water damage from leaking pipes or rain (see below),
    • Trees falling onto your property, and
    • Theft.
  • Flood Insurance, is needed especially if you are located in a flood zone, because rising water is generally NOT covered under standard property insurance. Inexpensive, but important in Florida where a hurricane can cause water damage to your property.
  • Employment Practices Liability Policies cover claims and lawsuits over:
  • Wrongful termination,
    • Discrimination,
    • Workplace harassment, and
    • Retaliation from current or past employees.
  • Theft and Employee Misconduct Policies cover a business when dishonest employees do bad things.
  • Cyber Insurance is worth considering for larger practices that might get hacked and/or forced to pay a ransom, or fear inadvertent leak of patient information. Be sure your IT systems are set up correctly and properly protected.
  • Business Interruption Insurance should not be an afterthought. If your office is damaged by fire or hurricane, or other act of nature, and you cannot conduct business. It can cover your costs to set up an alternate location, provide cash for a temporary workforce, make up for lost income from operations, pay for equipment rental, and so much more.

Reach Out To Us: Is it time for an insurance policy audit for your practice? TFG can help you with deductibles, limits of coverage, gaps that might exist, review of premiums, etc. Buying business insurance is an important decision for health care providers, especially if you have a relatively large staff, or multiple offices. In addition, policies should be reviewed periodically, especially if your circumstances have changed.