Commercial Insurance Products to Consider for Medical Practices
We Physicians know that we need medical liability insurance to offset the possibility of a catastrophic lawsuit, even if we have done nothing wrong.
But what other Insurance Products might we need?
Commercial General Liability
This policy generally covers property damage, bodily injury to your patients, clients, and visitors, unrelated to you, their medical care, issues relating to your reputation, and injury related to advertising.
Commercial Property
Tenant – covers your contents against fire, water damage from leaking pipes, rain, and theft
Owner – covers your building against damage of all kinds like falling trees, water damage from storms and pipes, and fire damage
Flood Insurance
Should always be considered if you are in a flood zone
Workman's Compensation
Essential for almost every practice
Cyber Insurance
Becoming essential in this age of technology and business transactions using the web. Security of patient data becomes increasingly difficult when providing patient access to medical information. Mobile devices like laptops, and even smart phones, can carry large amounts of privileged information that can be accidentally lost or stolen. Once a breach occurs, forensic investigations, legal fees, and regulatory fines can quickly become quite costly. Fortunately, for smaller businesses, cyber coverage is not terribly expensive.
Employment Practice Liability
This type of coverage protects and defends the medical practice against wrongful termination, discrimination, workplace harassment, and retaliation.
Theft and Employment Misconduct
This is often provided by endorsement to existing policies. But you must request it.
Business Interruption Insurance
In catastrophic situations like hurricanes, tornadoes, and total loss due to fire, you might need to keep your business solvent until rebuilding occurs. This often involves temporary alternative sites to practice, as well as paying existing contracts.