When you own and operate a pediatrician’s business, you are providing an important service to your community with healthcare for children and adolescents. While it honorable business helping children with healthcare and wellness visits, you also have a variety of risks to be concerned with. Your biggest risks are liabilities having to do with your patients and potential malpractice suits. Protect these and other risks with a pediatricians business insurance policy.
Types of Pediatricians Business Insurance
The following pediatricians business insurance policies will cover each of the risks you are exposed to by owning your type of business:
Pediatricians General Liability Insurance
General liability is likely to be the first insurance policy you get, as is the case for most businesses. It includes multiple coverages, whereas the premises liability portion is the most essential to a pediatricians business. With premises liability, any injuries occurring on your premises will be covered by the general liability policy. It also includes products liability and completed operations, which is important if you sell medical supplies or provide medications right from your office, for instance.
Pediatricians Business Owners Policy
You may want to combine multiple coverages into one policy, which you can do with a business owners policy. This pediatricians insurance package policy includes general liability and can also include electronic data, employee dishonesty, business income, buildings and contents and any new or constructed buildings you use in your pediatricians business.
Pediatricians Professional Liability Insurance
Professional liability insurance is a type of policy that protects your business from certain professional mistakes. These can be honest mistakes, like making an administrative error on a patient’s medical records, but it can cause damage to them, making you responsible. This insurance policy helps cover any legal costs associated with it. This can also be referred to as Medical Malpractice Insurance. This is the most important coverage for a Pediatrician and most insurance carriers will not offer a BOP or General Liability policy unless the insured has Professional Liability in place.
Pediatricians Medical Malpractice Insurance (same as Professional Liability Coverage)
One of the most important business insurance policies you can get for your pediatricians business is medical malpractice insurance. That way if there is a professional mistake made by a nurse or pediatrician and a malpractice lawsuit is brought against your company, you have insurance coverage for the legal costs.
Pediatricians Business Property Insurance
You need your business property to be intact in order for your pediatricians to meet and help take care of patients. If an unexpected event happens, such as a fire, you would have to evacuate the building and could not conduct business until repairs were done. With business property insurance included in your pediatricians business insurance portfolio, you have a way to cover these repairs.
Pediatricians Commercial Auto Insurance
You or your employees may need to use a company vehicle for business reasons, such as picking up more office or medical supplies, going to the post office or making an appointment at the bank. If during these trips, you get into a vehicle accident, you will be responsible for the charges. With business auto insurance, you have excellent coverage not just from the accident, but theft and vandalism as well.
Pediatricians Cyber Liability Insurance
If you have a website that advertises your pediatricians business, you are susceptible to cyber crimes. This may include a virus on your website that infects the computer of your visitors, a hacker who can steal the identity of anyone entering their personal information on the website, or a data breach of patient medical records. Cover the legal costs and ramifications from these crimes by getting a cyber liability insurance policy.
Pediatricians Workers’ Compensation Insurance
Workers’ compensation is not only required by law, but it is always a good idea. All of your pediatricians and support staff are at risk for injury or illness in your business. A nurse might become ill from treating patients with the flu, which is considered a work-related illness. His or her medical costs and any missed income is covered by this policy.
By choosing from these pediatricians business insurance policies, you know you are covering each of your business risks. Getting proper pediatrician’s business insurance covers unexpected events and extra expenses and lets you continue running your business without worry.
