Medical offices are staffed by nurses, doctors and physicians of all different specialties. The office might be for dentists, dermatologists, general physicians, veterinarians, gynecologists, podiatrists or for other types of medical specialties. Employees of a medical office are responsible for maintaining patient records, billing for services provided, scheduling appointments, and handling laboratory testing results. The risks for a medical office include liability for injuries occurring in the office, unexpected events causing damage to the property, and crimes committed by the employees.
Protect your business from risks by getting medical office business insurance.
There are multiple types of business insurance policies for medical offices. Choose from the following policies to get maximum insurance coverage:
The first business insurance you will get for your medical office business is general liability insurance. This protects you from legal or medical costs when a patient is injured on your premises. Premises liability I the most important coverage for medical offices, though for other businesses it includes products and completed operations as well. If your newly waxed floor doesn’t have a warning sign and a patient slips and falls, the medical costs are covered by the general liability policy.
One of your biggest risks when operating a medical office is that of mistakes or errors made. In a medical office, this could be something like a malpractice lawsuit or an administrative or laboratory error. Any damage it caused your patient would therefore be your responsibility. Cover these risks with a professional liability insurance policy. It doesn’t prevent legal action from being taken, but it will cover any medical or legal costs associated with the claim.
All medical offices rely on the paperwork, files and records of patients. These are vital to having a successful office. If something occurs that destroys your records and paperwork, it could mean a significant loss. Protect your business from losing records, patient medical information, or damage to important papers by getting a valuable paper and records insurance policy as a critical part of your medical office business insurance bundle.
Any time you or an employee uses a vehicle for business purposes, business auto insurance should be there for protection. A collision, vandalism or theft could cause significant loss if you don’t have adequate auto insurance. Business auto insurance provides coverage for these types of events while on the road, whether it be a fender bender, major accident including bodily injury, or theft of supplies from your vehicle.
You depend on your business property to conduct business, as well to house the contents like machinery, computers, filing, electrical equipment and other types of contents. If there is damage to your property or contents, you would have to close your office temporarily until arrangements could be made. Business property insurance offers coverage after an event causes damage, such as a fire or natural disaster. It will help you make quick repairs, replace what was destroyed and offer business income protection.
All types of business insurance policies have coverage limits, which can be disastrous if there is an unexpected event that requires coverage for more than what the policy offers. The liability policies for your Medical Office Business (General Liability, Commercial Auto, and Employers Liability) all have coverage limits. Umbrella liability insurance therefore is used to increase your liability limits for all of these risks under one policy to protect your business for claims that exceed your primary policy limits.
Every employee of your medical office should be protected with workers’ compensation insurance. Workers risk injuries on-the-job from repetitive motions, like wrist and back injuries, along with eye strain, slips and falls and general injuries that could occur at work. Workers’ compensation protects these risks by offering coverage for medical costs, recovery and income if the employee is out of work due to the injury and recovery period.
Medical offices are exposed to a number of crimes, including those committed by patients and employees. You’re at risk for medications or money being stolen, including embezzlement of income from employees who work in accounting or bookkeeping, as well as fraudulent activity committed by your patients. Protect your business from crimes like these with a crime insurance policy.
Protecting your medical office from various risks should be your top priority. Consider what risks you may be exposed to, and choose medical office business insurance that will offer the best protection from those risks.
For doctors and medical professionals, malpractice insurance is necessary to cover treatment-related issues. However, for a medical office itself, business insurance coverage is needed to protect the business and its employees. Medical office insurance includes general liability insurance, workers' compensation, professional liability, and medical office papers and records insurance.
Malpractice insurance covers the doctors and medical professionals' treatment of patients, but not the office or facility itself. For instance, if a doctor prescribes the wrong medication to a patient that would be covered by malpractice. On the other hand, if a patient slips and falls in the hall, the medical office insurance would be liable to cover the cost of injuries and treatments for the accident.
The cost of medical office insurance depends on the size of your staff and office, your location and the services you offer as well as the types and amount of coverage you need. Typical general liability insurance can cost less than $1,000 annually. However, each business is unique, and comparing quotes from different companies can help you get the best insurance coverage for your medical office.