Providing healthcare services is a calling, not a profession. It can be gruelling, sometimes thankless work that’s fraught with risk to the safety of admin staff, practitioners and their families. It requires professionals to diligently upgrade knowledge, skills, practices and equipment while being flexible enough to adapt to constantly changing circumstances. There’s also the business side of providing healthcare services that adds another dimension of responsibilities and risks. And if all of that weren’t enough, with healthcare provision comes a high degree of legal liability. As a healthcare provider, you need healthcare business insurance that’s as responsive and accountable as you are.
Healthcare Business Insurance is Made Specifically for Healthcare Professionals Including:
- CPR & First Aid Instructors
- Dentists, Dental Hygienists and Dental labs
- Dieticians and Nutritionists
- EEG Technicians
- Home Healthcare providers
- Long-term care providers
- Medical office and Walk-in Clinic staff
- Massage therapists
- Occupational Therapists
- Ophthalmologists, Opticians, Optometrists
- Personal Support Workers and Aides
- Pharmacists and Pharmacy Assistants
- Psychologists, Psychiatrists, Counsellors and Mental Health Professionals
- Registered Nurses
- Social Workers
- Speech Therapists
These are by no means the only healthcare practitioners who may need healthcare business insurance. If you provide healthcare services and are unsure about which coverages you need, speak to an ALIGNED advocate to discuss the specifics of your practice.
Healthcare Business Insurance – Medical Malpractice Coverage
In healthcare provision, accusations of malpractice is one of the most salient risks. With or without merit, an accusation alone can cause significant damage. Unfortunately, legal claims of malpractice and personal injury are common in healthcare. Medical Malpractice coverage can give you the peace of mind you need to provide the care you feel is right without second-guessing yourself for fear of being sued.
One of the basic coverages of a healthcare business insurance plan, Medical Malpractice protection can cover the legal costs associated with defending a malpractice suit including lawyer’s fees, legal defence costs, settlements and awards for damages.
Per Occurrence or Claims-Made Malpractice Coverage, Which is Best for You?
Your Malpractice coverage can either be Per occurrence or Claims-made. In a nutshell, Per Occurrence can cover you for events that took place while you were insured even after the policy has ended whereas Claims-made coverage is retroactive only to the earliest date of continuous coverage and needs to be renewed for coverage to continue. Claims-made coverage tends to be cheaper in the short-term because of this reason and may require prior acts or tail coverage if you’re taking over another practice. Or if you are considering retirement in the near future.
Other Healthcare Business Insurance Coverages
As alluded to earlier, the liability risks with running a healthcare business do not end with claims of malpractice. Slip and falls, natural perils, privacy concerns and potential employee dishonesty are just a few more of the risks that need to be successfully managed when running a healthcare business.
Just as the term ‘healthcare business’ is broad and encompasses many different practices, healthcare business insurance is similarly broad and will be tailored to meet the specific needs of your business. However, there are a few coverages that are standard in the healthcare field and the most common are below. Click on each for more information.
This coverage is standard for all commercial enterprises of all sizes. Similar to Malpractice coverage, General Liability Insurance covers litigation but is only applicable to claims of personal injury and property damage related to products, services or business practices outside of the provision of healthcare services. This can include coverage for slip and fall and false advertising claims among others.
From fires to windstorms to floods, uninsured perils can cause a lot more than physical damage. Commercial Property protection is another fundamental coverage in healthcare business insurance plans. It can provide coverage for physical structures and medical and business equipment after a named peril. For healthcare businesses, we also highly recommend Extra Expense coverage as you are likely required to continue operations – even in a temporary location – despite a disaster befalling your property. Home healthcare providers will also need Commercial Property coverage to ensure that medical/business contents of the home are covered and that their home insurance policies are not voided because of the business operations.
Much like personal financial records, patient records contain highly sensitive information that requires the utmost protection. Also like financial records, medical records contain information highly coveted by cybercriminals. While cyber liability insurance is no substitute for security, the two in tandem are absolutely necessary to manage cyber risks. Cyber coverage as part of a healthcare business insurance plan can provide cover for the costs of restoring data and systems, ransomware demands and notification costs, among other expenses caused by a breach.
While nobody wants to think that their co-workers are capable of theft or fraud, they are unfortunately a part of any business. And with the temptations accompanying access to narcotics, financial instruments and other risks, healthcare businesses can’t afford to wait until a theft or fraud occurs before doing something about it.
Medical equipment is costly and highly sensitive. Most healthcare business insurance package will need to include cover for potential equipment malfunction and the costs associated with the fallout of a breakdown.
Make Sure Your Healthcare Practice is ALIGNED with the Right Healthcare Business Insurance
Like you, we are specialists – ALIGNED is a commercial-insurance-only brokerage. Our expertise is in risk prediction and management for businesses and we work with the top 65 insurers in Canada to ensure our clients get the best fit for their coverage. Contact an ALIGNED advocate to discuss your healthcare business’s insurance needs.