Getting to Know Your Medical Practice Business Insurance Options
Running a medical practice isn’t all seeing and diagnosing patients. There are a surprising number of concerns involved that are typical of running a day-to-day business.
You have to make sure you’re well-stocked on office supplies, that equipment is always in working order, and that’s before we start talking about building maintenance. And while every practice has some form of medical malpractice insurance, there are a lot of other types of insurance that practices may not always realize they need.
If you’re here to learn more about medical practice business insurance, then you’ve definitely come to the right place.
Four Medical Practice Business Insurance Coverage Options (That You May Want to Consider)
1. Commercial General Liability Insurance
On any given day, a medical clinic can see dozens or even hundreds of people. There are patients, clinic staff, nurse practitioners, and potentially other doctors all moving in and out of the property all day. When you multiply that number of the course of a year, that’s an awfully high number of chances for an accident to occur.
With so many people darkening your clinic’s doorway at any given time, you never know when a patient or someone’s relative could slip and fall while leaving your clinic. And depending on the particulars of the accident, you may find yourself on the hook for damaged property on top of any possible bodily injuries.
Commercial general liability insurance policy provides coverage against liability claims that come about as a result of personal injury or damage to property. Since so much of running a medical practice involves in-person visits, you can’t go wrong opting for a coverage plan that can protect you in the event of a slip or some other kind of accident.
2. Commercial Property Insurance
A lot of people assume that their equipment and other business property is covered under their general building insurance only to get burned when disaster strikes. This is because building insurance often doesn’t extend to the equipment that you use every day in your medical practice.
And in light of how expensive it can be to replace medical equipment on short notice, the stakes are even higher.
Commercial property insurance will cover business property that sustains damage during a flood, fire, theft, or pretty much any kind of disaster. This allows you to protect your equipment no matter what happens.
3. Umbrella Liability Insurance
The reality of putting together an insurance plan is that sometimes it’s not enough to get the right type of insurance coverage. You need to also have the right amount of insurance coverage. After all, it’s possible to take out commercial general liability insurance for your medical practice only for the coverage level to be lower than what you need it to be when push comes to shove.
And it can happen more easily than you might think.
Litigation can be sent to an appeals court or even the Supreme Court of Canada, adding more legal bills and court-related expenses to the original lawsuit. Maybe the damage done to the patient’s property ended up adding costs that went above and beyond initial assessments.
Umbrella general liability insurance can step up when your commercial general liability insurance taps out. Personal injuries and property damage may be part of the risks associated with running a medical practice, but umbrella general liability insurance can act as that added bit of top-up insurance that keeps you covered.
4. Business Interruption Insurance
Having your medical practice flooded out or burned down is the stuff that nightmares are made of on its own. And to that end, commercial property insurance can go a long way towards helping you replace and repair your property. But when the damage is serious enough to put you out of business for a while, who pays you while you work to get your practice up and running again?
Business interruption insurance may be able to cover costs such as:
- Loss of income
- Operating expenses
- Profits that would have been realized had the interruption to your operations not occurred
In short, this is a coverage type that can help you further smooth out the bumpiness of transitioning in the aftermath of a disaster.
How Working With a Medical Practice Business Insurance Broker Can Help You
1. You Can Trust Your Medical Practice’s Insurance Needs With a Professional
Medical professionals have undergone rigorous training in order to qualify for practice in Canada. As such, you wouldn’t expect someone who hasn’t done the same level of study to cover your clinic for you during your next vacation.
In some regards, insurance is no different. The right combination of coverage levels and coverage types has the potential to keep your medical practice on sound financial footing in the event that you’re forced to cash in on your policy. Working with an experienced insurance broker can make all the difference in this regard.
2. You Can Have an Easier Time Putting Together an Insurance Package That’s Perfect For You
At the end of the day, assembling the perfect insurance package can be tricky simply because there is no such thing as a one-size-fits-all plan for medical practices.
There are so many factors like location or practice size that will make policies differ dramatically between practices. As a healthcare provider with a livelihood that may depend on getting these details right, it’s important that your insurance company gets it right. When you work with an insurance broker who knows and understands your business needs, it becomes a lot easier to create plans that make sense for your medical practice.
For a lot of people, the words “medical practice” and “insurance” often bring to mind malpractice lawsuits and dramatic courtroom showdowns. The problem with this popular image, however, is that a large part of medical practice insurance is making sure that your coverage adequately reflects your concerns as a business. To that end, an experienced insurance broker can do a lot to help you construct a package that fits with your needs.
Get in touch with ALIGNED insurance broker today or get a free insurance quotes online!
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