Hospital Equipment and Supply is an Essential Service
As a supplier of various essential medical equipment and supplies to your clients, your business fills a vital need in your community. As the main supplier of hospitals, doctors’ offices, clinics and other medical facilities, your role is essential to the wellbeing of the public. Your Hospital Equipment and Supply Business also carries a great deal of risk and you need to ensure you have the right insurance coverage to protect yourself and your employees.
What are the Risks Associated with a Hospital Equipment and Supply Business?
Along with providing equipment and supplies to hospitals and other health care facilities, your Hospital Equipment and Supply business may also rent or sell products directly to the public. With both aspects, if something goes wrong with your equipment or supplies, you are exposed to a substantial amount of risk.
When selling medical, dental and surgical tools, and/or renting equipment such as wheelchairs, oxygen tanks, IV sets and more, you are taking the chance that your equipment could cause harm to the user. If a piece of equipment malfunctions or if the customer gets the wrong tool, your business could be blamed. To operate in this field, you have to have the right coverage to protect your business in the worst-case scenario.
What Type of Coverage Does a Hospital Equipment and Supply Business Need?
–General Liability Insurance guards against claims of property damage or bodily injury. If someone is injured at your place of business, this coverage covers any legal fees as well as compensation that you are required to pay. General liability insurance also include product liability coverage and although you may feel like there is minimal risk as you don’t manufacture, repackage and possibly even touch the products being sold there is still always a chance you could named in a product liability lawsuit.
–Commercial Property Insurance is associated with your physical business location or store, and protect it from extreme weather or fire, as well as against vandalism, theft and mischief.
–Product Recall Insurance kicks in when a product is recalled or is defective. Costs of these products are covered, as well as replacement costs, lost profits and more.
Additionally, you may wish to add Crime Insurance to your coverage to guard against potential employee theft or dishonesty, Cyber Liability Insurance to protect against online data breaches, and Umbrella Liability Insurance, which provides more coverages when limits in other claim areas are reached. Commercial Auto Insurance is advisable if you company makes deliveries.
What are Some Possible Scenarios When Your Hospital Equipment and Supply Business Needs Insurance?
- Your sterilization machine malfunctions and you don’t realize right away. Some equipment is sent out to a hospital not properly sterilized and results in patient infection. The hospital seeks damages from your company.
- Your computer is hacked and some confidential health information belonging to customers is obtained.
- While delivering oxygen tanks to a nearby clinic, your work truck is hit by another car and the tanks are damaged.
Find the Right Hospital Equipment and Supply Business Insurance from ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.