From walk-ins to community health centres to specialized healthcare, your medical clinic provides an essential service and faces a high degree of liability risk. Whether founded or baseless, claims of patient misdiagnoses, failing to act on laboratory results and personal injury can have a major impact on your practice and might be enough to force you to close your clinic’s doors. Medical clinic insurance provided by ALIGNED can offer holistic coverage that protects your clinic and its staff.
Medical Practice Insurance Basic Coverages
It goes without saying that medical practitioners require Medical Malpractice Insurance. We provide medical malpractice insurance in two coverage options:
- Per Occurrence – that can cover you for events that took place while you were insured and after the policy has ended
- Claims-made coverage – which means the insurer on risk at the time when the claim becomes the known response. Click here for more information on claims made coverage, “run-off” and/or extended reporting periods or speak to ALIGNED Insurance Advocate.
Claims-made coverage is generally more cost-effective in the short-term and may require prior acts or tail coverage if you’re taking over another medical practice or are considering retirement in the near future.
Medical practices are also at an elevated risk of slip-and-fall and other personal injuries sustained by elderly, already injured or otherwise infirm patients. Commercial General Liability Insurance is standard coverage for businesses and medical centres of all designations. CGL insurance can not only provide protection from personal injury claims (unrelated to health care), but it can also protect your clinic from claims of property damage, libel/slander and false advertising.
Both medical malpractice and CGL insurance protect medical practices by providing:
- lawyer’s fees
- legal defence costs
- out-of-court settlements
- awards for damages
Get Comprehensive Medical Clinic Insurance with these Coverages
Commercial Property Insurance – can provide coverage for physical structures and medical and business equipment following a fire, flooding, sewage backup, vandalism and other named perils. As you provide essential medical services, you will likely need an extension that includes Extra Expense Insurance to cover the costs to relocate and set up a temporary clinic after an insured peril.
Umbrella Liability Insurance – umbrella liability provides coverage for costs of a claim that exceed an underlying policy’s limits and are commonly used in the healthcare industry because of the size of claims and judgements awarded in this field.
Cyber Liability & Privacy Insurance – cyber insurance can provide cover for the costs of restoring data and systems, ransomware demands and notification costs, among other expenses caused by a breach of your medical clinic’s network and records.
Employee Theft Insurance – unfortunately medical clinics are not immune to acts of theft or fraud by staff and need to protect themselves from the heavy losses that be experienced due to employee dishonesty.
Equipment Breakdown Insurance – can protect you from the costs associated with a breakdown of your highly sensitive and expensive medical equipment from specified perils such as electrical arcing, power surges and others.
Employment Practices Liability (EPL) Insurance – can provide cover in case of suits brought by current or former staff alleging that they were the victim of harassment or discrimination at your medical clinic.
Who needs medical clinic insurance?
If you own and operate a healthcare clinic, no matter what type of medical practitioner you are, then you likely need medical clinic insurance. Beyond medical clinics, ALIGNED can help other types of clinics, like dental clinics, massage therapy clinics, physiotherapy clinics, acupuncture clinics, and health and wellness clinics, find personalized commercial insurance solutions. Contact ALIGNED to find out if medical clinic insurance is right for you. Our experts will ensure you find comprehensive coverage for your clinic at a competitive rate.
How to get medical clinic insurance
Purchasing commercial insurance for your medical clinic just got easier thanks to ALIGNED. While you can buy medical clinic insurance directly through an insurance company, we recommend buying it through a broker. Reputable insurance brokerages like ALIGNED offer all kinds of benefits. First, you’ll have a commercial insurance expert at your fingertips. Second, we do all the heavy lifting, obtaining and comparing quotes on your behalf. And third, since we work independently of insurance companies, we can offer an objective, unbiased opinion on the right coverage for your medical clinic.
How medical clinic insurance premiums are calculated
Curious as to how insurance companies calculate premiums for medical clinics? Insurance providers consider a wide range of factors when determining rates. Factors may range from the size and location of your medical clinic to the number of employees you have and the services you offer. Keep reading for a list of factors that may be used to calculate your insurance premium:
- The location of your medical clinic
- The size of your medical clinic
- The services offered at your medical clinic
- The number of employees at your medical clinic
- Your insurance claims history
- Your years of experience
- Your training and certifications and that of your employees
- The coverage types, policy limits, and policy deductibles you choose
We are commercial risk management experts because commercial insurance is all we do
At ALIGNED, we specialize in commercial insurance and use the relationships we’ve built over the years with Canada’s top insurance companies to get our clients comprehensive medical clinic insurance at affordable rates. So if you have questions about medical clinic insurance, contact us today. You can also click here for a free quote.
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