Search
Close this search box.

Medical Office Insurance

Focus on your patients. We have you covered.

Medical office insurance for your business needs.

Just as your patients need to maintain insurance coverage, so should you. Your medical office comes with a unique set of risks and a specialty medical office insurance policy can help keep you protected against a loss.

The risks your medical office faces.

While the list of every possible risk your medical office faces is lengthy, you can get specialized insurance to bring you comprehensive coverage and peace of mind. Here are some of the most common risk factors in the medical industry that can be covered with the right insurance policy in place:

 

INTERACTIVE GRAPHIC

Click it. Read it. Cover it.

The business side of medical offices.

Naturally, such insurance can include more common business risks such as damage to property, personal injury, and liability for visitors and loss of income if your office is temporarily unusable. However, it also includes some specific risks for the medical profession.

Coverage against risks related to medical offices.

For example, if you had an electrical failure or a mechanical breakdown, medical goods such as vaccines could spoil. A data breach or computer hack could be particularly devastating given the sensitive information you store. Paper records could be costly to replace after a fire. All of this can be covered.

Medical malpractice as a separate coverage.

Don’t make any assumptions about your policy, however. Medical office insurance is highly unlikely to cover medical malpractice and other liabilities relating to the advice and treatment you provide, so you’ll need to get such coverage separately.

For more information on medical office insurance, contact us today.

Get Started Today

As an independent agency, we are here to help you find the right Medical Office Insurance coverage.

Medical Office Insurance Quote Request

As an independent agency, we are here to help you find the right coverage.

Name(Required)
What type of insurance are you interested in?(Required)
Accepted file types: jpg, png, pdf, doc, Max. file size: 256 MB.
Terms(Required)
Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site or otherwise. No binder, insurance policy, change, addition, and/or deletion to insurance coverage goes into effect unless and until confirmed directly by a licensed agent.

Get a Quote

It only takes a minute to get started.

Would you rather discuss this in person? Get in touch with an agent today!

Spoilage – Perishable Medicines and Medical Supplies

Risk Factor

Your healthcare practice’s refrigeration system may suffer a mechanical breakdown which could cause the supply of vaccines on hand to spoil.

Solution

Spoilage coverage can be provided as an added endorsement to your business owners policy. This type of coverage will protect your practice from large costs associated with perishable medicines and supplies.

Commercial Umbrella

Risk Factor

What happens when your business faces a large liability loss that exceeds the basic limit of your standard policy?

Solution

A commercial umbrella policy provides high limits of insurance, typically between $2,000,000 and $10,000,000. Coverage is extended over your general liability insurance, workers’ compensation, business auto, as well as directors and officers liability coverage. It provides a great safety net and helps ensure your business is well protected.

Business Owners Policy (BOP)

Risk Factor

As a business owner, you’ve worked hard to build a solid business. But what happens when the unexpected happens? Are you covered?

Solution

A business owners policy is uniquely designed to protect your most important assets, including your business, its continuation, your employees, and your way of life. Discuss the details of this coverage with your agent and ensure that you’re protected.

Medical Malpractice / Professional Liability

Risk Factor

Doctors and licensed staff face a high risk of being sued by patients for such things as claiming a wrong diagnosis or treatment. Some high claims settlements could even force the office or practice to close its doors.

Solution

Professional liability insurance, commonly known as medical malpractice insurance, can protect a doctor and other licensed staff from a lawsuit that could become quite costly.

Medical Records Coverage

Risk Factor

What would you do if a fire destroyed your patient records? Maintaining medical records is important not only for patient care, but also in the case of a potential lawsuit defense.

Solution

Medical records coverage can be included within a business owners policy. This protects your practice and covers the cost of recreating your paper or electronic medical records in the event of a loss.

Crime, Fidelity, and Fiduciary Liability Coverage

Risk Factor

What would you do if one of your trusted employees were to be found guilty of doing something dishonest or if you find that the funds have been mismanaged in your pension plan?

destroyed your patient records? Maintaining medical records is important not only for patient care, but also in the case of a potential lawsuit defense.

Solution

Crime and fidelity coverage is designed to provide coverage for employee dishonesty, forgery and depository, theft, destruction, disappearance, and more. Fiduciary liability coverage also meets ERISA requirements to protect the funds in your pension plan.

Cyber Liability Insurance

Risk Factor

The internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small practices alike. But with these benefits also come challenges, including protection of privacy, data, and the financial information of your customers.

Solution

Cyber liability insurance protects your practice in the event of unauthorized access to electronic data or software within your network. It also provides coverage for spreading a virus, extortion, accidental release of personal identifiable information, and resultant damage caused by a lost or stolen laptop or other mobile device. This coverage is quickly becoming more and more important as you embrace technology to help run your practice.

Regulatory Billing and Errors Insurance

Risk Factor

Have you ever faced billing error allegations by the federal government or private payers?

 

Solution

Errors and omissions liability insurance can provide reimbursement for defense costs, fines and penalties, as well as shadow audit expenses incurred in billing error proceedings brought by government agencies, contractors, and commercial payers. This is typically a specialized type of coverage, so it’s important to check with your agent to determine if your current coverage is sufficient to addresses this exposure.

Business Income / Business Interruption

Risk Factor

Your business relies on nature and the outdoors, but nature is unpredictable and fickle. All it takes is a nasty storm to flood your rivers or an equipment malfunction on your ziplines before your business has to shut down for a few hours or more. Every minute you’re shut down means lost revenue for you.

Solution

Business interruption insurance compensates you for lost income if your business cannot operate as normal due to damage that is covered under your commercial property insurance policy, such as fire or water damage. This type of insurance covers the revenue you would have earned based on your financial records, had the incident not occurred. The policy also covers continuing operating expenses such as rent, electricity, and ordinary payroll.

Workers Compensation / Employee Practices Liability Insurance (EPLI)

Risk Factor

There are risks associated with employing domestic staff in your home. Employees can become injured on the job, leaving you to pay out-of-pocket for their medical expenses. Additionally, staff can sue for wrongful termination, privacy issues, discrimination, and harassment claims.

Solution

Be sure to obtain coverage for medical expenses when your staff are hurt while on the job. Additionally, employment practices liability insurance can protect you from high legal costs associated with lawsuits and additional claims from current and past employees.

General Liability

Risk Factor

Water on the floor, slippery entry in the winter, broken glass, and hazardous debris. These are all accidents waiting to happen, and can make your business susceptible to claims due to bodily injury, property damage, personal injury, and other related risks.

Solution

General liability insurance is an absolute necessity for any business. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action, regardless of its merit.

Workers’ Compensation

Risk Factor

If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper insurance coverage in place.

Solution

Maintain workers’ compensation insurance to provide benefits to eligible employees. Otherwise, you can be penalized for every day that coverage is not maintained, as well as for any benefits an employee would have been eligible for in the event of a job-related injury or sickness.

Medical Equipment

Risk Factor

Many medical offices unknowingly underestimate the costs associated with replacing medical equipment. It’s not uncommon to find out that there is not enough coverage to replace it, and sometimes it’s already too late.

Solution

With a business owners policy (BOP), most medical and general office equipment is included as business personal property and would be protected in the event of a covered loss. For specialized, high-valued equipment, a separate policy may be required. Your agent can help you to make that determination.

Needlestick Injuries

Risk Factor

With an estimated 800,000 healthcare workers suffering needlestick and sharps injuries each year, chances are you or someone you know has already been affected.

Solution

Workers’ compensation typically covers the cost for the employee’s initial blood test. That way, any resulting infections can be identified and treated much sooner. Employer’s liability insurance may also be considered to offer additional protection if your employee files a lawsuit. Check with your agent to see if your insurance coverage offers this type of protection.