Family physicians that have their own practices are well aware of both the advantages and disadvantages of running a small business. It’s important to remember that your practice is a workplace like any other where your staff members or patients can have accidents and get injured. Moreover, working in the healthcare industry involves risks that many other professions do not have to deal with.
You work with patients and handle sensitive information. This can lead to problems, and sometimes one lawsuit is enough to put you out of business before you even have a chance to get started which is why having the right insurance to protect you is essential.
In this article, we’ll go through four types of insurance you need to run a small health business and protect everything you’ve worked so hard to achieve.
Medical Malpractice Insurance
Medical malpractice insurance is an absolute must-have for medical practices of all sizes. Malpractice insurance, otherwise known as professional liability insurance, protects you if a patient files a lawsuit against you claiming negligence or harm resulting from your failure to provide adequate medical care.
The insurance will help you pay for legal fees, defense, and settlement.
The cost of this type of insurance will vary according to several factors, but the two most important ones are your medical specialty and location.
Commercial Property Insurance
You most likely invested a significant amount of time and money acquiring equipment, medical supplies, furniture, and other fixtures in order to make your practice presentable to patients and provide them with proper medical care.
It’s also very likely that if these items were damaged or stolen, you’d have a hard time finding the money to repair or replace them. Like any small business owner, you’re probably trying to keep costs down, and you’re looking for cheap small business insurance, but this type of insurance is another must-have for the stability of your practice.
Workers Compensation Insurance
Workers compensation insurance is a legal requirement in almost all states. This type of insurance covers medical expenses and lost wages if an employee has an accident and gets injured on the job.
Some jobs are inherently more dangerous than others, but people can have accidents and injure themselves even in relatively safe working environments. They could trip over something and fall while they’re trying to get a cup of coffee from the kitchen. This is another type of insurance you don’t want to overlook.
Commercial Auto Insurance
If you often make house calls and use your personal car, you should consider getting commercial auto insurance because personal auto insurance policies don’t cover damages if the car is used for business purposes.
Commercial auto insurance is meant for cars owned by a business and will cover the costs associated with accidents such as bodily injury or property damage. It may also cover repairs or replacement in case of vandalism or theft.
There are different types of coverages you can add. To make an informed decision, you’ll want to either do some research online or discuss the various options with your insurance agent.