Do Medical Practices Need Business Insurance?
Friday, July 13, 2018, 6:00 AM | Leave Comment
If you’re reading this, you’re probably wondering if medical practices like yours need business insurance. Healthcare and medical professionals face unique risks by running their company.
You already know you deal with very sensitive client information as a medical practice. Not only that, but you’re weary of typical business issues like property damage and break-ins.
So, the short answer is yes, you need business insurance. But here’s why it will help.
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Cost of Running a Medical Practice
Although most medical practitioners aren’t aware of it, the cost of running a medical practice tends to go up every year. You have your typical costs of running a business: gas, electricity, phone, internet. Then you have a myriad of other payments to make regularly.
Consider what you need for just one patient to come into the office. The patient will need to fill out forms—so, you’ll need paper, a printer, etc. You will also need computers equipped with an office management system to track appointments and handle billing.
Inside the exam room, there are supplies like a thermometer cover and table paper you’ll need for each patient. Then there are housekeeping supplies to consider like toilet paper, paper towels, hand soap, and more…the list goes on and on.
If you’re running a successful medical practice you obviously want as many people as possible to visit your business. Those expenses add up. It’s daunting, but you started this business for a reason.
However, these operating expenses are no excuse to skimp on business insurance. Why? Because one costly catastrophe can sink a small or medium-sized medical business.
At the end of the day, running a business requires juggling multiple expenses at once. It’s important to carry the right types and amounts of commercial coverage—which is why conducting a business insurance comparison is a smart first step.
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Dealing with Patient Health
As a medical practice owner, you face certain concerns in a much different way than typical businesses. Although injuries and accidents can occur anyway, it’s basically a given they’ll come up in your field. In some cases, you’re dealing with life-or-death situations.
Even something as simple as a patient tripping in your waiting room can lead to a legal battle. Finding the right liability coverage is key. General liability insurance lays the groundwork by protecting your business and employees against claims of non-professional negligence resulting in bodily or personal injury to others.
For example, slips and falls within your commercial space would fall under general liability coverage.
Furthermore, you’ll need to purchase medical malpractice business insurance to protect your employees in the event of a professional error. Mistakes in medicine are a given, so make sure you are prepared. It’s important to understand how general and professional liability insurance—also called errors and omission coverage—differ so you can acquire both.
Although you’re looking at a lot of responsibility, costs, and concerns related to your medical practice, you know deep down it’s all worth it. With the right insurance policies, you’re sure to protect yourself so you can continue serving your patients well.
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