Five Medical Professions That Need Business Insurance

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When it comes to insurance for medical professionals, most thoughts immediately go to malpractice. However, there are many other types of coverage relevant to the medical profession, whether you’re an ophthalmologist, anesthesiologist, pediatrician, surgeon or a general practitioner. All five of these medical professions will need business insurance.  Also known as liability coverage, those policies offer the following benefits.

Shielding of Your Assets

Your practice can be held liable for any accidents occurring in your office. If a patient slips and snaps a wrist trying to break their fall, you could be on the hook for all costs associated with their treatment and the recovery. If the person decides to seek legal remedies as well, you’ll be looking at court costs and attorney fees—plus the amount of the judgment if the court finds in the patient’s favor. With adequate coverage, your insurance company will stand between you and those expenses to help keep your business solvent.

Bodily Injury

As we discussed above, one of the primary functions of business liability coverage is providing medical professionals with protection against physical injury claims. In addition to legal fees, attorney’s costs and judgments, these policies cover expenses related to medical costs, funeral expenses, and court-awarded compensation if the injured party dies. With that said, it’s important to note this coverage applies only to individuals who are not employed by your practice. Employees will need workers compensation insurance to afford you similar protection in these instances.

Medical Expenses

If a bodily injury situation should require immediate medical attention, your liability policy will cover the cost of treatment. This also includes most ambulance rides.

Property Damage

Called into an examination room, a patient inadvertently leaves her new Louis Vuitton purse in the waiting room. Remembering it suddenly, she races back out to the waiting room, but the bag is already gone. Visibly upset, she threatens to sue you for negligence, as she feels you should be able to keep people from stealing things in your office. Her lawyer decides she has a case and takes you to court. This will fall under the property damage coverage of your liability policy.

Personal Injury/Advertising Injury

These coverages will protect your practice should you, or a member of your staff, encounter a situation in which a case of alleged slander or libel occurs. You will also be protected if a competitor or some other business entity alleges the contents of one of your advertisements caused them harm—or infringed upon a copyright they hold.

As for malpractice insurance, that’s an entirely different kettle of fish. However, in your rush to ensure you’re covered in that regard, don’t overlook professional liability insurance for your office. Any one of the liability claims above could be exceptionally devastating to your financial situation.


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