The demands of the healthcare and medical industry are extensive. If you own your own medical office, you not only have patients to care for, but you also have a staff to oversee and a business to run – something that presents unique challenges and risks. While you are working hard to provide your patients with the best care possible, your medical office insurance should be hard at work in the background protecting your business against losses and liabilities. At Honor Insurance, we can help you build and establish medical office coverage that protects your financial interests, as well as your employees and patients.
We service a wide range of medical professional office types, some of which include:
- General physicians
- Dental offices
- And more
Medical Office Risks
Your medical office handles many tasks on a daily basis. Simply opening your doors for business exposes you to potential premises liability. Then there is the possibility of exposing sensitive information about a patient’s records, giving incorrect test results, committing billing errors, and much more. Furthermore, how much would your practice stand to lose if it burned in a fire and you had to spend months rebuilding from scratch? At Honor Insurance, our job is to consider all possibilities and provide insurance solutions that can help reduce your risks and minimize the out of pocket costs for your business in the event of a covered loss.
Types of Medical Office Business Insurance
Medical offices need business insurance. This typically includes several different types of policies, each of which works together to provide you with maximum protection. Examples of common coverage for medical offices include:
This is the coverage that protects your business against third-party injuries and property damages due to incidents occurring on your premises. For example, if you allow a guest to charge her smartphone using an outlet in your waiting room, she could sue your business for the cost replacing the phone if a power surge renders it useless. In this case, general liability insurance could cover the cost of the damages without damaging your business cash flow. If an incident is more severe, such as a slip-and-fall injury that results in a fractured vertebra, general liability insurance could cover your legal fees, as well as the cost of the guest’s medical bills and lost wages up to the limits of your policy.
Most medical offices employ a staff of assistants, receptionists, and other workers. If one of them is injured on the job, workers compensation helps pay for necessary medical expenses and also compensates them for lost wages during the recovery period.
Even professionals can make mistakes sometimes. If your staff makes an administrative error or you are sued for malpractice, you could be responsible for the patient’s damages. Professional liability insurance can help protect you against financial losses associated with these types of mistakes.
If you sell products in your office, such as wellness supplements or anti-aging creams, you may need products liability protection to safeguard your business against any harm they may cause to clients.
Papers and Records Insurance
Many medical offices store their records digitally, but some still use paper records for their patient files. If something were to happen to those files, such as an office fire, papers and records insurance can compensate you for the devastating loss it could cause your business.
What do you own in your medical office? Maybe you invested in the building of its entire structure, building it from the ground up. Perhaps you lease your space, but you still have expensive equipment, computers, machines, and furnishings that would cost tens or even hundreds of thousands of dollars to replace.
Business property insurance can help cover the physical assets associated with your medical office against a wide range of potential perils, such as fires and natural disasters. It can also offer your business income protection, helping to pay your ongoing expenses if you have to temporarily close your office due to damage from a covered event.
Rented Premises Damage
If you rent your medical office space, the landlord may implement certain coverage requirements that protect the premises against any damages you may cause. Rented premises damage is available to protect you and the building owner against potential damages to the structure of the office for which you may be liable.
Medical Payments Coverage
When guests injure themselves in your office, you may or may not be responsible for the damages. For example, if someone trips over her own untied shoelace, any ensuing injuries may be the fault of the guest. If the same guest slips on a wet floor because there was no sign warning of a slippery surface, your business could be to blame. Either way, medical payments coverage can provide payment for necessary medical expenses with no requirement of fault. Though the coverage is typically limited and does not eliminate potential liability, offering to pay for a minor injury even if you are not responsible could help you avoid the headache of a lawsuit.
Commercial Umbrella Insurance
This coverage is supplemental protection that extends the liability protection already offered by your primary insurance policies. For example, if a major lawsuit exhausts the limits on your general liability insurance coverage, umbrella insurance can pay for the remaining damages up to the limits of your coverage. In most cases, commercial umbrella insurance provides millions of dollars in additional liability protection, which could mean the difference between continuing business as usual and being forced into bankruptcy.
When employees or patients commit fraudulent acts, it could cost your business a lot of money. Embezzlement, theft, and other types of fraud are common in medical offices. Crime insurance can help protect your office against these types of financial risks.
Arizona Medical Office Insurance Quotes
If you own a medical office in the greater Phoenix area, we want to help you get the coverage you need. Contact our office today to find out more about Arizona medical office coverage and to request your free quotes. We look forward to serving you soon.