Business Insurances You’re Probably Not Thinking About

The Private Medical Practice Academy

Business Insurances You’re Probably Not Thinking About

March 14, 2023

Business Insurances You’re Probably Not Thinking About

Insurance is one of those things you never want to need or use. But, unfortunately, when life happens having insurance can save you. Some types are pretty obvious but there are some you probably haven’t thought yet. That doesn’t mean you don’t need them. In this episode, I’ll tell you the types of insurance your practice needs to mitigate its risks.

  • Medical malpractice insurance protects healthcare providers from claims of negligence and medical errors. You want to have a separate policy protecting your practice–not just the individual provider.

  • General liability insurance covers your business from claims of property damage or bodily injury that may arise from accidents on your premises.

  • Cyber liability insurance provides coverage for data breaches and other cyber threats that could compromise your patients’ confidential information.

  • Workers’ compensation insurance is required by law in most states and provides coverage for your employees in case they are injured on the job.

  • Business interruption insurance  can provide financial protection if your business is forced to temporarily close due to an unexpected event such as a natural disaster or a pandemic.

  • Employment practices liability insurance can protect your business from claims of discrimination, harassment, and wrongful termination brought by employees.

  • Business overhead expense disability insurance can cover operating expenses such as rent, utilities, and employee salaries, even if the owner or key employee becomes disabled and unable to work. 

Find an insurance professional who can bundle all of the business-related insurances. They can help you assess your needs (the amount of coverage, deductible, etc.) and bundling will give you the lowest cost.  

While hopefully you will never need to make a claim against any of  your insurance policies, the cost of having the insurance is trivial compared to what it will cost to deal with any of these events without insurance.

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