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Understanding Your Medical Office Insurance Options

Understanding Your Medical Office Insurance Options

Medical professionals face more daily risks than the average person, from unhappy patients to data breaches. Medical office insurance can protect you from the financial repercussions—but only if you have the right coverage.

Are you unsure which policies you need to protect your practice when it matters most? Keep reading to learn about some of the essential types of insurance for doctors and how to get covered.

Types of Insurance for Doctors and Other Healthcare Professionals

Medical professionals might need several different types of insurance, depending on what they do, where they work, and who they employ. These are the essential medical office insurance policies that nearly every business, from private dental practices to home health care agencies, should consider.

Liability Insurance for Healthcare Facilities

Patients may come to your facility hoping to feel better when they leave, but that’s not always the case. If someone trips over a chair in the waiting room and sprains their ankle or slips on an icy step outside your facility, they can sue you for medical costs.

General liability insurance helps cover the costs of lawsuit fees, settlements, and medical bills if a client sues your business. It also covers:

  1. Property damage: Say your home health aide trips in a patient’s home and knocks over a valuable antique. If the patient sues your company for the cost of the item, your policy will help pay.

  2. Personal and advertising injuries: What if your private practice goes through a rebranding and changes its slogan, then a competitor across town sues you, alleging you copied theirs? Your general liability coverage would kick in during the suit.

Property and Medical Equipment Insurance Policy

Whether you own a neighborhood doctor’s office that’s the size of a small house or rent an entire floor in a hospital building, you need property insurance to protect your space and what’s inside. Depending on whether you own or rent your space, your policy may cover the entire structure and what’s inside or limit coverage to walls, fixtures, and personal property.

When purchasing a policy and choosing your limits, account for the price of your medical equipment. If a bad storm or fire hits your office, you may lose more in diagnostic equipment than your actual building. You should buy enough personal property coverage to repair or replace that equipment, so you don’t have to pay out of pocket.

Medical Malpractice Insurance

According to research from the American Medical Association, 34% of all physicians in their study had been sued, and there were 68 liability claims on average per every 100 physicians. Even medical professionals who didn’t make a mistake weren’t immune. Plaintiffs dropped most claims taken to court, but the accused physicians still had to pay to defend themselves.

This data reveals that no matter how careful you are, you’re not immune to a malpractice lawsuit. That’s why medical malpractice insurance, a type of professional liability insurance tailored to the healthcare industry, is one of the most critical coverages you can buy. Malpractice insurance pays defense fees and settlements if a patient accuses you of misdiagnosis, surgical errors, or other medical mistakes.

Workers’ Compensation Insurance

Working in a medical setting can be dangerous. Employees can strain their back supporting a patient, accidentally stick themselves with a needle, or contract an illness from a patient. Your employees’ medical insurance won’t cover these on-the-job injuries, but workers’ compensation insurance will.

Whether your office has three employees or 30, workers’ comp protects the people who keep your practice running—and it’s probably required in your state. Your policy will pay for medical bills, lost wages, and rehabilitation costs when employees suffer a workplace injury.

Do you need malpractice insurance for your dental practice? Learn what it covers, who needs it, and how much you can expect to pay.

Cyber Liability Insurance

Your healthcare facility is required to protect patient data according to the Health Insurance Portability and Accountability Act (HIPAA). And while cyber insurance can’t help you keep that data safe, it can help your facility stay afloat in the aftermath of a cyber event.

Data from 2021 revealed that 66% of surveyed healthcare organizations had experienced a ransomware attack that year, confirming that the industry is a prime target for cybercriminals. If you end up as the next target, your cyber liability policy will help pay for data recovery.

Other Medical Office Insurance Options

Many kinds of organizations fall within the healthcare industry, and every business is different. Depending on what you and your employees do, you may need these medical office insurance policies:

  1. Commercial auto: Do your employees drive to patients’ homes or the pharmacy to pick up supplies? Your business can be held liable for their actions on the road. Commercial and hired and non-owned auto insurance can help pay for property damage and medical bills if your employees get into an accident while working.

  2. BOP insurance: If you run a small healthcare business, you may be able to combine liability and property insurance coverages into one convenient business owner’s policy.

  3. Employment practices liability insurance (EPLI): If you hire employees for your medical organization, you’re vulnerable to discrimination or wrongful termination suits. An EPLI policy will help cover lawsuit costs if a current or former employee sues.

How To Get Doctor’s Office Insurance

With the right insurance agency on your side, getting medical office insurance is simple. If you already know what policy or policies you need, you can request a quote and get several coverage options within a few days. Additionally, an experienced agency can help you assess your risks and identify any specialized coverages you need to protect your business.

Southpoint Is Your Medical Office Insurance Experthpoint

Are you looking for a reputable partner to guide your medical office through the insurance process? Southpoint is a Chicago-based insurance agency serving medical clients across the country. As one of the top malpractice insurance providers, we can help you find the most affordable coverage while ensuring you get the financial support you need during a claim.

We’re not the only ones who think our insurance program for medical professionals is top notch. Our team has been recognized year after year by some of the leading medical malpractice insurance companies, including Fortress and MedPro Group.

If you want to learn more about our insurance products for medical professionals, get in touch today. For more information about risk management in the healthcare industry, check out our white paper.

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