Whether you’re a Psychologist, Optometrist, Nutritionist, Chiropractor, Veterinarian, or other medical professional, you’re focused on keeping your patients healthy and your office running smoothly. Knowing what insurance coverage your medical office needs, and having those coverages in place, can mean the difference between recovering from an unexpected loss and getting back to work, or potentially going out of business.
Medical Office Insurance Coverage Options
Here are a few tips to help you choose the right set of coverages to protect your medical office:
- General Liability. Note that this only protects you from liability related to the operation of your medical office and does not protect you from medical malpractice claims. For example, a patient visits your office and slips on an icy sidewalk - this could be covered by the General Liability coverage. To protect yourself from claims of malpractice, you would need an additional policy providing that coverage (see below).
- Professional Liability. Also known as Medical Malpractice insurance, Professional Liability protects you against claims if you fail to perform your duty as a medical professional. We don’t currently write Medical Malpractice insurance, but we may be able to refer you to someone who specializes in this type of program.
- Business Personal Property. Your business likely has a lot of personal property to protect. Business personal property coverage helps cover things like medical equipment, such as expensive imaging machines and other diagnostic & monitoring equipment), and all the things you’ll typically find in the front-office/reception area like computers, printers and other office equipment.
- Important Business Documentation. This includes coverage for accounts receivable, electronic data, and valuable papers to help repair, replace, or restore your electronic and printed business records. The success of your medical office depends on your patient files, whether electronic or paper. That's why we've highlighted this coverage for medical offices - to bring special attention to choosing the right limit of coverage.
- Building Coverage. If you own your building, you'll have a few coverages to select from depending on your exact situation. The important thing to note when picking your building coverage is that you want to carry enough coverage to rebuild/replace your office building, which is not necessarily the same thing as its current market value.