Insurance You Will Need For Your Medical Practice
Running your own private practice comes along with some pretty steep responsibilities. You are the lead person responsible for creating an environment of safety and compliance, especially when your “business” is caring for a person’s physical health.
You are also responsible for protecting yourself and your professional career against certain liabilities that come along with the job of being a doctor. One lawsuit or catastrophic event could mean ruin for your practice without the proper insurance policies in place.
Take some time to read through a quick look at some of the most important insurance policies you will need to keep your medical practice safe from chaos.
Medical Malpractice Insurance
Medical malpractice is a type of professional liability insurance. It provides protection against such things as a wrongful death lawsuit or a patient disputing their service results in some way. Most doctors, at one point or another, will face a medical malpractice lawsuit.
Medical malpractice insurance is a legal requirement in most states, so this isn’t really an option. Dentists, psychologists, social workers, and pharmacists should also consider getting a malpractice insurance policy, should the unexpected happen and they find themselves dealing with a medical malpractice attorney.
Business Interruption Insurance
If you run your medical practice in an area of the U.S. that is at a higher risk for tornadoes, earthquakes, or hurricanes, then you need business interruption insurance. Business interruption insurance will provide a safety net for your practice should your operation be interrupted by the aftermath of a big storm or earthquake.
You will need support to get your practice back up and running as normal, and your business interruption policy will act as that support. It is also good to remember that business interruption insurance is not the same as property insurance.
Property Insurance
Property insurance will make certain that you don’t have to foot the bill to replace all of your medical supplies, equipment, and office furniture should something like a fire happen to destroy it all. You likely don’t have that kind of money lying around, so don’t skimp on this investment.
Workers’ Compensation Insurance
You may not think that performing simple office duties could lead to an injury that could put one of your employees out of work, but slips, falls, and carpal tunnel do happen. Your employees should have the comfort of knowing that your workers’ compensation insurance will compensate them should they be injured on the clock.
Practice Overhead Insurance
If you are injured and unable to practice medicine, who then will take care of your patients? Practice overhead insurance is meant to help pick up the slack if you (the doctor) are in need of respite due to an injury. Stop worrying about paying the bills, and spend your time healing.
