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Medical office insurance provided by Strickler Insurance.
Your medical practice comes with a wide variety of risks that are unique to your practice and the services you provide. Just as there are a wide variety of medical specialists and specific types of practices there is a variety of insurance coverage for your practice. We seek to provide the best insurance possible for your medical office. Learn more about medical office insurance.
Business Insurance For Medical Offices
Medical office is a broad term. It can include doctors offices as well as psychologists. By definition it is an office that facilitates and provides diagnosis and treatment for medical, psychiatric or dental care. We have worked with all types of medical office businesses that need insurance to protect their practice as well as their patients. Whether you work in healthcare, mental health, or dental health, getting an insurance specialist to help your medical practice get the coverage it needs.
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Medical Malpractice / Professional Liability
Doctors and licensed staff face a high risk of being sued by patients for such things as claiming a wrong diagnosis or treatment. Some high claims settlements could even force the office or practice to close its doors.
Professional liability insurance, commonly known as medical malpractice insurance, can protect a doctor and other licensed staff from a lawsuit that could become quite costly.
Many medical offices unknowingly underestimate the costs associated with replacing medical equipment. It’s not uncommon to find out that there is not enough coverage to replace it, and sometimes it’s already too late.
With a business owners policy (BOP), most medical and general office equipment is included as business personal property and would be protected in the event of a covered loss. For specialized, high-valued equipment, a separate policy may be required. Your agent can help you to make that determination.
Medical Records Coverage
What would you do if a fire destroyed your patient records? Maintaining medical records is important not only for patient care, but also in the case of a potential lawsuit defense.
Medical records coverage can be included within a business owners policy. This protects your practice and covers the cost of recreating your paper or electronic medical records in the event of a loss.
Business Income / Business Interruption
What would you do if a fire impacted the operation of your practice? Or what if a pipe leak caused a system outage or extended downtime? These and other events can destroy your ability to treat patients and bring in revenue, which can have a major long-term impact on the viability of your practice.
Business interruption insurance compensates you for lost income if your practice cannot operate as normal due to damage that is covered under your commercial property insurance policy, such as fire or water damage. This type of insurance covers the revenue your practice would have earned, based on your financial records, had the incident not occurred. The policy also covers continuing operating expenses such as rent, electricity, and ordinary payroll.
With an estimated 800,000 healthcare workers suffering needlestick and sharps injuries each year, chances are you or someone you know has already been affected.
Workers’ compensation typically covers the cost for the employee’s initial blood test. That way, any resulting infections can be identified and treated much sooner. Employer’s liability insurance may also be considered to offer additional protection if your employee files a lawsuit. Check with your agent to see if your insurance coverage offers this type of protection.
Cyber Liability Insurance
The Internet has spun a whole new web of liability exposures. E-commerce, social networking, cloud storage, and other technologies bring great benefits to large and small practices alike. But with these benefits also come challenges, including protection of privacy, data, and the financial information of your customers.
Cyber liability insurance protects your practice in the event of unauthorized access to electronic data or software within your network. It also provides coverage for spreading a virus, extortion, accidental release of personal identifiable information and resultant damage caused by a lost or stolen laptop or other mobile device. This coverage is quickly becoming more and more important as you embrace technology to help run your practice.
Regulatory Billing and Errors Insurance
Have you ever faced billing error allegations by the federal government or private payers?
Errors and omissions liability insurance can provide reimbursement for defense costs, fines and penalties, as well as shadow audit expenses incurred in billing error proceedings brought by government agencies, contractors, and commercial payers. This is typically a specialized type of coverage, so it’s important to check with your agent to determine if your current coverage is sufficient to addresses this exposure.
Business Owners Policy (BOP)
As a business owner, you've worked hard to build a solid practice. But what happens when the unexpected occurs? Are you covered?
A business owners policy is uniquely designed to protect your most important assets, including your practice, its continuation, and your way of life. Discuss the details of this coverage with your agent to ensure that you're protected.
General Liability Insurance
Practices are susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more.
General liability insurance is an absolute necessity for any practice. It provides broad coverage when you are deemed responsible and liable, and will also pay to defend any covered lawsuit or action, regardless of its merit. Additional limits are also available with a commercial umbrella insurance policy.
Employee Practices Liability Insurance (EPLI)
On average, it's estimated that three out of five businesses will be sued by their employees. While there is nothing you can do to prevent someone from filing a lawsuit, you can limit the costs of defending a legal claim with proper insurance coverage.
Obtain employment practices liability insurance (EPLI) to protect your practice and its directors, officers, and employees from alleged employment-related acts such as wrongful termination, failure to promote, discrimination, and sexual harassment.
If one of your employees receives an injury or becomes ill due to a work-related occurrence, you are required by law to have the proper coverage in place.
Workers’ compensation protects your employees in the event that a job related injury or sickness occurs during the course of their employment. This coverage is required by law, so be sure that your practice has it.
Crime, Fidelity, and Fiduciary Liability Coverage
What would you do if one of your trusted employees were to be found guilty of doing something dishonest or if you find that the funds have been mismanaged in your pension plan?
Crime and fidelity coverage is designed to provide coverage for employee dishonesty, forgery and depository, theft, destruction, disappearance, and more. Fiduciary liability coverage also meets ERISA requirements to protect the funds in your pension plan.
Spoilage – Perishable Medicines and Medical Supplies
Your healthcare practice’s refrigeration system may suffer a mechanical breakdown which could cause the supply of vaccines on hand to spoil.
Spoilage coverage can be provided as an added endorsement to your business owners policy. This type of coverage will protect your practice from large costs associated with perishable medicines and supplies.
Commercial Umbrella Policy
What happens when your practice faces a large liability loss that exceeds the basic limit of your standard policy?
A commercial umbrella insurance policy provides high limits of insurance, typically between $2,000,000 and $10,000,000. Coverage is extended over your general liability insurance, workers' compensation, and business auto insurance. It provides a great safety net and helps ensure your practice is well protected.
Typical Medical Office Insurance Coverage
Since there is a broad type of medical practices, there is also a variety of insurance coverages. There are specific protections you can get for your business, and there are broad insurance coverages most medical practices get. For instance, almost all medical practices have patient information on file. This information if stolen digitally leads to a large amount of liability and cost for your practice. Having digital liability insurance can protect your practice in the event your patient’s information is stolen. Below are a few specific types of coverage and more common types of insurance with additional details.
- Medical Malpractice
- Spoilage of Medical Supplies
- Needlestick Injuries
- Medical Equipment Replacement
- Cyber Crime
- Employee Lawsuits
- Regulatory Billing Errors
- Fiduciary Crime
- Medical Office Business Owners Policy (BOP): Getting a business owner’s policy for a medical practice is essentially a bundle of business insurance coverages designed to protect your business. A BOP is essentially a combination of liability insurance and property insurance all in one policy. Bundling your business insurance usually makes it more affordable.
- Medical Office General Liability Insurance: Liability insurance for a medical practice is so important to have. A more specific type of liability insurance for a professional service is medical malpractice insurance. This provides coverage to physicians and medical professionals for a variety of liabilities that might arise in running a practice. Protecting yourself from lawsuits or liability your business might sustain. Not having liability insurance could result in your business being forced to close.
- Medical Office Workers’ Compensation Insurance: Having workers’ compensation for your medical office employees is so important. Not only is it required by the state that you have workers’ compensation for your medical practice but it also helps save you money. By having workmans’ comp you are more likely to retain employees.
- Medical Office Business Crime Insurance: When running a medical practice you know there is potential for robberies to occur. Having crime insurance for your business will protect you, your business, and all of your assets.
- Medical Office Cyber Liability Insurance: Cyber liability insurance is something almost every business needs. Think about any aspect of your medical office business that is present online. Imagine if any of that information or data were stolen or destroyed. Lacking cybersecurity has the potential to not only damage your business and reputation but to fully close your medical office doors.
- Medical Office Property Insurance: Having property insurance for your medical office will protect your organization’s assets and investments. Be prepared for fire, flooding, theft, or accidental damages that can occur on your medical office property.
- Medical Office Umbrella Insurance: Having umbrella insurance for your medical office is such an effective way to protect your business. Umbrella insurance takes all of your existing medical office insurance and increases its effectiveness with additional payout coverage.
- Medical Office Commercial Auto Insurance: Another insurance you might need is commercial auto for your medical office. Vehicles are one of your largest investments, make sure you protect them.
Medical Office Employee Benefits
- Medical Office Health Benefits: Get group health insurance for your medical office employees. Keeping employees at your medical office business can be difficult, but by offering health insurance you can increase employee retainment and health for your whole organization.
- Medical Office Vision Benefits: Get vision benefits for your medical office employees. Not every business offers group vision insurance, especially not every medical office. This benefit will help your employees see how much you care about them and their vision.
- Medical Office Dental Benefits: Get group dental insurance for your medical office employees. Providing dental benefits makes your business stand out to potential employees.
Do I Need Medical Office Insurance?
Yes! Certain professional services are required to have insurance coverage in Pennsylvania. In a position where you are advising on a person’s health as well as working on a person’s health, having liability insurance is a wise move for the future of your medical practice. Your business needs insurance as much as people need medical check ups. Learn more about effective insurance coverages and personalized insurance for your medical office.
Pennsylvania Medical Office Insurance Specialists
At Strickler Insurance we have worked with a variety of medical offices and professional health services offices. In providing medical businesses insurance over the years we know common risks that you want to be protected from. Having an insurance agent who knows your industry and works locally with you in Pennsylvania will help your business thrive and be protected. If you get an insurance agent who does not know or understand your business you will be paying for coverage you do not need while not being protected in areas your medical practice does need. Having a specialist providing your insurance will help you rest easy knowing you are in good hands.
Get Medical Office Insurance From Strickler Insurance
Strickler Insurance is located in Lebanon Pennsylvania. Get your medical office insurance in Lebanon PA, Pennsylvania or one of our neighboring states. At Strickler we hope to provide the best medical office insurance. We provide medical office coverage in New Jersey, New York, Maryland, Delaware and Virginia. Contact us today for a free medical office insurance quote!
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