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Medical office insurance for Pennsylvania healthcare practices.
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 are also 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.
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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, talk to an insurance specialist to help your medical practice get the coverage it needs.
What Types Of Medical Offices Need Coverage?
All medical offices, from small family practices to large specialized hospitals need some form of insurance coverage. While the types of coverage needed vary by size and specialty, medical establishments can work with a local independent agency like Strickler Insurance to find the policies built around their unique needs.
We provide medical office insurance in Pennsylvania for all of the following practices:
- Dentist’s office insurance
- Family doctors’ office insurance
- Medical specialist office insurance
- Hospital insurance
- Psychiatrist/psychologist office insurance
- Eye doctors’ office
- Integrative medicine office insurance
- Medical imaging office insurance
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Medical Malpractice / Professional Liability
Risk Factor
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.
Solution
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.
Medical Equipment
Risk Factor
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.
Solution
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
Risk Factor
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.
Solution
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
Risk Factor
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.
Solution
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.
Needlestick Injuries
Risk Factor
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.
Solution
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
Risk Factor
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.
Solution
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
Risk Factor
Have you ever faced billing error allegations by the federal government or private payers?
Solution
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)
Risk Factor
As a business owner, you've worked hard to build a solid practice. But what happens when the unexpected occurs? Are you covered?
Solution
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
Risk Factor
Practices are susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more.
Solution
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)
Risk Factor
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.
Solution
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.
Workers’ Compensation
Risk Factor
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.
Solution
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
Risk Factor
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?
Solution
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
Risk Factor
Your healthcare practice’s refrigeration system may suffer a mechanical breakdown which could cause the supply of vaccines on hand to spoil.
Solution
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
Risk Factor
What happens when your practice faces a large liability loss that exceeds the basic limit of your standard policy?
Solution
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 range of different 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 also 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, so 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 retention 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.
What Insurance Are Medical Offices Legally Required To Have?
The insurance that medical offices are required to have by law depends on the type of practice, the services provided, whether or not the office has employees, and if the business has work vehicles. Many licensed healthcare providers in Pennsylvania are required to carry medical malpractice insurance or medical professional liability insurance. This is particularly important because it can protect against lawsuits that happen as a result of mistakes when treating a patient, which even for the most experienced doctors is always a possibility.
Pennsylvania generally requires any medical office with employees to also have workers’ compensation insurance. This coverage can help protect employees if they are injured on the job from a slip and fall, needlestick, patient-related incident, or other accident in the workplace. Medical offices that own or use vehicles for business purposes are also required to get commercial auto insurance for their vehicles, unless they are already covered under a personal car insurance policy.
While these are the types of insurance coverage legally required for most medical offices, the rules still vary for each practice. Many medical offices might require general liability insurance, cyber liability insurance, commercial property insurance, and other coverage to protect the business and everyone working there. And even if these additional policies aren’t required by law, they can still be extremely beneficial. Strickler Insurance can help your Pennsylvania medical office determine the required coverage and what additional protection is right for your specific practice.
Common Insurance Gaps Medical Offices Should Watch For
Even when a medical office has insurance, that does not always mean every major risk is covered the way the practice owner expects. One of the most common medical office insurance coverage gaps is assuming that general liability insurance covers professional mistakes. General liability can help with certain injuries and property damage, but it’s not the same as medical malpractice or professional liability coverage. If a patient claims that your medical advice or treatment caused them harm, your office would need a more specific type of medical office liability insurance to be fully covered.
Medical offices should also be careful with property and equipment coverage. A basic property policy will protect your building, furniture, and other standard office items, but specialized medical equipment like testing devices, computers, refrigerated medicine, vaccines, and other supplies need to be reviewed more closely. If a power outage ruins temperature-sensitive materials or an expensive piece of equipment breaks down, you do not want to find out after the fact that your medical practice insurance coverage was not set up for that situation.
Another major gap for medical offices is cyber liability. Patient records, billing information, employee files, online scheduling systems, and payment data all create risk if your systems are hacked, locked, or exposed. Business interruption coverage is also worth reviewing, because a fire, water damage, cyberattack, or equipment failure could stop your practice from seeing patients and bringing in revenue. As your office grows, employment practices liability insurance may also become more important because hiring, firing, employee complaints, and workplace disputes can create claims of their own. Strickler Insurance can help you review these gaps and make sure your medical office insurance is built around how your practice actually operates.
How Much Does Medical Office Insurance Cost?
The cost of medical office insurance can start around $70-100 per month for basic coverage like general liability insurance or a business owner’s policy, but that is usually for only one part of the total insurance plan. Once you add coverage like medical malpractice insurance, workers’ compensation, cyber liability, commercial property insurance, business interruption insurance, or umbrella insurance, the full business insurance cost for medical offices often becomes muchhigher.
The final cost depends on the type of practice, number of employees, number of providers, services offered, claims history, office property, medical equipment, cyber risk, and coverage limits. A small counseling office will not have the same medical practice insurance cost as a larger doctors’ or specialists’ office with expensive equipment and higher patient volume. Strickler Insurance can help you compare options, understand how much medical office insurance costs, and find coverage that actually fits your practice.
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.
Lebanon Pennsylvania Medical Office Insurance
Medical offices in Lebanon, PA have to think about more than a standard business insurance policy. Even small, local offices have patient records, medical equipment, employees, professional liability, billing systems, and daily appointments that can create risks. Medical office insurance for Lebanon, PA healthcare practices can help protect doctors’ offices, dental offices, mental health practices, therapy offices, and other healthcare businesses from the unexpected problems that could interrupt their work. Strickler Insurance can help you review this coverage as part of your larger Lebanon PA insurance or Pennsylvania business insurance plan, making sure your medical practice is protected in the areas that matter most.
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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