Any business needs to be insured against the possibility of lawsuits from customers or others. The medical field is no different in that regard. Having the health and sometimes the lives of patients in your hands can create some precarious situations. There are several types of medical practice insurance.
Medical Malpractice Insurance
Medical malpractice insurance, also known as E&O for healthcare or medical practice, is essential for any healthcare professional or office. Should a patient decide to file a lawsuit claiming negligence, your insurance will cover legal expenses and damages which can be costly.
Group Disability Insurance
Any business should have a group disability plan for its employees. This will pay a percentage of their salary should they become ill or injured badly enough to require considerable time away from work.
Commercial Property Insurance
Property insurance covers building, equipment and supplies in case of damage during a natural disaster, theft or vandalism. This covers property either owned or leased.
Overhead Expense Insurance
A disability plan will cover your income if you are incapacitated for a lengthy period. But bills for rent, utilities, taxes and other business costs will keep piling up. Overhead insurance will cover those until you can get back to work.
Medical professionals need E&O for healthcare or medical practice. But there are other types of insurance that are equally important. Protect yourself and your practice.