The 4 Types of Insurance Your Medical Practice Needs

Starting your own medical practice can be a daunting process. Even with years of medical experience, you still need to get the business side of the practice right before you can get started. There are a few other challenges to overcome along the way too.

One of those challenges is mitigating the risks associated with opening and running your own medical practice. Aside from a series of best practices and suitable workflows, you can also manage the risks you face using these insurance options for all your medical practice needs.

Property Insurance

The first thing you want to protect is the practice itself. You will have invested a lot of money into setting up your own medical practice, and a good property insurance policy will help you protect a large chunk of that investment from unwanted risks.

Good property insurance covers not only the physical building, but all items stored in it; this means all of the critical devices used as part of your practice will be covered as well. Property insurance is a must-have regardless of whether you own the building.

The trick here is setting the right insurance coverage amount. Work with your insurance company and conduct a thorough valuation of your medical practice before formulating a good insurance policy to buy. With the insurance in force, your medical practice is well protected.

Professional Liability Insurance

In the healthcare industry, having sufficient professional liability insurance cover is invaluable. If you are opening your own medical practice, you want to get medical indemnity insurance for maximum protection.

As the name suggests, medical indemnity insurance protects you against claims of medical malpractice and all costs associated with that claim. Incision, for instance, protects you against fees arising from the claim, including legal fees.

If the malpractice is proven, the medical indemnity insurance will also provide the patient with compensation. It is a must-have insurance cover indeed, even when you have every intention of providing the best care for every patient.

Workers’ Compensation Insurance

As you begin hiring nurses and workers to support your medical practice, a workers’ compensation insurance policy is the next insurance type to look into. This is a very straightforward insurance type that provides your workers with sufficient cover for injuries and lost wages.

Similar to the previous insurance types, workers’ compensation insurance takes the risk off of yourself as a business owner. The insurance company will handle everything from the compensation to fees associated with any claim.

As an added measure, you can also get business interruption insurance. This type of insurance further protects your business from interruptions and loss of income caused by natural disasters and catastrophic events.

Business Auto Insurance

The last insurance type we are going to cover in this article is business auto insurance. This is a great insurance cover to get if you use vehicles to make house calls, pick up patients, and for other commercial use. Unlike personal auto insurance, business auto insurance covers vehicles owned by the medical practice.

The same insurance type can also provide cover for ambulances and specialty vehicles. More importantly, there are ways to save on business auto insurance, so you don’t have to spend a lot of money to get your fleet of vehicles fully protected.

Insurance covers are designed to help alleviate some of the risks of opening your own medical practice. The insurance types we discussed in this article certainly make running a medical practice less daunting, particularly because you have fewer risks to mitigate. With the insurance covers in force, you can also focus on other tasks in hand, such as marketing your medical practice and providing the best healthcare services to your patients.

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