Doctor’s offices require comprehensive business insurance. Like any business, these locations can suffer a number of risks.
General liability insurance is an important investment. Some doctors may believe malpractice is the only risk for liability claims. Yet, as with any business, there are other concerns to address. What type of business insurance does a doctor’s office need? Why?
General Liability Coverage
Assess the risk factors at your office to determine the value of this type of insurance. Could someone fall in the parking lot? Perhaps your client slips and falls inside your office. These are examples of coverage provided by general liability insurance.
Often, a business owner’s policy, or BOP, includes this type of protection. Doctor’s offices can benefit from BOP for several reasons. First, it combines the most necessary business insurance in one plan. Second, it helps to reduce overall costs.
Buying Enough Liability Insurance
Doctors need to take a close look at their current liability plans to determine, is it meeting your needs? Your policy may allow for increasing basic general liability insurance. This can be an affordable addition.
A basic general liability plan is only the start. Some policies allow the owner to increase the amount of liability insurance carried. That tends to be advisable. Since people may be coming in to see you already hurt, a fall is a high risk. Increasing coverage just makes sense.
However, doctor’s also face other risks. Doctors provide advice to their patients. They make key decisions about how to care for their patients. If the outcome is not what the patient desires, some may pursue legal action. Malpractice insurance is necessary in this case. Specifically, physicians need umbrella liability or professional liability. This adds significantly more liability protection for the doctor’s practice.
How much is enough? To find out, talk to your business insurance agent. Discuss all of the risks you face just by opening your office’s doors. Talk about the types of patients you treat. Discuss the types of claims filed against you over your career. This could include slips and falls but also any claims for negligent care.
Work closely with your business insurance agent. Select a plan that is a good fit for your practice. This differs from one doctor to the next. Many factors play a role in how much you need including the size, location, and type of practice you have. A comprehensive policy is a must to provide financial peace of mind.
Avanti Associates, Ltd can help you get a insurance policy to meet your needs. One of our agents is standing by to help you get a fast, free New York general liability insurance quote. Call us at 914.273.8511 for more information.