Getting insurance for a medical office is not a matter of taking out a single policy and calling it good. It is important to have the right coverage in place to handle the common problems that can occur in a medical office or practice.
If you’re looking at medical office insurance, here’s what you will need to know:
- Make sure you’re building and business property has proper coverage. A Building and Property policy will cover the building itself and your business assets. Those assets can include medical equipment, computers, medical supplies, and office fixtures.
- Don’t forget to cover your business income and any extra expenses that might occur because of a disaster. If your building was destroyed or deemed unusable, a business income policy will help cover your lost income and any other expenses you might incur as a result.
- Protect you and your partners from crime. Medical practices often attract the attention of criminals. Sometimes, those criminals are employees. You need to have coverage for embezzlement, fraud, forgery, robbery, and burglary. This coverage will cover the losses that occur due to the covered criminal activities.
- Put coverage in place for your documents and electronic records. Your patient records, your accounts receivable, and other records are critical for keeping your business running smoothly. You can get business documentation coverage that will cover the costs of repairing, replacing, or restoring both electronic and paper records.
- Be sure that your business operation liability is covered. A medical office is a business. Make sure you have liability insurance in place to cover property damage, personal injury, and advertising injury. This insurance is different from malpractice insurance.
- Workers’ compensation insurance helps cover your employees from injuries and accidents that may occur in the medical offices. Slips, falls, and repetitive use injuries can occur in about any workplace. Workers’ comp insurance will protect you and your employees.
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.