There is probably no profession held to higher standards than the health care industry. Doctors, nurses, and other medical professionals dedicate their lives to the enormous responsibility of helping their patients stay healthy.
If you are a medical professional who is establishing your own practice, you also care about your business, employees, and your personal financial situation. With such high levels of accountability in today’s world, it is important to have the appropriate kinds of insurance that will safeguard your financial situation as well as the credibility of your business so that you can continue to help patients.
Disability Insurance– We will start with a basic one. Doctors are not immune to illness and injury. Though no one likes to think they could face an unexpected sickness or be unable to work for extended period, it is a possibility for which everyone should prepare. In the case of a physician, this can be even more serious than in other professions, as the practice is not easily placed into someone else’s hands if there is an unexpected situation. Physicians Thrive offers insurance and resources to help protect your practice so you can focus on recovery.
Professional Liability/Malpractice Insurance– Medical malpractice insurance is essential as soon as you start your practice. There is always a human margin for error no matter how deeply you care for your patients or how much experience you have. Malpractice not only includes an error during treatment or surgery, but can also include a misdiagnosis, giving the incorrect prescription, or giving advice to the patient that is incorrect or causes harm to them. This insurance will cover legal costs involved if a malpractice claim is filed against you.
General Liability Insurance– As with any business, there are always potential risks around the physical property, including trip hazards, malfunctioning equipment, etc. Because a medical practice deals with prescriptions, medical equipment, and bodily fluids, there are considerably more hazards than the average retail business, for example. A good policy will cover any bodily injury claims or damage to personal property.
Worker’s Compensation Insurance– If you have a certain number of employees, nearly all states will require you to have this kind of insurance. It will help cover the wages of the employee if they are unable to work due to an injury or illness resulting from their job. Worker’s compensation claims are high in the medical field due to increased risk of catching an illness or doing a physically demanding job.
Business Owner’s Policy– This kind of insurance, also known as business interruption insurance, includes the general liability insurance, but also covers damage to your building which may result from natural disasters, vandalism, etc. This could be a good option for your practice if you want more covered with fewer policies to keep track of.
ERISA Bond– Unfortunately, as in any business, there is a possibility of fraud or embezzlement. If you have retirement and benefits plans offered to your employees, this may be required. In the event that money is embezzled from employees’ retirement accounts, it can be recovered.
As you start your practice, make sure you have precautions in place to ensure you will be able to continue the work you love for years to come.