Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Why do Outpatient Care Centers need insurance?
These businesses provide care and treatment for outpatients. Examples of these establishments include outpatient biofeedback centers, pain therapy clinics, community health centers, sleep disorder clinics, mental health clinics, and substance abuse treatment centers.
Your outpatient care center needs insurance as it protects your business from the many known and even unknown risks. These risks could cause your business to lose a lot of money when encountered. A lawsuit, for example, could put a huge dent in your business finances regardless of whether you win or lose. With insurance, the defense and court fees are covered up to the limits you select.
What risks do Outpatient Care Centers face?
There are many risks outpatient care centers can face. Below are some examples:
A patient claims that the professional services you gave them caused them to suffer more. This leads them to believe that your treatment did not work and therefore decides to file a professional liability claim against your business.
Your nurse catches a communicable disease from one of their patients. As their employer, you are responsible for the nurse's medical expenses.
While running a business errand, your driver gets involved in an accident in which it is proven that your driver is at fault.
How much does insurance for Outpatient Care Centers cost?
There is no fixed cost of insurance for outpatient care centers as the cost heavily depends on the size of your center, the number of employees you have, and the coverage needed. If you want to find out the cost of insurance for your business fast, simply apply online to get a free quote or call our insurance experts direct.