Healthcare Insurance
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How Healthcare and Insurance Connect:
Lawsuits against practicing healthcare professionals have become commonplace.
Legal defense costs are high and could be enough to put a private practice out of business.
Health workers should consider an array of insurance options. Not only to protect themselves but also any nurses and other individuals that they employ.
What Insurance Does a Healthcare Worker Need?
General Liability insurance is needed when you open a practice at a physical location other than a hospital.
Example… A patient is accidentally cut by a needle someone left in a restroom trash can in your clinic. General Liability covers their medical expenses and your defence costs should the individual decide to sue.
Workers Compensation insurance is obligatory in some states depending on the number of individuals you employ.
Example… One of your nurses contracts Covid-19 while from treating an infected patient. She'll receive Workers Compensation to cover her own medical fees and lost wages while recovering.
Business Owners Policy (BOP) is for medical professionals who need to purchase multiple types of insurance products, including General Liability.
Example… A BOP can help insure against bodily injury or property damage that occurs on your property.
Medical Malpractice Insurance should be at the forefront of insurance concerns for a practicing health worker.
Example… A patient claims either your employee gave them the wrong prescription. Medical malpractice insurance covers the costs for legal representation and damage payouts if you are found responsible.
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FAQs: Healthcare Insurance
Who Needs Insurance in the Healthcare Industry?
Businesses that need to purchase insurance can include: Private practicing, Physicians, Nurses, Dental offices, Chiropractors, Rehabilitation, Specialists and Pediatricians. Many other licensed professionals in the healthcare industry should also consider buying insurance.
How Much Does Healthcare Insurance Cost?
The cost of insurance for healthcare professionals will vary. Full costs will depend on the number of employees within a private practice, the location of the practice, the type of medical services provided, and the nature of the business operations, among other things. Getting an insurance quote will provide better clarity in the total cost.