For private practitioners, it’s important to protect your practice and your team from the unexpected with various types of insurance. Today’s business insurance for physicians’ options are more flexible than ever before, so you’re sure to find the perfect fit for your practice. In this article, we’re going to look at four “must-have” types of business insurance for physicians and medical practice owners in 2020.
Group Disability Insurance
Typically referred to as employer-sponsored disability insurance, group disability insurance covers a percentage of your employee’s lost income in the event they’re no longer able to work due to injury or illness.
Enrolling in a group plan for your practice benefits employees and your practice as a whole. Providing group disability insurance helps you attract and retain the best talent for your team. The best employees want to work for practices that value their talents and take care of them.
While group disability insurance is a great choice for your practice and employees, it’s rarely enough for doctors. It’s advisable that physicians put an individual physician disability insurance policy in place along with the practices group policy. The addition of the individual policy provides complete coverage and stays in place if you switch employers.
Medical Malpractice Insurance
No physician can get by without medical malpractice insurance. Also known as professional liability insurance, it protects medical practices from liability in the event of being sued by a patient.
If any patient were to claim negligence or harm, medical malpractice coverage helps cover the costs of settlements and legal fees.
The cost of medical malpractice insurance depends on your medical specialty and your geographical location.
Business Overhead Expense Insurance
No individual or group disability plan will cover overhead expenses that accrue while you’re out of the office in the event of a disability.
Business overhead insurance helps cover certain types of expenses when you are temporarily out of the office due to an illness or disability. BOE insurance can cover expenses like:
- Rent
- Salaries
- Taxes
- Utility Bills
- Other office costs
Similar to disability insurance, business overhead expense insurance give you and your practice peace of mind. Things at the office can keep running smoothly while you recuperate at home.
Commercial Property Insurance
When you’re starting your medical practice you will probably need some level of practice financing. Practice finance loans you help pay for:
- Equipment
- Furniture
- Medical supplies
- Other critical fixtures
In the event of theft or a natural disaster, how will you replace those items? That’s where commercial property insurance helps.
Property insurance protects your commercial property and personal property in the event of accidents, natural disasters, and any kind of human interference like theft or vandalism. Whether or not your own the building or lease, commercial property insurance should be a staple in your insurance portfolio.