Small Business Insurance for Medical Offices & Practices
Protect the well-being of your healthcare business
Whether you're the office administrator or the lead practitioner, you're committed to protecting the well-being of your patients. Your business deserves the same degree of care. From damage to essential medical equipment to an X-ray or refrigeration system failure, or even in defense of a lawsuit, Travelers has you covered.
Choosing medical office insurance
Our insurance for the healthcare industry starts with a Travelers BOP (Business Owner’s Policy) which combines property and liability insurance to protect the health and wellness of your business.
Travelers BOP includes:
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Property
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General liability
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Business income/extra expense
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Valuable papers and records
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Computer equipment, data and media
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Equipment breakdown
What healthcare practices is Travelers medical business insurance right for?
Small businesses including health and wellness professionals, such as:
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Acupuncturists
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Audiologists
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Chiropractors
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Dentists
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Diagnostic imaging labs
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Med spas
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Optometrists
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Physical therapists
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Physicians
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Podiatrists
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Psychiatrists
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Surgeons
Why choose a small business healthcare insurance policy?
No matter what type of healthcare business you own, your business has unique concerns, including protecting expensive equipment and safeguarding patient records. Here are a few financially devastating situations a healthcare business could face:
- A patient faints, falls and breaks a hip while at your acupuncture clinic. A month later, you learn that you're being sued.
- A medical assistant accidentally gets stuck with a needle while performing a blood draw. You pay to test your employee for HIV, hepatitis B and other blood-borne illnesses.
- A cyber criminal targets your electronic medical records and steals a trove of sensitive patient information. You hire a PR firm to do damage control and to protect the patient information.
- A tornado hits your dental office and destroys your expensive equipment, from drills to X-ray machines. Appointments for cleanings, crowns and fillings get cancelled while you rebuild.
What to consider about healthcare business insurance
How do you decide what kind of insurance you need for your medical services business? Start with the basics, perform an audit of your needs, then add or subtract coverage as you see fit. Below are some tips to help you choose the right coverage for your business.
Cover your bases with a business owner’s policy.
Healthcare practice insurance needs start with a basic business owner's policy that covers property and general liability, with add-ons to protect medical equipment and patient records. Healthcare businesses also should consider coverage for medication and vaccines on-premises, needlesticks, workers compensation, and other add-ons tailored to the needs of the business.
Look for specialized coverages that keep medical and dental practices healthy.
In addition to the core coverages in a BOP, exploring additional coverages designed for your specific practice can offer even more protection. For example, Travelers Medical Dental Premier and Power PacSM can supercharge your BOP and inoculate you against risks common to your profession. Medical Dental Premier includes 40 features for healthcare practices. It also increases policy limits with a $350,000 blanket coverage limit that protects vaccines and other medications if, for example, your refrigeration system stops working and the medication spoils.
Data breach coverage.
Electronic health records offer an array of benefits, but also pose unique cybersecurity risks. Look for coverage that can offer you peace of mind by helping to pay costs that arise out of a cyber breach. Travelers' CyberRisk® Insurance includes coverage to help pay costs associated with patient notifications, PR efforts and court judgments.
Protect your wellness as an employer.
Whether you have one employee or many, it's wise to consider your status as an employer when putting together your coverage package. You may be required to get workers compensation insurance, which can help protect both you and your employees in the event of a workplace injury. Travelers' coverage includes needlestick coverage to reimburse you for testing the patient and the employee.
Prepare for litigation.
In today's increasingly litigious environment, healthcare businesses need to consider how to protect their practice from potential lawsuits. For example, Travelers' Employment Practices Liability+SM (EPL+) coverage helps pay your legal costs and potential damages if an employee files a claim for discrimination, harassment or wrongful termination.
Add coverage for your vehicles.
Does your healthcare business rely on one or more vehicles to allow you to make house calls or get medical specimens to a lab quickly? If so, you'll need to add commercial auto coverage to your insurance bundle.
Consider coverage for non-owned vehicles.
Consider coverage for autos you rent or don't own that are used in your business. In the event of an accident, coverage for hired non-owned autos can provide protection for damages that would not be covered under your policy.
Consider an extra layer of protection.
Want to sleep better at night? Consider a commercial umbrella policy, which provides an additional layer of financial protection over and above the coverage limits of your other liability policies for covered losses. For example, Travelers offers an umbrella policy with up to $25 million in additional liability coverage.
Keeping your healthcare business healthy starts with getting the right coverage to protect yourself from common risks and prevent big headaches. Need advice specific to your practice? Consult with a Travelers agent who can customize coverage to the unique needs of your healthcare business, so you can get back to focusing on the health of your patients.
Find an agent to discuss the unique risks your business faces and learn more about small business insurance from Travelers.
Think of a business owner's policy (BOP) as primary care every small business needs
Protect your healthcare practice by getting insurance that's right for your unique risks.
Consider a Business Owner's Policy that includes these important coverages.
Here are some areas to explore:
Property coverage can offer protection for your office and its contents, whether you own or lease a building or work from home. A BOP can protect your computers, filing system and other tools of the trade.
A BOP typically includes general liability, which helps cover legal defense costs, judgments and settlements if someone is injured on your property. This is the coverage that could kick in if a client trips and falls on a wet floor while in your office. This coverage also includes personal/advertising injury that protects you from liability for publishing defamatory material or copyright infringement in an advertisement for business.
Equipment breakdown
This covers the cost to repair or replace vital mechanical or electrical equipment and the lost revenue for your downtime.
If you’re forced to close your doors temporarily because of a covered loss due to a disaster, BIEE may replace lost income, and help pay the extra costs of reopening your business.
Damage to computer equipment
Travelers offers coverage for direct physical loss or damage to computers, software and data, including electronic patient records, due to a fire or lightning strike. Additionally, software and data are covered due to electronic vandalism.
Valuable medical records
You can rest easy knowing that your policy will cover the costs you incur as you work to recover patient records that are damaged or lost in a covered disaster.
Customize your business policy with these add-ons
Get specialized coverage for your specialized business. These endorsements supersize your BOP, delivering our most powerful protection and higher policy limits to protect the vitality of your business. Medical Dental Premier $350,000 blanket limit includes spoilage which is valuable protection for vaccines and other medicines that could be damaged due to a refrigeration system going down. Water/sewer backup covers damage to diagnostic equipment or exam rooms if water or sewer backs up or overflows from a sewer drain or sump. Plus, Medical Dental Premier includes a Business Income Daily Limit option and more than 40 expanded coverage features designed specifically for healthcare practices and professionals.
With the migration to electronic health records (EHR) and patient web portals, health care has become the most frequent target for cyber criminals. We can help with out-of-pocket costs such as patient notification, public relations and court-awarded judgments.
In today's increasingly litigious environment, EPL+ can defend your business in the event of a claim alleging discrimination, harassment or wrongful termination. EPL+ helps cover your legal expenses regardless of who's at fault as well as potential damages, up to the coverage limit. We also include identity theft protection for employees.
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