Business Insurance for Healthcare Practices
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 a Small Business Healthcare Insurance Policy
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:
- General Liability
- Business Income/Extra Expense
- Valuable Papers and Records
- Computer Equipment, Data and Media
- Equipment Breakdown
What healthcare practices are Travelers business insurance right for?
Small businesses including health and wellness professionals, such as:
- Diagnostic Imaging Labs
- Med Spas
- Physical Therapists
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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 – 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.
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.
Choosing 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 keeping patient records secure. Here are just 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.
Some Other Types of Business Insurance to Consider
You can protect your healthcare practice by getting the kind of insurance that's right for your unique risks. Here are some areas to explore:
Consider a Business Owner's Policy. Think of a Business Owner's Policy (BOP) as the primary care every small business needs. For example, a Travelers BOP includes these important coverages:
From the front-desk computers and the couches in your waiting room to the medical equipment and custom-built cabinetry, your property is an essential part of your business. A BOP protects your building, whether you own or lease, along with its contents.
General Liability (GL)
A BOP typically includes general liability, which helps cover legal defense costs, judgments and settlements if someone is injured on your property and sues your business. This is the coverage that could kick in if a patient slips and falls while at your office for an appointment.
This covers the cost to repair or replace vital mechanical or electrical equipment – and the lost revenue for your downtime.
Business Income and Extra Expense (BIEE)
If a covered loss temporarily stops you from seeing patients, BIEE is an important coverage that can help replace your income and expenses like rent, payroll and other financial responsibilities while your property is being repaired or replaced.
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. 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.
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 PremierSM 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' CyberFirst Essentials® ‒ Small Business 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 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.
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