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Insurance Types Needed for a Medical Practice

When you think of purchasing insurance for your medical practice, what comes to mind? For many physicians, malpractice insurance is considered the most important type of insurance to have. But as a business owner and a medical professional, there are actually 7 different types of insurance you need in order to protect your practice from lawsuits, accidents, and natural disasters.

  • General Liability Insurance protects you from being sued if someone injures themselves while at your office. You’re also covered in the case of property damage and loss, like if a patient breaks their smartphone while at your office.
  • Property insurance protects your office from damage due to fires, power outages, natural disasters, and break-ins.
  • A Business Owner’s Policy provides discounted, umbrella-type coverage for small practices that meet certain criteria.
  • Excess Liability Insurance will increase the amount of your General Liability insurance in the most cost-effective way.
  • Data Risk Insurance protects you in the case of a security breach, and covers the ensuing costs of dealing with such a breach.
  • Worker’s Compensation Insurance will protect you in the case of employee injury on the job, and will cover the medical expenses of the injured employee.
  • Malpractice Insurance will protect you in the case of a lawsuit while preventing bankruptcy and the loss of assets.

You’ve worked hard to build and grow your medical practice, so don’t leave yourself unprotected. Be sure to include these 7 types of insurance when budgeting your medical practice expenses.

To learn more about practice setup, finance, billing, insurance, coding, outsourcing…everything a health care provider need to succeed, join DoctorsBusinessNetwork.com or visit Doctors Business Channel on YouTube!

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