As a healthcare professional, your practice is more than just a business—it’s your passion and livelihood. Ensuring its smooth operation is crucial to your success.
Healthcare and Medical Business Insurance
Who we provide cover for
Healthcare and medical business insurance is designed to protect a wide range of healthcare professionals and facilities. Whether you run a solo practice, group practice, or larger healthcare facility, we can source coverage that meets your needs.
We’re here to help safeguard your practice with comprehensive insurance. Our tailored solutions help protect your business from unexpected risks, so you can focus on what matters most—caring for your patients.
What healthcare and medical business insurance covers
We can guide you on a range of options to manage risk in the face of unexpected circumstances that may arise frequently in the healthcare industry.
Flexible Small Business Owners’ Policies encompass a wide range of insurance basics, as well as many enhancements.
Basic coverages include:
- Building and Business Personal Property Insurance – repairs owned or leased building(s) and any equipment, stock, furniture or fixtures on your premises.
- Business Liability/General Liability Insurance – covers costs related to injury or damage caused to third parties on your premises (e.g.: slip and fall or on-premises crime)
Special Coverages that may be added, may include, but are not limited to:
- High value medical equipment
- Tenants Improvements and Betterments
- Fragile Articles
- Business Income
- Off-Premises Services Failure
- Medical Library Coverages
- Personal Effects of others
- Claims Expense
- Identity Recovery Coverage
- Spoilage of perishable medicine and medical supplies
- Computer/EDP
- Earthquake
- Employee Benefits Liability
- Property in Transit
- Hired & Non-Owned Auto
- Commercial Umbrella
How much does healthcare and medical business insurance cost?
Premiums vary based on several factors, including but not limited to: the type and size of your practice, location, number of employees, value of your equipment, and your claims history.
We’re committed to putting your needs first and helping you manage costs proactively.
“It’s hard for me to envision what Physicians Insurance could do to make me stop doing business with them.”
Monica Nelson, Office Manager, Riverside Surgical Associates
Request a free, no-obligation quote today
Is it time to examine your current policy? Remember, what you don’t know can hurt you.
The simplest way to mitigate risk is through thorough preparation. At Physicians Insurance, we are best placed to help enhance your preparedness.
With our extensive experience and deep industry knowledge, we are confident in our ability to tailor a competitively priced insurance program that addresses your unique needs.
Simply complete the form to request a free, no-obligation healthcare and medical business insurance quote, and we will contact you to discuss your options.
FAQs
What is healthcare and medical business insurance?
Healthcare and medical business insurance is a specialized type of coverage designed to protect healthcare providers and their practices from various risks associated with running a medical business. This insurance typically includes protection against property damage, liability claims, business interruptions, and other risks that could impact the daily operations of your practice. It combines multiple coverage types, such as general liability, professional liability, property insurance, and cyber liability, tailored specifically for the needs of healthcare professionals.
What happens if I don’t have this type of insurance?
Without healthcare and medical business insurance, your practice is exposed to significant financial and legal risks. Uninsured events such as property damage, lawsuits from patients, employee injuries, or data breaches can lead to substantial out-of-pocket expenses, disrupt your operations, or even force you to close your practice.
Is healthcare and medical business insurance tax deductible?
Yes, healthcare and medical business insurance premiums are generally tax deductible as a business expense. These deductions can include costs related to property insurance, liability insurance, and other business-specific coverage, reducing your overall taxable income.
RELATED INFORMATION
Teamwork makes the dream work.
When a team member is injured, the whole operation is impacted. Make sure your practice has the proper coverage to support your team members if they are injured on the job. Workers Compensation Insurance regulations vary by state but are generally a consideration in your insurance program.
Ensure your company car is properly insured.
Does your practice own or lease vehicles? Do your employees use personal vehicles for work purposes, even occasionally? Does a partner rent a vehicle while at a work conference? Automobiles associated with a business in any of those ways require special coverages.
A useful tool to have on hand, umbrellas come in handy when that rainy day occurs.
Sometimes you need more than just a slicker when the rain comes. An umbrella can protect you against the unexpected. An umbrella policy, as the name connotes, ‘sits over’ something to protect it. In this case, it sits over other coverages.
Cyber threats are Growing. Yet most practices don’t have enough coverage to even minimize recovery costs.
The most common source of a data breach used to be accidental: a stolen or lost laptop, cell phone, desktop computer or thumb drive. Today the most common loss is to hackers.
These risks may not involve patient care, but the future of your practice is exposed if allegations are made.
It is critical that your people and their individual roles are adequately insured to protect your business when allegations occur. Management liability insurances may cover a wide range of exposures that you may not have considered.
Healthcare. Industry expertise that goes far beyond the exam room.
A physician practice is only one aspect of the global healthcare industry. And, Physicians Insurance can guide you to the coverage you need to keep moving technology, research and solutions forward.