Frequently Asked Questions About Small Business Insurance
Health Care Providers Insurance FAQ. Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals...all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The "one size fits all" approach that once could have applied to insurance for health care providers and their facilities no longer applies.
We wanted to provide a deeper dive into small business insurance to help our readers get a better understand of the commercial insurance policies they want and need with the Health Care Providers Insurance FAQ.
Read the Health Care Providers Insurance FAQ to learn what type of commercial insurance coverages are right for your practice or facility - including liability, property, workers compensation and other specialty policies.
According to Federal Regulations, a health care provider is, "a doctor of medicine or osteopathy, podiatrist, dentist, chiropractor, clinical psychologist, optometrist, nurse practitioner, nurse-midwife, or a clinical social worker who is authorized to practice by the State and performing within the scope of their practice as defined by State law...."
Health Care Providers include - but are not limited to - the following types of facilities or practices:
You can reference the Insurance Definitions, Dictionary And Glossary to better understand the commercial insurance policy terms and language used in our Small Business Insurance FAQs.
Following are some suggested commercial policies and coverages applicable for health care practitioners:
Combining many coverage forms into one policy is not only convenient for both the insured and the insurer but also saves money for each. Many health care providers are eligible for coverage under businessowners programs while others are eligible only for a commercial package policy.
All the coverages needed by a particular physician or facility (particularly the professional) may not be eligible to be combined and written in the policy but it is best to combine as many as possible.
Types Of Health Care Providers Package Policies:
Property coverages should be given careful consideration because of the many highly valued items associated with health care providers. Some items are better covered by inland marine coverage forms because they are mobile and not location oriented.
Time element coverage needs to be reviewed carefully because the actual exposure may be more of an extra expense nature than business income.
Many health care providers lease the space they occupy and the leasehold interest loss exposure could be a significant coverage gap to fill.
Types Of Property Coverages:
A physicians and surgeons inland marine coverage form provides very broad coverage and should be considered prior to any other type of inland marine or property coverage. The commercial articles and scheduled property coverage forms should also be considered when business personal property is used at multiple locations and is frequently in transit.
Types Of Inland Marine Coverages:
Employee theft is a major loss exposure for health care providers. However, the increasing use of computers in the industry also creates the possibility of computer fraud losses that should be thoroughly reviewed. If employees make home health care visits, clients' property coverage may be needed to fill a crime coverage gap.
Types Of Crime Coverages:
Health care providers are always expanding the methods by which they provide services. Some of these new methods may require posting bonds to guarantee their contracts or performance.
Types Of Surety Coverages:
Slips and falls can happen at a health care provider's office just as easily as anywhere else. These losses and others like them are covered under commercial general liability. Professional liability coverage is in addition to, not in place of, commercial general liability coverage.
Types Of Liability Coverages:
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed.
Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured's coverage needs and comparing coverages.
Types Of Errors And Omissions (E&O) Coverages:
The automobile exposures for many health care providers are limited to standard private passenger fleets. On the other hand, hospitals usually have ambulances and other emergency vehicles as a part of their fleets. High-valued private passenger vehicles of some physicians may be a matter of concern for physical damage coverages.
Some hospitals also offer valet parking which increases loss exposures and creates a need for garagekeepers coverage.
Types Of Business Auto Coverages:
Coverage for on-the-job injuries to employees is a mandatory coverage in almost every state. Most employers provide the coverage with a workers compensation policy, but some hospital organizations are large enough to self-insure and must provide a self-insurance bond in those cases.
Types Of Workers Comp Coverages:
Most health care providers need more than primary policy liability limits to adequately cover their exposures. Coverage is needed not only for the auto, general and employers liability but also for the professional liability.
It is important to carefully review how an umbrella provides coverage when part of the underlying is on a claims-made basis and part is on an occurrence basis.
Types Of Excess Liability Coverages:
Some health care facilities and individuals own or lease aircraft in order to enhance and improve the conduct and quality of their businesses and services provided.
Types Of Aviation Coverages:
This category ranges from the single person office to international health care enterprises that employ many professionals and non-professionals alike. Because of the range of businesses involved, a number of the following specialty coverages could apply, depending on the size and nature of the operation involved.
The use of drones to expedite lab tests is in the experimental phase but may become more commonplace in the very near future.
Types Of Specialty Coverages:
There are many commercial insurance policies available for Health Care Providers. To find out what types of coverage your business needs, speak to a professional insurance broker with experience in insuring healthcare facilities an practices.
Learn about the coverages available for specific industires with the Insurance FAQs below: