Medical Practice Insurance Florida Policy Information
Medical Practice Insurance Florida. The vast majority of medical and healthcare practices have business owner's (BOP) policies. This type of policy protects the business or the facility in many of the same ways that homeowner's insurance coverage protects the home and its contents. If your medical practice does not have a BOP policy in place, now is the time to consider one.
A medical practice insurance Florida business owner's policy can provide you with protection if you find yourself on the receiving end of a lawsuit.
Medical practice insurance Florida protects your practice from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
What Is An Medical Practice Insurance Florida Business Owner's Policy?
This medical practice insurance Florida is a policy that is crucial to most small businesses, especially healthcare-related businesses. A BOP policy can help your practice save money on your overall insurance costs while also protecting the practice that you've worked hard to establish. By bundling the coverage types available in a BOP policy, you can save a substantial amount on your insurance needs.
A BOP policy generally affords three types of coverage, including:
- Business liability insurance. Business liability policies protect medical and healthcare practices from potential lawsuits from patients and others. This includes lawsuits where the plaintiffs allege property damage or physical injury that results from the operation on your business. For example, if you operate a healthcare facility, and a patient falls or becomes injured inside your facility, then this insurance can kick in and pay. This medical practice insurance Florida policy also covers claims of libel and slander in some instances. This type of policy should not be mistaken for a liability policy covering any malpractice liability. This is a different policy altogether.
- Business property insurance. This insurance covers the actual property where your facility is located. It protects your business and the tools you use to conduct it, including any therapy tools, computer equipment, furnishings, and medical equipment.
- Business income insurance. If your business is forced to close due to some sort of unforeseeable yet covered event, then the income you lose during the interim is covered under a business income insurance policy. For example, if your business shuts down after a hurricane blows through town, you can be reimbursed for lost income while repairs are being made to your facility.
Additional Medical Practice Insurance Florida Coverages
Although a BOP policy for medical practices is a good start to covering your insurance needs, there are other insurance types that you should consider to fully protect your business. Many medical clinics go for:
- Accounts receivable coverage. Working with an insurance company oftentimes means waiting for reimbursement for many medical providers. Because receivable income makes up a high percentage of your practice's total assets, if your accounts receivable records become destroyed during a covered event, it can be catastrophic. With accounts receivable policies, you can be reimbursed for costs incurred in replacing these valuable payment records.
- Off-premises utility services coverage, or OPUS. OPUS coverage is an essential for medical practices, since they depend on power and on communication services in order to operate. With an OPUS policy, your business is covered from loss of income that results from utility services interruptions. For example, if a storm causes downed power lines, and your business suffers as a result, you can be compensated.
- Interruption of practice coverage. If an electrical service disruption or other utility disruption causes your business to be unable to open, then this type of coverage provides up to 12 months of lost income for your business while repairs are underway. In some instances, you can elect to be paid a particular amount for the first 15 days of outage.
- Data breach coverage. You've seen plenty of press in the past few years about data breaches and how many people they can affect. With data breach coverage, you protect your medical practice from liability if a data breach occurs.
- Legal expenses insurance. If a patient of yours makes a complaint against a state review board, this coverage kicks in to pay for legal expenses to defend you in front of the board or in court. This can be valuable medical practice insurance Florida coverage if the unexpected happens.
In addition to these insurance types, you should also consider bundling worker's compensation and commercial auto insurance along with your BOP policy for medical practices. These coverages prove invaluable if a worker is hurt or becomes ill due to a work-related cause. If you have vehicles that you use in your business activities, it's important to carry commercial auto insurance to cover these vehicles, since most personal policies will not pay for accidents and resulting claims when the vehicle is used for work.
Where To Get Help
Discussing your particular situation with your licensed agent is the best way to find the right business owner's policy for your medical practice. Your agent can help you compare rates with multiple insurers to find the best possible rate for you and your budget. Your agent can also help you find the right level and policy limits to ensure that your medical practice is covered from a 360-degree angle.
Florida Economic Data And Commercial Insurance Requirements
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Economic Trends For Businesses In FL
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2022 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
- Aviation & Aerospace
- Financial Services
- International Trade
- Life Sciences
Commercial Insurance: Regulations & Limits In Florida
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Health Maintenance Organizations
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business Insurance
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.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
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.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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Also find FL local small businesses by General Liability Class Code and learn about Florida small business insurance requirements for general liability, business property, commercial auto & workers compensation including FL business insurance costs. Call us (954) 399-3996.