Buy Physicians Office Insurance

Doctor's office insurance is a type of insurance that is specifically designed to protect medical practitioners and their practices from financial loss due to claims of malpractice, negligence, or other liabilities.

This type of insurance can cover a wide range of potential risks, such as medical errors, patient injuries, and damage to equipment or property. It may also provide coverage for legal fees and expenses related to defending against a claim. The specific coverage offered by doctor's office insurance will vary depending on the policy and the insurance company offering it.

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small physicians offices ranges from $47 to $79 per month based on location, size, payroll, sales and experience.

Doctor's offices need insurance for a variety of reasons. First and foremost, insurance helps protect against financial losses that may occur as a result of medical mistakes or unexpected events. For example, if a patient is injured while under the care of a doctor or if the doctor's office is damaged in a natural disaster, insurance can help cover the cost of damages or medical expenses.

Additionally, insurance can help protect against legal liabilities. If a patient files a lawsuit against a doctor or the doctor's office, insurance can help cover the cost of legal fees and any potential settlement or judgment.

Finally, having insurance can also help protect the reputation and credibility of a doctor's office. If a patient has a negative experience or perceives that the doctor's office is not taking necessary precautions to protect their health and safety, it can damage the reputation of the practice.

Physicians office insurance can help demonstrate to patients that the doctor's office is taking the necessary steps to protect their health and well-being.

From fires and water damage to health data breaches, unexpected business interruptions put patients and income at risk. physicians office insurance helps you focus on your patients by providing the following coverage options:

Medical Liability: Between medical school and residency, physicians work a lot of long hours to get where they are today. An investment in malpractice insurance ensures lawsuits and unexpected legal expense don't ruin all their hard work and bankrupt their practice. Medical malpractice, sometime called errors and omissions insurance, protects your practice from claims of negligence. The following two types of coverage are available:

• Claims Made - Designed to provide protection only during the active policy period, usually one year.
• Extended Reporting Endorsement (tail coverage) - Tail coverage continues insurance protection under your claims made policy for claims arising in the future, but that occurred when your policy was in force.

General Liability Insurance: This covers your premises' liability for patients and guests that may have a bodily injury or property damage claim when at your office. Coverage usually includes automatic medical payments, which provides immediate coverage for injury without the requirement to prove negligence.

Papers & Records Insurance: All physician offices rely on the paperwork, files and records of patients. These are vital to having a successful office. If something occurs that destroys your records and paperwork, it could mean a significant loss. Protect your physician office from losing records, patient medical information, or damage to important papers by getting a valuable paper and records insurance policy as a critical part of your doctors' office insurance.

Business Property: This key physicians office insurance coverage helps protect not just your office building if you own it - but it also covers the items you keep in your office, such as waiting room furniture and art;, exam room equipment and furnishings, office and reception area furnishings or computers. Typically, it will cover the building and the contents of your office against certain covered losses, such as fire or vandalism, up to the limits in your policy.

There are many different types of property insurance policies and they all give you different levels of protection. Make sure you have the correct physicians office insurance for your situation.

Cyber Liability: The theft of valuable patient information is so pervasive that cyber liability insurance is now as important for physicians' offices as property and liability insurance. A data breach can damage your practice far more than it damages a big business because there are fewer resources and employees to handle the fallout. It can put you out of business. And with patient privacy and HIPAA, you need this insurance protect yourself cyber-attacks that may arise because you have a website, use social media or store your customers' personal records in your computer.

Spoilage: Coverage for accidental physical loss to perishable goods, such as vaccines, caused by power outage, mechanical breakdown, or refrigerant contamination.

Pollution: You need to be cautious about creating any type of pollution. On top of implementing a program to minimize the risk, you need pollution insurance to cover pollution events such as when you discard chemicals or pollutants from medical procedures.

Office Overhead Expense: If a disabling illness or injury temporarily stops your your income, how do you keep your office running? If you are a practicing physician responsible for your office overhead expenses, you should have a solution in place. The office overhead expense insurance covers rent, employee salaries, and any other expenses. This way your business will keep going, even when you're unable to.

Commercial Auto:

This is important if you provide any patient transportation. Typical coverages include:

• Bodily Injury - pays for bodily injuries or death resulting from accidents for which you were at fault and provides legal defense.
• Property Damage - provides protection if your vehicle accidentally damages another person's property.
• Medical Payments - pays for the medical expenses of the passengers and driver incurred as a result of covered accidents regardless of fault.

Umbrella Liability: Umbrella or "Excess Liability" insurance provides you with an extra layer of protection in the event you have large or multiple claims that exceed your general liability, and other liability policies.

Premises liability exposure is moderate due to patients' access to the premises. To prevent slips, trips, or falls, all areas accessible to patients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Steps should have handrails, be illuminated, marked, and in good repair.

Parking lots should be maintained free of ice and snow. Housekeeping should be excellent with spills cleaned up promptly. If surgery is performed, the area must be kept sterile at all times and carefully controlled. The patients' area must be designed for patients who are physically impaired following the surgery.

Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical. Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's confidential information.

Malpractice / Professional exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of procedures that the doctor performs, the more chance of professional loss. A patient's medical history must be checked prior to prescribing medications. Very serious losses may result from failure to secure patient approval before performing procedures, including vaccinations.

Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS. On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic. Finally, inappropriate touching and sexual misconduct must be considered.

Workers compensation exposure is due to the possible transmission of disease from a patient. Gloves and masks should be worn at all times when working around bodily fluids. Employees should have access to vaccinations to prevent diseases. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays.

Because patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations. If employees travel to patients' residences there should be monitoring procedures in place that include emergency backup.

Property exposure is moderate due to the use of expensive diagnostic and medical equipment. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained. A small fire which produces smoke can cause considerable damage when sterile equipment and environments are compromised.

If pharmaceuticals are kept on premises, theft is a concern. These items should be inaccessible for unauthorized use and stored in a protected area after hours. Most property items are better covered on inland marine forms such as a computer form or the physicians and surgeons floater. The business income and extra expense exposure can be minimized if the doctor has arranged for temporary facilities with another doctor.

Equipment breakdown exposures may be high if operations are dependent on expensive medical equipment being available on the premises, particularly if the doctor specializes in a particular field. All equipment should be maintained on an ongoing basis.

Crime exposure is from employee dishonesty of both money and inventory, including pharmaceuticals. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. Rigid controls must be maintained including inventory control and limited access to storage areas. All ordering, billing, and disbursement must be handled by separate individuals. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.

Inland marine exposure includes accounts receivable if the physician bills for services, computers, physicians and surgeons equipment floater (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information. Computers are used for patients' records and other office purposes, but some medical equipment, such as video equipment and X-ray machines, is now also computerized. Physicians and surgeons floater includes items that the doctor may take off site to handle emergencies. Duplicates of all records and programs should be kept off site.

Business auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.