Is your medical group sufficiently insured? What about your independent physician practice? While many larger hospital groups have one large policy that protects the doctors who work for them, some don’t. This umbrella of coverage also doesn’t apply to individual practices that operate independently or smaller medical groups that need to update their insurance policies.
In both of these cases, it’s time to update or obtain the insurance coverage that you need to protect yourself, your practice, and your patients.
Look For a Comprehensive Policy
There are several different policies that can benefit medical groups and physician practices. However, it makes more sense to purchase them as a package in the form of a comprehensive policy than individually. Not only will you receive a discount for the combined package, but it also makes tracking and paying for your policies easier. After all, it’s simpler to make one insurance payment a month than it is to many several.
What are typically included in these comprehensive policies? The following are usually a part of them:
Malpractice – Also known as professional liability insurance, this policy protects your business and your patients, should something go wrong with a diagnosis, surgery, or procedure. In most cases, malpractice cases are settled out of court, with the insurance company and the patient (and their lawyers, of course) reaching a mutually agreed upon decision. Having this policy in place can prevent you from having to pay hefty fees and settlement costs out of pocket.
Patient Injury – Typically, patient injuries would fall under the malpractice part of one of these comprehensive plans. However, in this particular case, these patient injuries are a different type of liability insurance designed to provide coverage when patients are injured somewhere on the practice’s property due to slipping and falling in the parking lot, while walking into the waiting room, or in a number of other situations that leave the medical group or physician practice liable for their injuries.
Property Damage – Of course, you need insurance to protect your property. What happens when the building is damaged in a high windstorm or dangerous rainstorm? The leaking roof, broken windows, and flood damage will be covered if you have the right insurance policies in place. Thankfully, they make up a crucial part of a comprehensive plan.
Cyber Insurance – The final component of a comprehensive insurance plan for medical groups and physician practices involves cyber insurance. Even the smallest groups are at risk of being hacked these days, leaving plenty of private patient information, from payment methods to insurance details and diagnoses, available to the internet at large. Thankfully, if this does happen to your practice, your cyber insurance will cover the costs of alerting your patients, setting up a new secure system, and more.
Have Questions? Contact Charlotte Insurance
Want to learn more about comprehensive insurance plans for medical groups and physician practices? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan your business needs.