Healthcare Business Insurance: Business Owner's Policy Coverage
If you're searching for reliable coverage as part of your business protection plan, a Business Owner's Policy can be a critical asset when disaster strikes. While you shop around for comprehensive business insurance for your healthcare practice, consider these important ways a BOP ensures your business can weather costly and unexpected circumstances.
Healthcare Business Property Claims
Medical equipment can be costly, and for practices that rely on medical, fitness, therapy, and dental equipment to conduct business, you don't have time to spare when it comes to replacing damaged assets. In times of upheaval, you can rely on your BOP to quickly compensate you so you can replace the equipment you need to treat your patients. This can include coverage for computer equipment, phone systems, video systems, and medical equipment such as digital x-rays, CT scanners, MRI machines, and more. Covered claims usually involve natural disasters, fires, and theft or vandalism.
Depending on your policy, you can also decide whether you want your property insured at its current value or its full replacement value. Though insuring at the replacement value can cost a little more, it ensures you can replace equipment and supplies without worrying about depreciation at the time of the claim.
Your BOP can also cover your office building, which is especially useful for those who rent their space. Most landlords require some kind of Property Insurance when they lease commercial space, and your BOP can make sure you meet these requirements.
Healthcare Business General Liability Claims
Since you welcome dozens of patients into your medical practice each week, your BOP's General Liability Insurance is a recommended safety net to protect against liability lawsuits should an accident happen in your office. For example, if a patient trips over the welcome mat and breaks a leg, they could feasibly sue your practice for medical expenses. If they do file a lawsuit against your business, the General Liability portion of your BOP can provide coverage for your legal defense, court costs, settlements, medical expenses, or other costs associated with a third party's claim of bodily injury or property damage in relation to your business.
Your BOP typically extends to cover liability claims involving other people's property as well. If your patient leaves their coat in the lobby only to find it has been stolen or lost, and they decide to engage your business in a legal battle over the property, this coverage could potentially pay for the costs associated with defending your business in court and the resulting fines.
Your Business Owner's Policy can also include coverage for completed operations liability, contract liability, and advertising liability. Your insureon agent can help you understand the specific coverages and exclusions involved with your policy.
Business Interruption Insurance for Healthcare Professionals
Should a disaster leave your office doors closed for repairs or to attend court hearings, a BOP can compensate your practice for the foregone income. This way, you won't have to fret over the financing needed to make payroll, cover utility expenses, and more. Ask your insureon agent for more details about Business Interruption Insurance for your small healthcare business.