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Which insurance policies do small healthcare businesses need?

Q: Which insurance policies do small healthcare businesses need?

In order to cover your healthcare business, you'll need different insurance policies depending on the services you provide and the size of your practice. While each medical practice is different, it can be helpful to look at the policies that are most common among healthcare companies.

If you run a healthcare business, you'll probably need a combination of the following small business insurance policies:

  • General Liability Insurance. GL is a foundational insurance policy — it covers the cost of third-party lawsuits over bodily injury, property damage, and advertising injury. General Liability doesn't cover malpractice and employee injury lawsuits, but it covers many basic healthcare business risks.
  • Malpractice Insurance. Also called Professional Liability Insurance, this coverage pays for lawsuits when a patient or their family alleges you made a mistake in your treatment, therapy, or medical practice. Medical Malpractice Insurance can cover your legal bills and pay settlements or damages you may owe a patient.
  • Cyber Liability Insurance. Healthcare data breaches New browser window icon. are ten times more expensive than breaches in other industries. Many healthcare providers invest in Cyber Liability Insurance to cover the cost of fixing a data breach, informing patients, preventing identity theft, and limiting the damage to the business's reputation.
  • Commercial Auto Liability Insurance. Healthcare businesses that require employees to travel for work may need commercial auto coverage. For instance, nurses that make house calls can get auto coverage that will pay for accidents while they are driving to and from patient visits.
  • Business Owner's Policy (with Property Insurance). Many small healthcare companies don't have enough medical equipment and property for it to make sense to have a full-scale Property Insurance policy. However, you can get a low-cost insurance package — a Business Owners' Policy — that includes General Liability Insurance and Property Insurance to cover theft, vandalism, and property damage.
  • Workers' Compensation Insurance. If you have employees, you may be legally required to have Workers' Comp. This insurance covers employee medical costs and lost wages if they're injured at work.

To learn more about your coverage options, check out our guide to small business insurance for healthcare companies.

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