Chapter 1: How Business Insurance Protects Allied Health Practitioners
Business insurance provides a financial safety net for your medical practice. It protects the investments you've made by minimizing financial risks linked to lawsuits, theft, and natural disasters.
Just as your patients carry health insurance to help them afford treatment, you can use business insurance to help you afford the costs associated with malpractice suits, property damage, and data breaches. In exchange for your premium (i.e., the yearly price of your policy), your insurance policies cover the cost of…
- Legal defense fees when your practice is sued.
- Settlements or judgments.
- New gear or repairs when your equipment or office is damaged by a covered event.
- Business interruption.
- Cyber extortion.
According to the Small Business Administration , an estimated 25 percent of businesses never reopen following a major disaster because they don't have the funds they need to survive the unexpected hit. And the Insurance Information Institute affirms that 40 percent of small-business owners have no insurance at all , citing tight budgets as their reason for foregoing coverage. But without adequate insurance, you risk losing your livelihood and assets.
That's why it's important to think of commercial insurance as an investment rather than an expense. For the price of monthly premiums, you can help ensure your business's long-term success.
25% of businesses never reopen after a disaster because they can't afford to.
40% of small businesses have NO insurance.
Next: Part 1: Which Common Risks Threaten Medical and Healthcare Professionals?