Business Health for Healthcare Businesses
How Insurance Keeps You Strong

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 New browser window icon., an estimated 25 percent of businesses never reopen following a major disaster New browser window icon. because they don't have the funds they need to survive the unexpected hit. And the Insurance Information Institute New browser window icon. affirms that 40 percent of small-business owners have no insurance at all New browser window icon., 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?

Grab-n-Go Information

Free eBook
HIPAA, Social Media, and Technology: A Guide for Mental Health Professionals
Browse eBook
Sample certificates
See a sample Certificate of Liability Insurance, the proof of coverage you need for most contracts.
View Sample
Sample Quotes & Cost Estimates
See what insurance really costs: actual quotes by policy & specialty.
Get Estimates
Ask A Question
Submit your questions about small business insurance and get answers from our experts.
Read Answers