Chapter 7: When to Update Your Business Insurance Policies
Welcome to the last leg of your business protection journey. By now, you should feel confident about the steps you need to take to grow your business and protect your assets. So we'd like to leave you with a few notes about the future of your medical practice.
Here are common scenarios that should trigger an update to your business insurance plan:
- Business growth. As you accept more patients, your risk exposures increase. That means you may need to reevaluate your Malpractice Insurance limits or your General Liability Insurance limits.
- New offices. When you move into a new office, you'll have to update your Property Insurance. The good news is that if you move into a newer building, your premiums might actually go down, as newer buildings tend to have safety features that lower your risk exposure.
- New services. If you offer new services, you'll need to expand your Malpractice Insurance. That way, if you make a mistake while treating or working with a patient, your policy can cover any resulting malpractice lawsuit.
- New employees. If you decide to bring on extra help, be aware that you may be legally required to carry Workers' Compensation Insurance — even if you only have one employee! The laws governing occupational injury coverage vary from state to state, but as a rule, any part-time or full-time employee should be covered by your plan. (To learn more about each state's laws governing the coverage, check out our Workers' Compensation Laws by State guide .) The good news is that you can cover yourself with the policy, too, so you will have coverage for work-related injuries that you incur (such as a needlestick if you are a phlebotomist). Additionally, you'll also want to extend your Malpractice Insurance policy to cover key employees who offer services on behalf of your practice. That way, if your office is sued for a mistake your staff member made, you'll be covered for the lawsuit.
If you have any questions about your business insurance plan or coverage options, please feel free to talk to an insureon agent. We're happy to address your concerns and help you find the policies that fit the unique needs of your medical practice.