Business Owner's Policy
for Allied Health, Fitness, Mental Health and Medical Professionals

As a health or fitness professional with a small practice, the advice, treatment, and services you offer your clients have the potential to change and save lives. Yet this rare and incredible opportunity can be a double-edged sword. The rewards that come with serving your community are coupled with risks. When others turn to you to treat them or improve their health, in some cases you find that lives literally depend on your services. Even seemingly simple cases could escalate depending on the course of treatment.

With this in mind, it's no wonder that the majority of healthcare professionals who operate their own practice invest in business insurance as part of their risk-management strategy. They know that each time a patient enters their office, there's potential for spills, slips, and falls. There's always the possibility that a fire or tornado could destroy hundreds of thousands of dollars in medical equipment. Both scenarios translate into time and money taken away from your practice when you don't have adequate insurance coverage.

Luckily, a Business Owner's Policy (BOP) provides your business with General Liability Insurance and Property Insurance — policies that protect your business from the risk of lawsuits and the unexpected damage or loss of your commercial property. If your healthcare business is considered low-risk, it may be eligible for this broad scope of protection.

If you're wondering whether your business is eligible for this kind of coverage, contact one of our insurance experts. Keep reading to learn more about how a Business Owner's Policy benefits your business.

Protecting Healthcare Practices

Business Owner's Policy: Protecting Healthcare Practices

Business Owner's Policies for healthcare professionals help safeguard your practice against uncertainty. In addition to its broad and reliable coverage, a BOP is usually offered at a discounted rate, saving you money so you can build up other areas of your business. If your business is eligible for a BOP, you can still tailor your policy to meet other business protection needs.

By bundling General Liability Insurance and Property Insurance policies together, your BOP provides coverage to protect your business from liability claims filed against your business and from natural disasters, fires, or criminal activity that destroys office space and equipment.

Through the General Liability portion of you BOP, your insurance company will provide the legal funds needed to defend your business against a claim alleging injury, bodily harm, or property damage. The Business Owner's Policy can cover attorney's fees, court-ordered settlements, bond premiums, and more, up to your policy limits. Because lawsuits can still be costly even when a settlement is not awarded, your coverage will also cover the costs of defending your business against a meritless claim.

In addition to safeguarding your business against third-party lawsuits, your BOP also protects your business assets through the Property Insurance portion of your policy. This includes coverage for your storefront, medical equipment, business signs, computer systems, credit card machines, office supplies, and furnishings, depending on your policy. Typically, this coverage will kick in to replace covered assets should a tornado, fire, theft, or act of vandalism take place. If you rent equipment, your BOP can also cover other people's property in your care.

Talk to one of our healthcare-business insurance experts today. We're happy to answer any questions you have about purchasing a BOP for your small medical practice.

BOP Coverage

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.

Custom-Made Policies

Insurance Policies Custom-Made for Healthcare Professionals

Our agents at insureon understand that shopping for business insurance can be overwhelming, which is why we strive to make your experience as simple and stress-free as possible. If you encounter any questions about your coverage options, contact one of our insurance agents. We can help you to determine whether a Business Owner's Policy is appropriate for your business protection needs.

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