Umbrella Liability / Excess Liability Insurance
for Allied Health, Fitness, Mental Health and Medical Professionals
As a healthcare professional — no matter if you're a physician, dentist, or psychiatrist — you know that the stakes are a little higher for your line of work. Your patients rely on your business to improve their health and their lives. So when you need extra business protection should a liability lawsuit or unforeseen event arise, you know that every little bit counts so you can get back to treating your patients quickly. That's why healthcare professionals often turn to Umbrella Liability Insurance to extend the limits of their General Liability policies and Employer's Liability policies (part of your Workers' Compensation coverage). This coverage, also known as Excess Liability Insurance, adds more liability insurance to your policies in increments of $1 million.
One of the perks of adding an Umbrella Liability Insurance policy to your underlying policies is that you only have to pay a single premium for the extra business protection — even if you use it to beef up more than one policy. Your state may have specific regulations regarding Umbrella Insurance, but your insureon agent can help you determine whether or not such a policy is appropriate for your practice's needs.
To learn more about Umbrella Liability / Excess Liability Insurance and how your healthcare practice may benefit from this additional coverage, keep reading.
Umbrella Liability Protects You
How Umbrella Liability / Excess Liability Insurance Protects Healthcare Professionals
When deciding whether or not to add Umbrella Insurance to your overall business protection plan, you may want to first assess the likelihood of your business facing a General Liability lawsuit. As the sole proprietor of a healthcare practice, you are exposed daily to liability risks, such as claims related to accidents that happen in your office. Even a small injury sustained on your premises could escalate into a million-dollar court battle. Umbrella Liability Insurance can boost your General Liability policy to give your practice even more security should an unfortunate (and costly) office mishap occur.
For example, say a patient walks into your tiled-floor office, trudging in a little rainwater on their shoes. Should they slip and fall on their way to the reception desk and break a bone, they could sue your business for medical expenses. A successful lawsuit against your business could result in a settlement of $1.5 million, but say your General Liability Insurance maxes out at $1 million. That's when your Umbrella Liability policy would kick in to cover the additional half-million dollars.
Though an Umbrella policy is appealing because of its single premium and generally inexpensive cost, it's important for healthcare professionals to note that this policy will not cover Malpractice / Errors & Omissions-related claims. If you want to extend the limits of your Malpractice Insurance policy, be sure to talk to your insureon agent for advice about the best course of action.
Key Details About Umbrella / Excess Liability Insurance for Healthcare Professionals
When considering whether your healthcare practice could benefit from Umbrella Liability Insurance, you may be happy to know that a single premium can add more security to a few of your existing policies. Plus, the additional coverage is usually inexpensive — most Umbrella policies only cost a couple hundred dollars a year. Here are a few other important notes to keep in mind as you consider protecting your healthcare practice with Umbrella Liability Insurance.
Umbrella Insurance is a Cost-Effective Way to Give Your Practice Extra Liability Protection.
Increasing the limits of each of your individual business insurance policies can mean more expensive premiums for each plan. But when you strengthen your existing policies with Umbrella Liability Insurance, you only have to pay one premium for the policy, even if it's extending the limits of a multiple policies, such as your General Liability and Employer's Liability plans. In addition to its convenience, Umbrella or Excess Liability Insurance means you can spend less each month on premium payments and still have more coverage. Plus, Umbrella policies can cost as little as a couple hundred dollars a year, making this business insurance a cost-effective way to boost several policies and save you money.
Umbrella Liability Insurance Does Not Include Errors & Omissions Insurance.
For healthcare professionals considering Umbrella Insurance, know that this coverage will not increase the limits of your Malpractice Insurance policy (also known as Errors & Omissions Insurance). To increase the limits on your Malpractice policy, talk to an insureon agent about your options. However, your healthcare business may still benefit from Umbrella Liability coverage because the policy will extend the limits of your other underlying policies, including General Liability and Employer's Liability Insurance. If someone is injured in your office, the added protection of Umbrella Insurance can be the difference between a settlement being fully covered by your business insurance and you being responsible for paying the excess that your policy could not cover. If you're unsure whether an Umbrella Liability policy is appropriate for your needs, feel free to contact our insureon agents today.
You Can Purchase Umbrella Insurance Coverage in Increments of $1 Million.
Umbrella Liability coverage can be purchased in increments of $1 million, which offers valuable financial security in the event that your healthcare business is found liable in a case brought against it. Settlement expenses alone can quickly exceed millions of dollars, and that's without considering the additional costs of defending your business in court. By covering attorney's fees, claims investigations, witness fees, police reports, bond premiums, and judgments, this additional coverage can ensure your business survives an expensive liability lawsuit.
If you are ready to strengthen your business insurance plan with Umbrella Insurance coverage, simply complete our easy online application. Depending on your business, you may be able to begin coverage within 24 hours of submitting your application.
Custom-Made Policies for Healthcare Professionals
At insureon, we understand that each healthcare business has its own unique risks, needs, and state requirements. That's why we work with you to create a custom policy that meets your business protection needs — no unnecessary coverages and no gaps in your policies.
If you are wondering whether Umbrella Liability coverage is adequate for your risk management strategy, ask one of our healthcare-business insurance experts. We're happy to help.