November 28, 2018

Three Types of Insurance Medical Offices Need to Consider

We like to review physicians’ medical malpractice, business, and workers’ compensation insurances with our clients who own a medical company. Why? A simple error in the workplace can cost business owners thousands of dollars in addition to the possibility of business closure.

Do you own a medical business? You may want to consider purchasing one of these policies:

Medical Malpractice Insurance

Spend a few minutes reading about the top ten reasons why physicians get sued and you’re sure to have concerns about how a mistake could impact your business.

With high pressure to fulfill patient needs, it can be easy for staff to slip up and not follow procedures. This may lead to a mishandling of documentation, or neglectful patient care, for example. Should your business get sued, it may be unable to stay above water long enough to recover from the damage.

Medical malpractice insurance protects health care providers against patients who sue under the claim that they were harmed by the provider’s negligent or intentionally damaging treatment recommendations.

A recent Johns Hopkins study found that each year, physicians in the U.S. make more than 250,000 medical errors resulting in death. Some studies report that number to be closer to 440,000. In the U.S., medical errors are the third leading cause of death after heart disease and cancer.

Every medical office should consider investing in medical malpractice insurance.

Business Insurance

Business insurance can provide an expansive amount of coverage, including general liability, which will protect the business if a patient gets injured on-site. Business insurance can cover you in the event of a medical procedure resulting in unexpected patient harm, for example.

We will also cover your buildings’ contents, equipment, electronics, and build-out for any renovations you have made in the space (such as bathrooms, walls, flooring, etc.).

You may also consider purchasing cyber liability insurance. Hackers are becoming smarter as more and more information is stored online. Now more than ever, it is critical to protect your business in the event that your patients’ personal information is compromised.

Workers’ Comp

Workers’ Compensation is crucial for protection against potential lawsuits brought on by employees injured at work.

If a staff member is seriously harmed by faulty equipment, develops carpel tunnel, or faces any other kind of injury, you may face damages if you are found liable.

Workers’ compensation allows you to take care of the employees’ medical expenses and any compensation owed due to missed time at work.

Rafail Insurance Group insures many practices in Texas; from dental offices like Tadros Dental and Bishara Dental, to sleep centers in the Woodlands & Medical Center, infusion centers, home health care agencies, and general family practices.

We’d also love to talk to you about a personal umbrella policy (PAP) and how it can protect you if personally sued after an auto accident or injury that takes place on your personal home property. Everyone should have an umbrella policy; at an average cost of $25 per month, it provides extensive coverage and may even prevent the need to work with a lawyer.

Contact us today for more information!