If you’re the owner of your own private practice medical office, you know that owning and operating a doctor’s or medical office can be financially rewarding, but it definitely comes with its own risks and exposures that are vastly different than other industries. If you’re looking to open your own practice, it’s important to understand the risks that you can face and the right types of insurance to have in place so that a lawsuit or horrible event doesn’t wipe out your business from the start!
Here are 4 of the most critical areas of risk that a lot of our healthcare clients needed to address through proper insurance placement, as well as risk management strategies.
Your most critical exposure as a healthcare provider is accusations of malpractice. Having sound training and risk management courses is a great way to protect against this type of risk! However, buying a really good insurance policy is also helpful. Not only should your insurer be financially sound but also have a reputation for defending their clients and not going for the quick settlement. At Shields, we place insurance policies with legal firms that have a great track record for winning cases, like Medical Protective.
HIPAA & EMTALA Violations
Insurance can be purchased to protect your healthcare practices against HIPAA or other regulatory fines and penalties or other liabilities resulting from alleged violations.
Do you own your own specialized medical equipment? If so, you’ll want to make sure that they’re fully protected in case damages occur. Your Commercial Property insurance may protect you from losses such as fire, lightning, etc. But, you may also want to consider purchasing a Mechanical Breakdown policy or an Equipment Maintenance policy from C.N.A.
Since you’ll be collecting a lot of information from your patients like, SSNs, birthdays, driver license numbers, etc, buying a Cyber Insurance policy is definitely something you’ll want to purchase. This can help protect you from liability if your records are breached by outside parties.
To learn about more risks and solutions that you could face with owning your own Medical Office, visit https://shields-insurance.com/home/commercial-small-business-insurance/insurance-medical-offices/#1480979795080-ac51cf2b-6a7915202817242521520282723882or contact Shields Insurance Agency today at (205) 783-5893.