If you operate a prosthetic store, you and many of your employees are likely to be certified prosthetists and orthotists who use the latest technologies to evaluate, fit, and assist patients who need prosthetics. The treatment process might include an initial phase with a training prosthetic, and a final phase with a definitive prosthesis designed for long-term wear.
Prosthetic stores have unique business insurance needs. It’s important that you understand your risks and find prosthetic store insurance that is customized for your needs.
An independent insurance agent can help you find the best coverage for all of your unique risks.
Prosthetic limbs are custom-designed and manufactured to fit each patient’s unique injury and body. Designing and manufacturing a prosthetic is a detailed process with little room for error. Your goal is to create an effective and functioning artificial limb that fits each patient’s unique body, gait, and measurements. A prosthetic also needs to meet each patient’s unique functional goals, such as daily use, walking, running, and so forth.
Prosthetics can even be custom-designed for certain sports, like skiing or running. And prosthetic arms can be equipped with accessories that enable patienst to eat, play basketball, paint, or perform any number of activities that are important to their daily lives.
With so much at stake, it’s no wonder that your prosthetics store must employ skilled, licensed prosthetists and orthotists who strive for perfection in every prosthetic. But even the most skilled technicians can make mistakes. And all kinds of other unforeseen events can cause serious trouble for your business.
You face numerous risks to your commercial property from things like fire, severe weather, theft, and vandalism. And you can be sued at any time if you are responsible for causing any injuries or property damage to others.
Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored prosthetic store insurance to address them.
You need prosthetic store insurance to cover property damage and liability risks that can be financially devastating. With several customized insurance policies, you can cover:
You can protect your prosthetic store from all of the unique risks you face with a customized package of business insurance policies, including:
You probablyy also need professional liability insurance to protect against errors, omissions, and negligence in your professional advice or services. If a patient is physically or financially harmed as a result of your care, you can be sued for damages and even lose your ability to operate.
An independent insurance agent can discuss your options and help you find coverage that is tailored for prosthetic stores.
If you sell a faulty product that causes harm to a client, you’re likely to be named in a lawsuit even though you did not manufacture the product that caused the problem.
Product liability insurance covers a business’s financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of a product. In some instances, product liability insurance may also cover you for defective design and failing to warn a buyer of a particular danger.
Any company that participates in bringing a faulty product to market can be sued. Given that your store sells medical equipment for personal use, you have a significant product liability exposure. If you are sued for selling a faulty product, the medical costs, compensatory damages, economic damage, attorney fees, and court costs can be insurmountable.
There is some product liability coverage provided in your general liability policy. But sometimes that coverage is not sufficient for the level of risk you face. Ask your independent insurance agent if you need to purchase additional product liability insurance to fully cover the specific risks you face.
You might also want to consider certain endorsements (customized coverage add-ons) to your property or liability policies, or additional stand-alone policies that provide the following types of coverage:
The cost of prosthetic store insurance depends on several factors, including the size of your business and the types of policies you need to cover all of your unique risks.
With so many variables (e.g., number of employees, equipment of varying types and values, the location and size of your building or office space, value of inventory on hand, etc.), business insurance costs will vary among stores like yours.
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need to protect your business from a variety of costly problems. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Independent insurance agents simplify the search process for finding the right prosthetic store insurance. They’ll walk you through some handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can leave out important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.