The health care and social assistance industry is an extremely important one that provides employment opportunities to more than 18 million Americans. The health care industry is growing in demand as the Baby Boomers are entering their golden years and the Affordable Health Care Act is providing a larger percentage of the population with health insurance. Social services are also in high demand as many Americans rely on the vital services they provide. If you own a business within this industry, it is important that you protect your investment with a comprehensive commercial insurance policy that is designed specifically to protect your company from the hazards inherent to the health care and social assistance sector.
Business Types in the Health Care and Social Assistance Industry Sector
All business establishments in the United States are classified into various industry sectors and subsectors by the National American Industry Classification System (NAICS). This is done to facilitate the collection, analysis and reporting of financial data for various industries by economists.
The health care and social assistance industry is comprised of businesses that provide health and wellness treatments and social assistance to individuals. These businesses can vary greatly on the amount levels of care and expertise they offer. There are currently 1,463,808 American business establishments classified as falling within the NAICS’s health care and social assistance industry sector. These include the following:
- Health and Wellness Offices, including:
- Offices of Physicians
- Offices of Mental Health Physicians, Practitioners and Specialists
- Offices of Dentists
- Offices of Chiropractors
- Offices of Optometrists
- Offices of Physical, Occupational and Speech Therapists, and Audiologists
- Offices of Podiatrists
- Health and Wellness Centers, including:
- Family Planning Centers
- Outpatient Mental Health and Substance Abuse Centers
- HMO Medical Centers
- Kidney Dialysis Centers
- Freestanding Ambulatory Surgical and Emergency Centers
- Outpatient Care Centers
- Diagnostic Imaging Centers
- Home Health Care Centers
- General Medical and Surgical Hospitals
- Psychiatric and Substance Abuse Hospitals
- Residential Health and Social Service Facilities, including
- Nursing Care Facilities
- Residential Intellectual and Developmental Disability Facilities
- Residential Mental Health and Substance Abuse Facilities
- Assisted Living Facilities for the Elderly
- Continuing Care Retirement Communities
- Social Services, including
- Child and Youth Services
- Services for the Elderly and Persons with Disabilities
- Community Food Services
- Temporary Shelters
- Community Housing Services
- Emergency and Relief Services
- Vocational Rehabilitation Services
- Child Day Care Services
Insurance Coverage for the Health Care and Social Assistance Industry is Essential
Companies in the health care and social assistance industry face a number of inherent risks and hazards against which they need to be protected. Business insurance providers understand this, and they offer a number of different coverage options so that it is possible to build a policy that is suitable to meet the specific needs of every individual establishment.
Some examples of coverage options that may appeal to owners of health care and social assistance businesses include:
- General liability insurance: This coverage can protect your business in the event that a client or other third party is injured or suffers property damage while on your business property. This can be the result of a slip-and-fall accident or other injuries in which it can be shown that the accident was the result of negligence on your part.
- Medical professional liability insurance: Also referred to as medical malpractice insurance, this coverage is designed to cover legal defense and assessed fines in the event that a health care provider is sued for negligence or dereliction in duties that results in injury, illness or death to a patient in their care.
- Property (contents) insurance: Most medical and social services facilities use expensive machinery and equipment, as well as intricate computer systems. It is important that you have coverage for everything from your office furnishings to your electronics and equipment, and these needs can be met with property insurance coverage. It may be necessary to supplement this coverage with insurance riders to fully cover some of your more expensive items.
This, of course, is far from a complete list of coverage types that are available with commercial insurance plans. It is a good idea to discuss your coverage needs with an insurance professional who can advise you about appropriate coverage options.
Independent Agents Can Help You Craft the Right Commercial Insurance Policy
Building a business insurance policy that is appropriate to meet all the coverage needs of your health care or social assistance organization can be an intricate and time-consuming endeavor. Instead of approaching it alone, you can request the assistance of an independent agent in the Trusted Choice® network. These agents are not captive to any particular insurance provider, so they can shop around to find you competitively-priced coverage that is appropriate to your specific business. Best of all, you can have all your insurance solutions housed under one roof.
Contact a Trusted Choice network agent with an office near you for more information and you can soon start comparing quotes on insurance for the health care and social assistance industry.