Most medical professionals enter their field because they want to help people. Whether you are a podiatrist or any other kind of specialist, you want to keep patients safe and healthy by providing the best care you can.
The majority of healthcare providers are also business owners, and running your practice can take away from your focus on patient care. With the right insurance for your podiatry office, you can protect your personal assets and your practice if something goes wrong.
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Why Do I Need Podiatrist Office Insurance?
Podiatrists and other medical professionals face a unique set of business risks. Like any other business owner, you can sustain property damage due to fires, vandalism, or severe weather. In addition, a variety of risks arise from your day-to-day operations. For example:
- Elderly patients, sick patients, and patients with limited mobility visit and move around inside your podiatry office.
- A variety of sensitive information is stored (both on paper and electronically) in your office, including patient medical records and insurance and financial information.
Unforeseen events involving patients or your business property can threaten your livelihood at any time if you do not have the right podiatrist office insurance.
Working closely with an independent insurance agent, you can determine exactly what risks you have and find tailored podiatrist office insurance to address them.
What Does Podiatrist Office Insurance Cover?
You need the right combination of podiatrist office insurance policies to protect you from the financial consequences of:
- Damage to your office building or physical space
- Damage to the contents of your office space, including expensive medical equipment and sensitive records
- Being sued if you or an employee causes property damage or physical or financial harm to another person (patient, employee, vendor, etc.).
There are a variety of policies and coverage types that may be necessary to adequately protect you from serious losses. These include:
- Commercial general liability (CGL) insurance: This is broad coverage that pays for medical bills and damages if someone is injured or experiences property damage as a result of your operations. This covers you if a patient trips and falls in your office, or if a patient’s property is damaged by one of your employees. But be aware that your CGL policy does not cover you for any errors, omissions, or negligence in the medical services that you provide.
- Commercial property coverage: This protects your office building or space and its contents. If weather, fire, theft, or vandalism damage your office furniture, office equipment, artwork, exam room equipment or furnishings, computers, or any other office contents, it pays to repair or replace damaged property.
- Business interruption coverage: This helps cover lost income and other expenses if you must close your office to make repairs after extensive property damage, e.g., a fire damages one exam room but you must temporarily close the entire practice in order to clean up and make repairs.
Many medical practices purchase a business owners policy (BOP) that combines property, liability, and business interruption coverage into one package policy that offers comprehensive, affordable coverage.
You may also need to consider some of the following additional coverage options.
- Computers and media coverage: This protects you from inconvenience and financial loss for your podiatry practice if theft, vandalism, viruses, or malware damages your computers. This coverage pays for loss of data or software as well as physical damage to computers and other hardware.
- Cyber-liability insurance: This provides coverage in the event of a data breach involving your practice. Because your office computers are likely to hold a variety of sensitive information, a data breach can cause significant financial and emotional distress for everyone involved. This coverage helps pay for the costs of notifying affected patients, as well as public relations and investigative costs.
- Spoilage coverage: This helps you recover financially if you lose valuable inventory of perishable medical supplies. If you keep a supply of refrigerated medications or vaccines in your office and the refrigerator breaks, this coverage helps you pay to replace the spoiled stock.
- Commercial umbrella insurance: This provides excess liability protection above the limits of several other policies you might have, including general liability or employers liability. If an injury lawsuit awards a judgment against you that exceeds the limits of your CGL policy, your commercial umbrella policy will cover the difference.
- Workers’ compensation insurance:This coverage is typically required for any business that has employees, and pays for lost income and medical expenses for employees who are injured on the job. An employee who injures her back while lifting a heavy box of office supplies would need this coverage to help with medical bills and lost wages for any time away from work.
- Employers liability insurance: This covers you if a past or current employee sues you for discriminatory employment practices.
- Employee benefits: Offering benefits such as group health, life, dental, and disability insurance is a great way to attract and retain quality employees for your podiatry office.
- Valuable papers coverage: This can help you reproduce damaged documents, such as medical or financial records, if they are damaged by a fire or some other covered event.
You also need podiatrist professional liability insurance to protect against errors, omissions, and negligence in your medical advice or services. If a patient is physically or financially harmed as a result of your care, you can be sued for damages and lose your practice.
An independent insurance agent can discuss your options and help you find coverage that is tailored for podiatrists.
How Much Does Podiatrist Office Insurance Cost?
The cost of podiatrist office 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 office equipment and furnishings, etc.), business insurance costs will vary.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need to protect your podiatrist office 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.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right podiatrist office 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.
The Lowdown on Online Quotes
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 agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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