A single claim can significantly impact your Troy business financially, so it’s crucial to have appropriate coverage tailored to your unique circumstances. Protecting yourself, your patients, and your employees with healthcare industry insurance is essential.
The healthcare field includes private practicing physicians, nurses, dental offices, chiropractors, rehab specialists, dentists, clinics, and hospitals. Each of these settings faces unique risks and requires tailored insurance coverage.
What Type of Insurance Do Healthcare Practices Need?
Some notable exposures currently getting attention in the marketplace are:
General Liability Insurance:
General liability insurance can help protect your business against claims for bodily injury, property damage, advertising injury, errors, or omissions. In addition, without this coverage, you may be responsible for paying out of pocket for legal costs, such as attorney fees and settlement amounts.
Professional Liability Insurance:
Also known as Errors and Omissions (E&O), professional liability insurance can help protect your business from consequential loss resulting from negligence claims associated with your professional service. Professional liability claims involve allegations whereby the customer alleges they lost revenue or incurred expenses because of the negligent rendering of professional services.
Workers Compensation Insurance:
Worker compensation insurance gives employees benefits to help recover from work-related injuries or illnesses. It can also benefit your employee’s families if they lose their lives in a workplace accident. Different factors, such as job risk, claims history, and payroll size, can affect workers’ compensation costs.
Commercial Umbrella Insurance:
Commercial umbrella insurance extends the coverage limits for some of your liability policies. So, if a claim exceeds the limits on your policy, your umbrella insurance can help cover the difference.
Business Property Insurance:
Business property insurance covers equipment, signage, inventory, and furniture in the event of a fire, storm, or theft. However, it doesn’t cover mass-destruction events like floods and earthquakes.
Cyber Liability Insurance:
Cyber liability insurance helps your business respond to a data breach if personally identifiable information gets lost or stolen. In addition, many policies will include extortion coverage, business income protection, and systems failure, all caused by a breach.
Why Work With Mason-McBride?
At our locally-owned agency, we understand how important it is to have protection that suits your healthcare practice. That’s why we take the time to get to know you and your insurance needs to help you make an informed decision on your coverage.
For over 100 years, the Mason-McBride Insurance name has supported businesses and individuals in Michigan through unexpected challenges. Today, we are among the most respected names in insurance. We strive to find the right solutions for you, your family, and your business. Your satisfaction is very important to us.