A single claim can cripple your Troy business financially, so you must have appropriate coverage according to your unique circumstance. You, your patients, and your employees are protected with healthcare industry insurance in Michigan.
The healthcare field is a complex business sector, including private practicing physicians, nurses, dental offices, chiropractors, rehab specialists, dentists, clinics, and hospitals.
What Type of Insurance Do Healthcare Practices Need?
Whatever your exposure, whether you’re a general practitioner, dentist, physical therapist, chiropractor, or a large hospital, Mason-McBride works closely with you to develop an insurance plan tailored to meet your specific needs.
We work closely with the insurance company to assess any risk imposed on your organization and tailor a policy to meet your particular needs.
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?
As a locally owned Troy business, our clients are at the core of everything we do. We offer homeowners personalized advice and counsel based on our 100+ year history in Michigan.
It’s essential to speak to an agent familiar with medical industry insurance policies, like us, who can consult with you about your options. The last thing you want is some cookie-cutter policy riddled with exclusions and limitations.