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, dental offices, chiropractors, rehab specialists, surgery centers, clinics, and hospitals.
What Type of Insurance do Healthcare Practices Need?
Healthcare practices typically need a range of insurance policies to protect their business, including:
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 expense 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.
Commercial Crime Insurance:
Commercial crime insurance is a type of coverage that protects organizations from losses due to criminal acts such as theft, embezzlement, and fraud. This insurance can provide coverage against losses resulting from the actions of employees, as well as those committed by customers.
It's important to work with an insurance agent who has experience with the unique needs of healthcare practices to ensure that all exposures are properly covered.
What is the Cost of Healthcare Professionals' Business Insurance?
Most businesses are rated based on their industry-specific exposures. Mason-McBride will provide you with a free consultation where you can review your options and determine what level of coverage you need.
Factors that may impact commercial insurance costs include:
- Revenue
- Location
- Number of employees
- Services offered
- Equipment use
Industry Coverage for Healthcare Professionals
Our professional team can help you navigate the insurance marketplace and conduct a risk review. We advise not waiting for an event to audit your program and make necessary adjustments.
Additionally, we can provide coverages specific to your business, such as crime insurance, commercial umbrella insurance, and employee benefits Mason-McBride will design a program to fit your needs.
Why Work With Mason-McBride?
As a locally-owned Michigan business, our clients are at the core of everything we do. We are committed to providing superior customer service and personalized advice and counsel.
Mason-McBride has partnered with a select group of reputable insurance companies to offer premier business insurance coverage at a price your company can afford.
Our commitment is to work with you as a long-term partner and provide the expert counsel you need to make an informed decision based on your overall business strategy.
It's important 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.
Insurance for all Michigan Cities
Not all companies are the same. When choosing one, it's essential to work with one that you trust and can rely on. We have over 100 years of experience helping healthcare business owners protect their companies. Our business insurance policies can be customized for any Michigan city, including, but not limited to:
- Madison Heights
- Rochester Hills
- Royal Oak
- Southfield
- Sterling Heights
- Troy
- West Bloomfield
Start a Quote Online
If you're interested, start a quote online or email us at info@mason-mcbride.com