Physicians or family doctors have hundreds of patients that they take care of. Each day, doctors observe, diagnose and treat their patients. By taking on patients, you are assuming a number of risks that can’t always be foreseen. The only way to fully protect yourself from the risks associated with owning and operating a physician practice is to purchase insurance.
Professional Liability Insurance for Physicians
Professional liability insurance, also known as errors and omissions insurance, is required for any profession in which professional advice is given to a client in general, or to solve a specific problem. Incorrect professional advice may result in worsening of the issue at hand or physical damage. In a physician’s practice, if you accidentally misdiagnose a patient, you could be liable for any negative outcomes of that misdiagnosis. To avoid any direct or indirect lawsuits, physicians can purchase a professional liability policy. Professional liability policies cover legal and settlement costs associated with accused malpractice, bad advice and/or professional negligence.
Commercial General Liability Insurance for Physicians
When you own a property or an office space, keeping it clean and tidy is not just for appearances. A clean and tidy office lowers the risk of patients injuring themselves and, in turn, blaming it on you. Understandably, you won’t be able to eliminate each risk in the office. For those uncontrollable risks, there’s commercial general liability insurance. CGL insurance can offer financial compensation to patients who experience body or property damage due to non-professional negligence, like slip and fall accidents.
Commercial General Liability Insurance for Physicians
When you own a property or an office space, keeping it clean and tidy is not just for appearances. A clean and tidy office lowers the risk of patients injuring themselves and, in turn, blaming it on you. Understandably, you won’t be able to eliminate each risk in the office. For those uncontrollable risks, there’s commercial general liability insurance. CGL insurance can offer financial compensation to patients who experience body or property damage due to non-professional negligence, like slip and fall accidents.
Equipment Insurance
As a physician, your practice is likely your major source of income. Your office may hold a lot of expensive materials and products. If your office space is destroyed by the greater force of nature, you could be looking at thousands to repair and replace damaged sections of the building and its damaged contents. When you don’t have any kind of property insurance, these costs may come out of your pocket and can make a severe dent in your wallet. Property insurance can offer funds to help cover the content replacement and repair costs.
In addition to these three types of insurance coverages, specific practices may be interested in additional types of insurance. Speak with an insurance expert at isure about your insurance options today, and learn how you can save when you bundle policies with us!