As a healthcare practitioner, your primary concern is the safety and well-being of your patients. A medical office insurance policy protects your clinic or medical office, ensuring that you have access to a conducive space for treating patients and generating innovations on patient care. With a comprehensive property and liability insurance policy, it’s possible to deliver excellent medical care and treatments, without the risk of interruption of caring and treating your patients.
What is Office Medical Insurance?
Medical office insurance is specialized coverage for clinics and healthcare facilities. It covers damage to the office in case of fire, vandalism, and other disasters, lost income due to forced closure during insurable repairs and the cost of liability claims , such as if patients are injured in the facility and bring personal injury lawsuits against the clinic. Medical office insurance is a comprehensive policy designed to cover the specialized tools and equipment used in your medical practice. It covers the basics of an office insurance package while providing extended options for protecting patient information against a data breach, injuries, and other essential aspects of providing leading healthcare.
Do I Need Medical Office Insurance?It’s common to think that standard commercial property insurance is adequate for protecting a medical office or building, but is it? A commercial property policy is only designed to cover the structure itself in case of damage, without offering comprehensive protection for specialized medical equipment and clinic contents. Similar to the medical care you provide your patients, you know that there’s no standard solution to protecting and securing your assets. A thriving medical practice requires tailored insurance solutions to enable continued — and successful — patient care. A comprehensive medical office insurance policy helps you achieve that.
Ask Our Brokers
- Tell us about your medical office: what type of medical office, clinic, or healthcare facility do you operate? Our insurance brokers will need to know about your medical practice, its size, location, previous insurance claims made and other pertinent information to help us assess risks that you need protection from.
- Compare quotes: what coverage options you need in your medical office insurance plan? Our insurance brokers will the best rate and coverage from several leading insurance companies and present you with the rate comparisons, helping you make an informed decision regarding your insurance plan. Our brokers also help you unlock generous savings and discounts, ensuring sustainable protection for your thriving practice.
- Support patient success: with comprehensive medical office insurance in place, you can focus on delivering excellent patient care, without having to worry about the sustainability of your practice in the event of a disaster..
What Does Medical Office Insurance Cover?Medical office insurance is designed to protect your clinic or treatment facility from a wide range of risks, including property damage, data breach, injuries, and other financial and liability issues.
- Medical equipment: at the core of medical office insurance, this coverage option provides financial resources for repairing or replacing damaged equipment, ensuring continued patient care without incurring additional expenses. This also covers the mechanical breakdown of covered equipment.
- Business property:medical office insurance protects the structure of your clinic or treatment facility itself, as well as standard computer and office equipment, furniture, fixtures, leasehold improvements,indoor and outdoor signs etc. in case of fire, vandalism, and other disasters. This also includes coverage for essential property, such as inventory of medical supplies, even those in transit.
- General liability: provides coverage against liability claims or lawsuits brought to the practice by others who may have sustained injuries or damage to their property caused due your negligence.
- Business interruption: this helps your clinic recoup losses from insured losses that force closure or hampers operations while renovations or settlement negotiations are underway.
- Accounts receivable: medical office insurance also ensures business continuity through accounts receivable coverage that compensates you for the costs to recreate in case of damage due to an insured peril to accounting records.
- Data breach: business information is always proprietary, but in the case of medical files, patient information is especially delicate — and confidential. In case of a data breach, your medical office could be held liable, and it’s only with the help of a comprehensive medical office insurance policy that you can shield your practice from the cost of a liability claim.
- Fraud: loss suffered due to employee dishonesty, shield your thriving medical practice from these breaches, and ensure both business continuity and patient confidence in your practice.
What will impact insurance rates?When it comes to any commercial insurance, there are certain factors that determines the insurance rates. Common factors include:
- The location of the clinic
- Any renovations that were done to the building
- Building construction and age
- The replacement cost of buildings and equipment
Endorsements and Discounts for Medical OfficesBow Valley Insurance offers discounts and endorsements that can be applied to your medical office insurance. You may be eligible for a discount on your insurance if you have a multi-policy with us, a fire suppression system in your clinic or a monitored alarm system. Endorsements available include cyber liability endorsement, equipment breakdown, business interruption endorsement etc. Contact our team for more information on endorsements and discounts available.
Contact Bow Valley TodayYour medical office aids patients while our insurance takes care of you.
Our insurance brokers can take you through your coverage options to ensure that your medical office is properly protected. Ask us about the most competitive rates for medical office insurance today. For more information, call at 403 297 9400 or 1-800-332-1308 or contact us here.
Coverage is subject to policy wording, terms, conditions, and deductibles. Protection is limited to the perils, coverage, exclusions, and limits shown on the policy.