Medical Office Insurance in Bethpage, NY
Health care businesses are relied on to provide accurate, timely and essential medical services to clients. These procedures, diagnoses and treatments can impact patients’ short- and long-term health, and may include significant risk. Even the most experienced and diligent providers and employees may eventually make a mistake, leading to significant medical consequences, subsequent lawsuits and potentially devastating financial implications. With this in mind, all medical offices must prioritize appropriate insurance.
What Is Medical Office Insurance? 
Medical office insurance is typically not available as a named product from most insurance companies. Rather, this type of coverage, also known as medical business insurance and medical facility insurance, may require the protection of several policies woven together to form an adequate financial safety net.
The following are generally advisable investments for members of this industry:
- Professional liability insurance, also known in the health care world as medical malpractice insurance, can provide financial assistance in response to accusations of incorrect diagnoses, mistakes during procedures or other allegations of improper services.
- General liability insurance can help pay for losses arising from bodily injuries or property damage sustained by third parties for which your business is at fault, such as if someone slips on a wet floor on your premises or if a neighboring property is damaged by a fire you started.
- Commercial property insurance may compensate your medical office for losses involving its physical property, such as its building, equipment, inventory or furniture.
- Business interruption insurance can help you recoup ongoing expenses and financial losses if the normal operations of your medical office are delayed or disrupted.
- Workers’ compensation insurance may financially protect your employees following on-the-job injuries or illnesses.
- Cyber liability insurance is essential for covering the financial ramifications of data breaches and other cyber incidents, such as if the medical information of your patients is exposed.
- Employment practices liability insurance can insulate your medical office from financial fallout if an employee makes an accusation of improper workplace practices, such as wrongful termination, harassment or discrimination.
- Commercial umbrella insurance may be crucial to provide a secondary layer of liability protection should the coverage limits of other policies be exhausted.
Who Needs Medical Business Insurance?
All organizations in the health care sector should highly prioritize adequate insurance. This may include general practitioners, psychologists, dentists, optometrists, chiropractors, therapists and hospitals. Certain types of insurance may even be required by law in some states, such as workers’ compensation coverage and medical malpractice policies. Failing to adhere to such requirements could incur significant penalties, including fines and being forced to shut down your business.
Get the Right Coverage
At the James V. Funaro Agency, our dedicated staff is ready and able to help medical offices and health care professionals secure their financial interests with appropriate insurance solutions. Contact us today to learn more.