Medical Office Coverage Terminology

Insurance Terminology for your Medical Practice or Health Care Office can make your head spin, we’re here to simplify it for you.

Merrill Insurance has a goal to simplify insurance by explaining some important coverages relevant to Medical Offices or Medical Practices that may stump you when you read through your policy.

It’s important to note that these summaries are to be used for basic information only, for more detailed information on your policy, exposures or your carrier’s coverage, please give us a call at the office for a review or to answer any specific questions related to your policy or your specific exposure. You should have an ongoing conversation with your agent to make them aware of all arms of your business to be sure that you have the appropriate coverages in place.

Interested in a quote? Fill out this form and our Agent, Jessica Tewksbury, will be in contact with you!

Commercial Property

Property exposures in medical offices are substantial and can come from many sources. Natural disasters and equipment malfunctions put Medical Offices at risk of property damage. In particular, equipment or imaging devices, tanks of oxygen and nitrous oxide gasses pose a potential fire hazard toward the office and the property held therein.

Equipment Breakdown

Most Medical work depends on a variety of different equipment to function properly (e.g., grinding and polishing hand tools, Medical vacuum systems, X-ray machines, imaging and computer systems), creating significant equipment breakdown exposures as a result. Equipment breakdown coverage can help cover the cost of broken Medical tools in the event of a failure. 

Crime

Crime can be a challenge for Medical offices due to their inventory of medications and medical supplies that may be attractive to wrongdoers. In this day and age, thieves (including your employees) do not need direct access to cash to steal from you—merchandise, supplies and securities are all fair game.

Cyber Liability

A Medical office may be a target for cybercriminals, as these businesses often store sensitive customer data (e.g., names, addresses, medical history and credit card information) in a computer or server. Additionally, improperly trained employees or guests with access to improperly secured guest Wi-Fi could put your organization at risk for ransomware, viruses, phishing scams and malware.

General Liability

In the event that an injury occurs at your Medical office, you may be held responsible. A simple wet floor or uneven surface could cause slips, trips and falls that may lead to costly insurance claims. General liability coverage can help cover any associated medical costs, and may even cover loss or damage to a patient’s property such as broken dentures.

Professional Liability / Medical Malpractice

All Medical Offices and professionals like face professional liability exposures. From time to time, dentists and hygienists make errors during procedures, may fail to detect or accurately diagnose and treat a condition, or may administer treatment that results in pain, discomfort or disfigurement, leading to costly malpractice claims. The exposure is even greater at teaching clinics, as less experienced workers may be assisting during surgeries.

Medical malpractice insurance is a professional liability insurance which protects against claims of medical negligence resulting in patient injury, mental anguish or death. It is essential for healthcare professionals, and required by law in most states. Coverage includes protection from a range of expenses such as attorney’s fees, settlement costs, and bodily or property damages.

Workers Compensation

Any time one of your employees is injured on the job, your organization could be subjected to a workers’ compensation claim. Common sources of on-the-job accidents for Medical offices include injuries caused by Medical tools (e.g., explorers and probes), slips, trips, falls, musculoskeletal injuries caused by repetitive tasks, sprains and strains. Normal, everyday tasks related to cleanings or taking X-rays can lead to accidents and, in turn, increased costs for your business.

Proper risk management practices can reduce certain exposures, but no system is 100% effective in ensuring an incident-free workplace. As a result, it’s all the more crucial to work with a trusted insurance professional to assess your unique exposures. To learn more, contact us today.

Call your Agent, Jessica Tewksbury, today!

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