HEALTHCARE PROVIDER INSURANCE

Medical Malpractice and Professional Liability Coverage

Including medical malpractice liability in your suite of coverages should be a priority when setting up your office to ensure protection against unforeseen incidents. A malpractice suit has the potential to impact not only you but your employees and other allied providers.  Medical malpractice spreads coverage across all layers of employment and covers costs associated with your defense and any associated costs.

 

BOP (Business Owner’s Policy)

A Business Owner’s Policy or BOP acts similarly to your homeowner’s policy. It combines a suite of necessary coverages into a single policy to give your business the best protection.

 

• Business Property - Whether you lease or own the building your practice is in, it is important that both your premises and its contents are protected. Having property insurance in place prior to commencing operations is the best way to ensure that your equipment (computers, X-Rays, MRIs, etc.) will be replaced if  damaged.

• Business Income safeguards your business in the event of a closure due to a covered cause of loss. A portion of lost income will be covered  while the business is inoperable. It may also fund crucial expenses like payroll, employee benefits, and rent. 

• Business Liability (CGL) protects your practice in case of an accident like a slip and fall that occurs at your place of business. However, it is suggested that licensed medical practitioners also purchase professional liability to cover claims related to their work.

 

Workers’ Compensation

State regulations related to workers’ compensation differ based on speciality, location and size of your practice or medical facility. While not all states mandate workers’ comp, having a policy in place only benefits you and your employees, particularly staff nurses and technicians. These individuals are on the frontlines of patient service. They reap both the rewards and the consequences.

 

Accidental needlesticks and other job related injuries are never intentional but when they occur, you want to be protected. Workers’ compensation will cover expenses related to medical treatment, lost pay, disability, and in some cases: death benefits for the impacted employee.

 

Cyber

Data breaches and electronic theft are becoming increasingly  prevalent in today’s business environment. Cyber coverage offers education to help prevent an attack as well as immediate support to help you respond to threats. This policy may also include long term support in the form of credit monitoring for the impacted parties.

 

Employment Practices Liability (EPLI)

Employee lawsuits have become an uncomfortable part of today’s business landscape. You are more likely to be sued by an employee than to experience a catastrophic event like a fire. EPLI is the best and only way to protect your business or practice from the fallout from these claims. EPLI will cover your costs for court, defense, and settlement.

 

Umbrella

An umbrella policy acts as the name indicates. It acts as a supplement to your existing BOP or business liability policies once they are exhausted.

 

Regardless of your specialty, the goal remains the same: provide coverage that protects you and your practice so you can perform the work that matters most to you and your patients. Call your CSP customer service representative today to find out how we can best serve you.