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Business Owners Policy for Medical Offices
You are going to need is the Business Owner Policy (BOP). The BOP is a commercial general liability package assembled for you and your needs.
Commercial general liability insurance is meant to cover you if someone gets injured in your building, or if you suffer damage to your office or property, if you own it. Additionally, it will help you with legal fees and your defense if there is a lawsuit and the settlement if there is one.
Employment Practices Liability Insurance
Employment practices liability (EPL) coverage is a must-have insurance endorsement coverage if you have employees.
Employment practices liability endorsements cover defense and legal costs if the physician or his human resources person, if the physician has one, in the event that an employee or former employee files an employment-related claim.
Employment-related claims include such things as wrongful termination, discrimination, sexual harassment, breach of an employee's civil rights, disclosure of confidential employee information which facilitates identity theft. Additionally, it covers whistleblower and retaliation claims.
And of course, you will want to get workers compensation insurance. Most states require that all employers have workers compensation insurance. Workers compensation insurance is for employees who have been injured on the job. This type of policy pays for lost wages of your employee who was hurt doing her job as well as medical and legal costs.
Disability insurance is meant to help the insured if long-term illness or injury makes working impossible.
Naturally, you will want to look into what other kinds of insurance you will benefit from.
Commercialinsurance.Net does not offer the policies below. However, your medical practice will need to consider this type of insurance.
Occurrence Physician's Malpractice Policies
The first type of malpractice insurance is called "occurrence insurance." Occurrence insurance policies protect the doctor when claims are filed years after the incident occurred. As long as the policy was in effect on the day that the incident actually occurred. If a malpractice claim is filed against you after you retire or after you allow the policy to expire, you are still covered for the incident which the malpractice lawsuit is about.
This type of malpractice insurance is the more expensive than the alternative, which is called "claims-made" malpractice insurance.
Claims-Made Physician's Malpractice Policies
The type of malpractice called "claims-made" insurance policies are less expensive than occurrence insurance. This kind of insurance offers insurance for specific years -- usually between one and five years.
If you have a three-year claims-made physician's malpractice policy, you are covered for any lawsuit or claim up to three years. If that is the case, and a lawsuit gets filed for something that the plaintiff claims you did wrong today, you are not covered. When you retire or leave the medical profession, you will want to get a type of malpractice insurance called "tail coverage."