Get a free quote online with a soft credit pull.
As the nation's largest volume bond and insurance producer, we negotiate the best rates.
Your policy will be accepted, or we’ll refund your payment in full.
From dentists providing unsatisfactory treatment that results in an injury or irreversible tooth damage to pharmacists getting sued on the basis of negligence for giving out the wrong prescription - there are many risks that can put the financial standing of your business on the line.
Having health and allied services insurance in place will safeguard your business from any financial liabilities that may result from a lawsuit that has arisen from a professional mistake, negligence, or malpractice.
How Much Does Health & Allied Service Insurance Cost?
The total cost of your health and allied insurance will depend on a number of factors. However, the average health and allied service provider pays around $40 per month or $480 per year on business owner’s insurance.
To protect your business from third-party bodily injuries or property damage - getting general liability insurance is always a good idea. This policy costs the average health and allied service provider around $35 per month or around $400 per year.
As a medical practitioner - professional mistakes are bound to happen. To protect your staff and your business, you should take out professional liability insurance, which costs around $30 per month or $360 per year.
According to state law, nearly every business in the United States that employs staff must have workers’ compensation insurance in place. This policy costs around $100 per month or $1,200 per year and provides your business with cover in case an employee gets injured or falls sick at work. The policy will cover your employee’s lost wages, medical bills, hospital fees, and other costs associated with their illness or injury while away from work.
What Types of Insurance Do Health & Allied Services Need?
Health and allied service providers can benefit from a range of different insurance policies. The level of coverage your business should take out will depend on the state you operate out of, the number of staff your business employs, the service you provide, the size of your business, and various other factors.
Below, you can take a better look at some of the most recommended health and allied services insurance for businesses in the United States.
Why Do Health & Allied Services Need Insurance?
If a patient visits a dentist who then performs a treatment that has done more damage than good - the patient can sue not only the dentist but also the dental practice for unsatisfactory work and compensation.
In other cases, a customer can trip, fall, or slip at the premises of your business and get seriously injured. In such a case, they can sue your business and if they win - without insurance in place - your business will have to pay the legal fees, their medical and hospital bills, and other compensation out of pocket.
In more rare cases, your health and allied service business can be the victim of theft or vandalism, and if you don’t have insurance in place - your business will have to cover all of the costs for repairs and the replacing of damaged or stolen equipment.
Depending on where your health and allied service is located in the U.S. - your business will be legally obliged to take out a certain level of insurance coverage before you are legally permitted to operate and serve the public.