Medical Office Insurance

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Medical offices are home to a wide range of health practitioners, with specializations ranging from surgical care to physical therapy. As such, the staff and the whole medical office, in general, are subject to risks that can land them in legal trouble.

Without the right insurance policy in place, your medical office will have to pay out of pocket for any expenses like legal fees, compensation, reimbursement, and others in the event anyone decides to take legal action against your medical office.

How Much Does Medical Office Insurance Cost?

There are many factors that will come into play when the final cost of your medical office insurance is calculated. So, the numbers you will find below are what the average medical office in the United States pays for the different types of policies they take out.

Medical offices have a duty to protect their patients and secure their facilities. This is when a business owners’ insurance can come in very handy. This type of policy costs the average medical office in the U.S. $70 per month or an average of $840 a year.

Another crucial insurance policy for medical offices is general liability insurance. This insurance is quite inexpensive - coming in at around $45 per month or $540 per year, which will shield your medical office against any lawsuits that may arise from third-party bodily injuries and property damage.

Medical offices have an obligation to protect their staff at all times. And one of the best ways to do that is to take worker’s compensation insurance. This policy will cover your staff’s medical bills, hospital fees, lost wages, and others in case they get sick or injured on the job. The average cost of worker’s compensation insurance is $70 per month or $840 per year.

Medical malpractice claims can effectively bankrupt your business, not to mention the extensive litigation you’ll be facing in court. For $290 per month or a total of $3,500 annually, professional liability insurance will cover your fees in case a lawsuit or a claim is filed against the medical office for professional mistakes, accusations of negligence, and other similar cases.

The sensitive information of your patients and staff might be compromised in the event of a cybersecurity attack, which could be devastating for your medical office. Thus, the average medical office pays around $290 per month on cyber liability insurance, which offers protection in case your medical office suffers a security breach.

What Types of Insurance Do Medical Offices Need?

Generally speaking, medical offices have several insurance policies to choose from. Factors such as the services offered by your medical office, the number of employees your medical office has, the location of the business, the value of the equipment present within the medical office, and others will play a crucial role when determining what type of insurance you should take out.

Please take a moment to review the most recommended insurance policies for medical offices below.

Why Do Medical Offices Need Insurance?

Health practitioners are an essential part of the workforce, and offering life-saving care to people is not an easy task. However, they are not invulnerable to the risks and hazards of their day-to-day responsibilities.

For instance, if your medical office is sued on the basis of negligence from one of the staff, having medical office insurance will safeguard your business from hefty legal fees and compensation that patients may request if they have sustained an injury as a result of the actions of one of your staff.

Another instance would be when sensitive information - such as the biodata of patients or even medical personnel - is subjected to a data security breach. This could be grounds for multiple claims against your medical office and land you in a lot of costly trouble, which you’ll have to pay for if you don’t have the necessary insurance in place.

In other cases, working around people who are sick can put your employees at risk, and if they fall severely sick and are forced to miss work due to their inability to work, they can make a claim against the medical office’s insurance and get compensated for any lost wages, hospital bills, and other.

The circumstances above can easily shake the financial standing of your medical office if it’s not properly insured. Having an adequate level of cover is a great idea as no matter what happens, your medical office will be freed from any financial liabilities in the event of a lawsuit or a claim.

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