Running a lifestyle medicine or healthcare business comes with unique risks. In addition to the obvious need for medical malpractice and professional indemnity insurance, protecting patient data from cyber threats and covering against property damage requires the right insurance. Let’s explore essential insurance coverage for a thriving health and medical practice and a peaceful mind.
Protect Patient Records and Business Operations with Cyber Insurance
We all know how sensitive and personal medical data is. Unfortunately, there are many bad actors out there who would like to get their hands on people’s medical records. Cyber insurance is an essential medical business insurance that covers expenses related to data breaches. It can help mitigate financial losses and reputational damage resulting from cyber incidents.
Cyber insurance protects your business against:
- Data breaches
- Data loss and restoration
- Business interruption
- Ransomware attacks
- Cyber extortion
- Privacy liability
- Regulatory and legal compliance
- PR and reputation management
Safeguard Directors and Officers with Management Liability Insurance
Management Liability insurance safeguards your personal assets and the financial stability of your business against legal claims or lawsuits stemming from managerial decisions or actions. It provides indemnity for company directors, as well as the business entity, in the event of an alleged breach of duty, employment related dispute, fraud, and regulatory fines and penalties.
Medical Businesses Need Property Damage Insurance
Depending on how you run your practice (for e.g, you have your own premises or you rent consulting rooms) you’ll need to consider the appropriate level of property damage insurance. Business Package policies can make things simple. They can include many sections covering damage to:
- Buildings
- Contents
- Equipment
- Glass
These packages will cover your business for a range of events such as:
- Fire
- Theft or burglary
- Storm or water damage
- Many other perils that can disrupt business operations and incur costly repair bills.
Business Interruption Insurance for Medical Practices
While a property damage claim is underway, if you’re unable to trade from your usual premises or operate as normal, business interruption can pay lost revenue or additional costs incurred to temporarily operate elsewhere. It’s not just related to property damage either. Business interruption insurance can help ensure cash keeps flowing under a range of insured events that you choose to have in your policy.
Consider General Liability Insurance
While public liability insurance protects your business against claims from the public while on your business premises, general liability insurance builds upon this protection by offering a broader shield against legal and monetary claims.
If accidents or incidents unrelated to your professional services arise, a general liability policy can shield you from third-party claims of bodily injury, property damage, or advertising injury caused by your business activities or on your premises.
Let BlueRock’s Business Insurance Brokers Protect Your Business
Still unsure if you need insurance for your health or medical business? Check out our Guide for Practitioners and Business Owners which has some real-life BlueRock client examples of insurance claims in action.
Allow us to review your existing insurance policies and put together a competitively priced comprehensive insurance solution so you can practise with complete peace of mind. Speak with a BlueRock Business Insurance consultant today!
Disclaimer: This article provides information rather than financial product or other advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, before you act on any information. In particular, you should review the product disclosure statement for any product that the information relates toit before acquiring the product.
