Medical Equipment Distributor Insurance
The medical field calls for a wide range of supplies, from gloves and bandages to surgical knives and x-ray films. So if you want to be involved in a business that gives doctors and nurses the tools to care for their patients, this is it. But just as medical practitioners face expensive lawsuits when something goes wrong, so can distributors in this field. That’s why you need medical equipment distributor insurance if you want to protect your business.
General Liability for Medical Equipment Distributors
Anyone involved in the medical field should have the proper general liability coverage, so it’s good that your medical equipment distributor insurance includes it. This is because it is possible that you could be sued if any of the equipment you sell is used when a patient is injured. Without this coverage, you could be held personally liable for any necessary medical treatment.
The same goes if anyone is injured after visiting the warehouse where you store your medical equipment. As soon as someone trips over a box or cuts themselves on the equipment that you are going to sell, you will be glad to have liability coverage within your medical equipment distributor insurance policy. In addition, liability will pay for any claims that another company brings against you for slander, libel or similar offenses.
Business Owners (BOP)
Business owners policy (BOP) combines a few coverage types that most businesses can benefit from so that liability is not the only layer of protection. It can pay for equipment repairs that is necessary to keep your business running so that you do not have to close due to not being able to afford repairs right away due to a loss. In addition, if a natural disaster – such as a flood or fire – strikes on your property, your BOP can cover the building and its contents. A BOP can even protect you financially against dishonest employees who steal from your business.
Commercial Auto Coverage
Being a distributor of medical equipment means driving all over the area you service, so you should have a great car insurance policy. But your personal car insurance policy will not pay for any damages or injuries that result from a car accident when you are driving for work, which is why you need a commercial auto policy. Luckily, you can get this when you obtain medical equipment distributor insurance.
Workers Comp Insurance For Medical Equipment Distributors
Whether you have 1 or 50 employees, you need workers comp regardless of the state your business is in, with Texas being the only exception to the rule. This type of coverage protects your employees in case they are injured at work. But it also protects you and your business, because it means you will not have to personally pay for the medical care or rehabilitation they might need after a work injury. This is why medical equipment distributor insurance includes it.
This is also called umbrella coverage. The point of it is to pay for any costs that are in excess of the liability policy limits on your medical equipment distributor insurance. This means you will be happy to have it if you are ever faced with an expensive lawsuit that costs you more than your general liability policy can cover.