Business Insurance for
Medical Equipment Supply Stores
Medical equipment supply stores generally supply hospitals, doctor’s offices, clinics and other medical facilities. Occasionally a medical supply store may sell some products, such as oxygen tanks and blood pressure cuffs, directly to consumers. Supplying such important products can put your company at risk for financial hardship when accidents happen. Protect your company and your customers with the right business insurance.
General liability insurance protects your company and your customers when accidents happen or other unexpected hazardous events occur. This is a broad level of business insurance that provides you with coverage for things you may or may not think of in advance. It also grows as your company grows, so your coverage expands to provide new protection automatically.
General Liability Insurance Includes:
- Premises Liability – If you run a retail establishment for your medical equipment supply store, there is a risk that a customer can come to harm while they’re there. If a customer falls in the bathroom for example, because the handicapped bar could not support their weight, they may require medical attention. Your premises liability insurance can pay for the medical bills that arise. It also pays for repairs to your customer’s personal property if it receives damages while on your business premises.
- Products Liability – If you sell medical supply products that are later found to be faulty, those defective products can bring harm to your customers. Products liability insurance pays your customer’s medical bills if they are injured, along with pain and suffering and other damages or losses that result.
- Completed Operations – If you provide services or sign business contracts as part of your medical equipment supply store company, problems may arise after you have completed rendering those services. If the completed operations cause physical harm to a customer in the future, your completed operations coverage can pay for the damages or injuries. This coverage can also pay for your legal defense fees if needed.
Business Owners Policy
General liability insurance is included in an expanded type of coverage known as a BOP, or business owners policy. The BOP coverage focuses on protecting your company from losses related to tangible business property – such as your retail supply store building or your inventory – and your intangible assets – such as identity theft or employee dishonesty. A BOP can be tailored to provide only the business insurance coverage you need, such as:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business auto insurance protects you from financial hardships caused when you have an auto accident. This coverage protects delivery vehicles, business vans, passenger vehicles and more depending upon the level of coverage you select.
Workers comp insurance is required by law in most states. This insurance pays for hospitalization costs, doctor’s bills and other recovery expenses that arise for your employees if they are ever hurt on the job.
Umbrella coverage provides protection above and beyond your standard business insurance policies.