Insurance for Pediatricians
Pediatricians provide a critical service to the community in general, and their patients specifically. As a pediatrician, you get to help parents learn how to keep their kids safe and healthy. You also get to see those children when they’re healthy and happy or sick and miserable. Whether children come to see you for a wellness checkup or because they are ill, it is your responsibility to take care of them to the fullest extent of your ability. You worked hard to get your medical license and start your own practice, and you work hard to keep your patients healthy. Don’t risk allowing troubles to arise and sacrificing all of your hard work and effort by skimping on the right types of small business insurance.
General liability is the best type of base level insurance every business should carry. This coverage protects you from most potential risks or hazards as long as they’re not specifically excluded from coverage on your policy. A general liability business insurance policy helps protect you by limiting the financial damages you’ll incur if a customer is physically harmed by your company, or if they make legal claims against you. This insurance will also grow automatically alongside your business growth. This means that whenever you add a new pediatrician office, service or product, your CGL will automatically protect them from the start. Several of the ways a commercial general liability policy helps protect you include:
General Liability Insurance Includes:
- Premises Liability – Since pediatricians focus on providing medical care to children, the chances of one of those patients having an accident are greatly increased. Kids seem to be automatically accident prone. If a child or his parent has an accident while at your offices, they may sue you for the care bills. Your premises liability helps protect you from those suits and pays for the medical bills for your customers. This insurance also pays for damages and repair costs if a patient’s personal property comes to harm while at your offices as well.
- Products Liability – Products liability insurance protects you from lawsuits and legal claims that come about due to products you have sold. If you sell a product to your customers and that product is later found to be defective, it can cause harm to the person you sold it to or to their child. Products liability can help pay for your legal defenses while also paying for the patient’s injuries or damages.
- Completed Operations – Sometimes a patient or his parents will feel that you caused problems after you have completed services for their child. Completed operations insurance helps protect you against lawsuits that make these claims. It can pay for any medical bills or expenses that arise as a result of your services, and pays for damages, pain and suffering or other awards as applicable.
Business Owners Policy
General liability insurance is included in another form of business insurance known as a business owners policy, or BOP. A BOP provides you with direct protection for your business assets. This insurance can include coverage for tangible or intangible business assets, such as your medical equipment and machines or your electronic patient records. A BOP can be tailored to provide just the coverage you need for your company. Coverage options include: A business owners policy (BOP) is particularly useful for small businesses like yours. It includes general liability coverage for your company automatically while also providing direct protection against the loss of your business assets. It can protect tangible assets such as your medical exam tables, and intangible assets such as your electronic customer scheduling software. You can tailor your BOP so that it only provides you with coverage your company actually needs, such as:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
If you, one of your office staff or other employees needs to travel by car for business reasons, it’s important for your company to carry a business auto insurance policy. Increased driving can increase your risks of having a business related auto accident. Bodily injuries or property damages that are caused in an auto accident can put severe financial strain on your company. You can structure your commercial auto policy so that it limits the amounts you must pay directly. You can even tailor it so that you’re protected from a wide number of risks such as theft, fire, hit and run drivers or uninsured motorists.
The employees that work in your pediatrician’s office must be protected with workers comp insurance. This protection is required by law in most states. Workers compensation is there to help your employees if they are ever injured while performing their job duties. It pays for their medical care and related recovery expenses caused by the injuries.
Professional liability insurance is another name for malpractice insurance. This insurance is designed to protect trained professionals such as yourself, when you make professional errors. Malpractice insurance can help pay for your legal costs and pays for settlements and related expenses when you make mistakes that bring harm to your patients.