5 Types Of Insurance Suitable For Physicians

5 Types Of Insurance Suitable For Physicians

by Mike W

If you have a personal medical practice, then you are probably conversant with the risk and dangers that affect a business owner. You are the jury and the judge, and hence there are few things you can do to protect your practice and insurance is one of the sure ways. Check out these insurance types:

  • Professional Liability Insurance

Professional liability insurance protects you from any harm resulting from claims or other practices. It may also be caused by negligence or failure to carry out your work with due diligence.

The professional liability insurance also covers the expenses of legal settlements and defense, which may run into thousands. Since the small physician practices lack sufficient resources for the claims, professional liabilities are mandatory.

  • Property insurance

Before opening your practice, it’s apparent that you spent time and cash to acquire the right medical supplies, fixtures, and the necessary furniture to make your workout more inviting to patients. But how can you replace damage resulting from a natural disaster?

That’s when the property insurance becomes helpful. It offers complete protection of your property in case it becomes damaged or lost to the ordinary, unavoidable circumstances. It also covers the personal property and physical building of your health workstation to safeguard your inventory and computers should anything happen.

  • Business Auto Insurance

Many self-employed physicians have enough time to make frequent home calls. It is more concierges to the doctors and physicians who are flexible to provide door to door services for their services. If you use your car in making such trips, then business auto insurance will be beneficial to your business.

The insurance covers the loss that makes your business liable. Depending on the coverage, the policy can also pay for repairs and replacement of your vehicle caused by theft and other causes.

  • Workers compensation

This insurance is for the physicians who have employed a few dedicated employees. In almost all the provinces, all employers must have the workers compensation to cover you from the losses caused by the employees.

When your worker performs a low impact work or a low-risk task, or even slips and falls from a higher level, the workers’ compensation insurance offers protection from any injuries caused by the accident when an unfortunate situation takes place and one the workers die, the protection compensates the family of the deceased.

  • Life insurance

Although it is not directly related to your business, life insurance plays an important role. Who would attend to your patients when you pass away? Who would work for your dear ones?

Life insurance ensures that the people you have appointed as your beneficiaries do not undergo hardships when you are no longer there. It is a superb method of ensuring that your family members are left with peace of mind and that they do not lack anything.

By having the various insurance types, your medical practice career will be well protected against losses that occur due to catastrophic events or lawsuits.

To get advice and guidance from one of the top Insurance company for Physicians in Canada, visit Levine Financial Group.

Leave a Reply

Your email address will not be published. Required fields are marked *