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Why do hospitals need insurance?
When working with the sick and elderly, a simple accident can prove devastating. Business insurance protects against legal costs from slip-and-fall injuries and medical negligence. It can also pay for costly property repairs, workplace injuries, and the fallout from a data breach or cyberattack.
Find the right coverage
Insureon helps hospital owners find insurance that matches their unique risks.
Get free expert advice and peace of mind knowing you have the right property and liability coverage for your small business.
How do I get medical malpractice insurance?
It's easy to get free quotes for medical malpractice insurance with Insureon. We'll ask you basic facts about your business to help you find coverage that matches your unique risks and meets the requirements in your state.
Contact our dedicated medical malpractice insurance specialist to get started.
What types of insurance do hospitals need?
These insurance products cover the most common risks faced by hospitals.
General liability insurance
A general liability policy covers basic third-party risks, such as a patient who files a lawsuit after slipping on a wet floor during their hospital stay.
BEST FOR
- Slip-and-fall injuries
- Patient property damage
- Libel and slander lawsuits
Business owner’s policy
A business owner's policy, or BOP, is a cost-effective way for hospitals to buy general liability coverage and commercial property insurance together.
BEST FOR
- Slip-and-fall accidents
- Damaged patient property
- Stolen or damaged business property
Workers’ compensation insurance
Most states require workers' comp for hospitals that have employees. It also protects sole proprietors from work injury costs that a personal health insurance plan might deny.
BEST FOR
- Employee medical bills
- Disability benefits
- Lawsuits from employee injuries
Cyber insurance
This policy helps hospitals survive cyberattacks and data breaches by paying for data recovery expenses and other associated costs. It's also called data breach insurance.
BEST FOR
- Data breach notification expenses
- Fraud monitoring costs
- Public relations
Commercial auto insurance
Commercial auto insurance is typically required for business vehicles. It helps cover the costs of accidents involving ambulances and other vehicles owned by your hospital.
BEST FOR
- Property damage caused by your vehicle
- Medical costs from an auto accident
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does healthcare facility insurance cost?
A small inpatient facility will pay less for insurance than a larger hospital with an emergency room.
Factors that affect premiums include:
- Healthcare services offered
- Medical equipment and property
- Business income
- Policy limits and deductibles
- Claims history
How do I get hospital business insurance?
It's easy to get business insurance for hospitals if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application.
- Compare insurance quotes and choose policies.
- Pay for your policy and download a certificate.
For medical malpractice coverage, you can contact our dedicated agent by sending an email to [email protected] or by calling (312) 854-2919. They can help you find insurance quotes for malpractice and other common policies that your hospital needs.
Insureon's licensed insurance agents work with top-rated U.S. carriers to find the right insurance coverage for healthcare providers, whether you work independently or hire employees.
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FAQs about business insurance for hospitals
Do hospitals need to provide malpractice insurance for medical staff?
The laws for malpractice insurance, which is also referred to as professional liability insurance, tend to vary by state. For example, Florida requires malpractice insurance for doctors, but California does not. In New York, doctors who carry coverage qualify for a state program that provides free excess coverage. Healthcare systems and networks can also require malpractice coverage.
Hospitals are often the ones to provide this coverage for their employees, but some medical professionals choose to buy their own policies for flexibility and to make sure their interests are well represented in court.
Even when it's not required by law, there are several reasons why hospitals carry this coverage:
- Out-of-pocket costs from a lawsuit can be financially devastating, especially for smaller medical facilities with fewer resources to fall back upon.
- Malpractice lawsuits are common. Over a third of doctors have been sued for malpractice, and more than 60% of general surgeons and OBGYNs have faced a lawsuit.
- Hospitals can be named as defendants. When a medical professional makes a mistake, the facility where they work can be held liable. That's why insurance is crucial even if your workers have their own coverage.
What other insurance policies should hospitals carry?
Because hospitals have such high risks, it's a good idea to look into additional protection for your facility. Policies that can give your coverage a boost include:
- Excess liability insurance covers financial losses once the limit is reached on an underlying policy, typically general liability insurance.
- Commercial umbrella insurance is similar to excess liability coverage, but provides supplemental insurance across multiple policies, including malpractice insurance.
- Tail coverage extends your malpractice insurance coverage to claims filed after your policy expired or was canceled.
To make sure you're fully protected, check your policy for any important exclusions and work with an agent to get coverage for any gaps.
How can hospitals reduce liability risks?
Fortunately, there are numerous ways to reduce liability risks in your hospital and avoid a lawsuit in the first place. Here are a few risk management strategies:
- Clean up spills promptly, remove clutter, and fix broken steps and other hazards
- Train staff on safety techniques and provide PPE such as gloves, aprons, and masks
- Document all patient communications, including verbal conversations
- Reduce cyber risks with the HIPAA security rule and follow best practices
- Establish standard procedures and policies for patient care
- Follow up with all patients, both inpatient and outpatient