Business owner’s policy for healthcare professionals

Every time someone walks through the door of your healthcare practice, there’s a risk of a slip-and-fall injury. Not to mention, a fire could destroy thousands of dollars of medical equipment and leave your office in ruins.

A business owner’s policy covers these risks and more. This policy bundles general liability insurance and commercial property insurance, typically at a lower rate than purchasing both policies separately.

General liability insurance provides coverage for third-party injuries or property damage for which you might be found liable. Commercial property insurance protects your building, equipment, and inventory from damage or loss.

A BOP protects against:

• Damage to business property
• Patient injuries and property damage
• Advertising injuries
• Forced closure

Healthcare professionals can tailor a BOP to meet their unique needs. Useful add-ons might include business interruption insurance, cyber liability insurance, or other endorsements.

Businesses that are eligible for a BOP typically:

• Have fewer than 100 employees
• Have a small workplace or office
• Make less than $1 million in annual revenue
• Operate in a low-risk industry
• Need less than 12 months of business interruption insurance

Talk to a licensed Insureon agent who specializes in healthcare to find out if your business meets the criteria for a BOP.

The commercial property insurance included in a business owner’s policy safeguards business property that is damaged, vandalized, or stolen. This includes:

• Medical equipment
• Office furniture and furnishings
• Your building if you own it

If your chiropractic clinic, ophthalmology practice, or other healthcare company suffers damage from a fire – even one that started in another building – a BOP can cover renovation costs.

The general liability portion of a BOP can pay for legal expenses related to third-party injuries or property damage. For instance, it may offer coverage if:

• A patient slips on a newly waxed floor at a dentist's office.
• An optometrist’s receptionist cracks a patient’s smartphone screen.

The general liability portion of this policy also offers protection against advertising injuries, which include:

• Defamation, including libel (written) and slander (spoken)
• Copyright or brand infringement

For example, if a staff member at your dental office writes a negative online review of a competing dentist and your practice is taken to court for libel, a general liability insurance policy can pay for your legal defense.

If your healthcare business is forced to close after a fire or other disruptive event, your BOP can compensate for lost income and other costs.

For example, a physical therapy clinic might have to temporarily close its doors for repairs after a tornado. Business interruption insurance, included in most BOPs, can cover operating expenses while your office is being renovated. This can include rent, staff wages, and utility bills.

A BOP covers the most common risks faced by healthcare professionals, but it doesn’t shield against staff injuries, lawsuits related to work mistakes, or data breaches. Healthcare professionals should also consider:

Workers’ compensation insurance: Most states require this coverage for healthcare businesses with employees. Workers’ comp can cover medical fees and disability benefits for work injuries.

Professional liability / medical malpractice insurance: This policy helps cover legal expenses when a healthcare practitioner is accused of a mistake or negligence.

Commercial auto insurance: Vehicles owned by a healthcare business usually must be covered by commercial auto insurance. It covers costs when a business vehicle is involved in an accident.

Cyber liability insurance: This policy helps healthcare professionals survive data breaches and cyberattacks by paying for recovery expenses and other associated costs.

Are you ready to safeguard your healthcare business with a business owner’s policy? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.