As a medical practitioner, it’s imperative to think of protecting your practice with life insurance. With the right planning, purchasing life insurance can be beneficial to your medical practice in many ways. For example; it prevents revenue lose and ensures that monthly rent is covered, salaries, utilities, and supplies are sorted even in your absence should the unexpected occur. To lift the financial burden off your staff, physicians, family or partners, it’s wise to name your practice as the beneficiary of the purchased life insurance.
Here are 5 types of Insurance covers that can help to protect your medical practice
Life insurance
It’s vital to take a minute to think of your loved ones and patients should angels of death strike. Life insurance, for many, is one of the most essential covers globally. This kind of coverage provides death benefits to all your designated beneficiaries after your demise. Life insurance is an excellent way of unburdening your loved ones, and business partners if you are no longer there. It allows surviving doctors to continue performing the work you left behind without your reputation fading away.
Professional Liability Insurance
Also known as malpractice insurance, the professional liability insurance cover protects your medical practice from certain liabilities such as negligence claims among other legal issues that may arise in your line of work. This is a must have life insurance cover as it takes care of all the legal settlements and defense costs that may have otherwise paralyzed your small practice.
Property Insurance
Running a medical practice is an expensive affair. Purchasing property insurance ensures that all your costly medical equipment, supplies, appliances, office furnishings, computers and inventory among other personal property that enables your business to run effectively are well covered in case of damages, fire or theft. Just imagine the amount of money it would cost to replace some of those things without Property Insurance.
Business Auto Insurance
Every physician particularly concierge medical practitioners who use their personal vehicles to make house calls should purchase business auto insurance. You probably know that your individual auto insurance policy won’t pay for any damages that occur in an accident that involves you using your personal car for business purposes. Cover all your business cars with a business auto policy cover and avoid incurring huge losses in bodily injury, property damage, vehicle repairs or replacement expenses.
Workers Compensation Insurance
It takes a team of profoundly dedicated, hard-working and highly skilled professionals to operate a successful medical facility. As a wise medical practitioner, it’s essential to protect your employees through workers compensation insurance covers. In fact, this type of insurance is compulsory for all licensed medical practice employers in all states except Texas. With this insurance cover, you’ll never have to personally pay for lost wages, medical care, death compensation or carpal tunnel syndrome claims. Generally, you can’t afford to run a medical facility without a valid workers compensation insurance coverage.
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