Business Liability Insurance For Your Medical Practice Is A Must!

If you have a business, which a medical practice is of course, you need business liablity insurance. Your malpractice insurance won’t protect you if your patient slips on your front step and breaks her hip. As doctors, we’re used to the concept of risk. Some doctors are even comfortable with it, but I can only admit that to a limited degree. I really dislike taking on more risks than my profession requires, and therefore I am an insurance salesman’s best customer. I have no problem admitting that fact.

Show me why I need some type of insurance protection, and I’ll listen carefully at least. Of course I have life insurance, mostly term life insurance. But I have some whole life insurance too because I hope to outlive my term insurance and still leave my family enough money to bury me and pay off my debts. My father did NOT believe in life insurance, preferring instead to put his money in the stock market. He passed away last year, before the market tanked (thank goodness) and all I can tell you is his stocks didn’t do so well. I’m still working… but I digress as usual.

I also have disability insurance, good car and homeowners insurance, and an umbrella policy to cover what the other policies won’t cover. I’m considering a policy for Errors and Omissions since starting PrivatePractice.MD, but that policy is more for corporate board members I think. There are all sorts of specialized insurance products so be sure to ask your agent to review your business risks and determine if those risks can be mitigated with insurance.

You work hard to start and build your business and you don’t want it taken from you due to some preventable or unfortunate event. Business Liability insurance should protect you from those sorts of risks. If you have partners you might also consider having the medical practice buy life policies for each partner which pays the surviving spouse for that partner’s equity ownership in the practice in the event the partner dies. Otherwise your new partner may be the spouse! I can see how that might cause some problems for the daily office routine (but again I digress).