As a physician, you are healing and treating the sick. You are also contributing to the improvement of your community.
However, owning a business is risky. Many businesses fail each year. Physicians face medical and business risks every day. You can face additional risks once you start your private practice. By buying appropriate insurance for your practice, you can protect yourself and your community.
Medical Malpractice Insurance
Malpractice liability insurance protects medical professionals from negligence within their practice. With liability insurance, you can reduce the chances of a financial loss. Liability insurance can help when incidents occur that involve bodily injury, expenses, and property damage in association with wrongful practice.
Moreover, you can often couple your malpractice insurance with other business insurance. This can set the foundation of a comprehensive risk management plan.
Business Owner’s Policy
One key aspect of having a successful medical practice is preparing for the future. A business owner’s policy can help a practice in case illness, injury or death incapacitates the owner. With insurance, your practice may have the finances necessary to continue operations.
Cyber Liability Insurance
It’s also important to protect your medical practice from cyber threats. Cyber liability insurance helps your practice recover if you experience a data breach.
Many medical systems now share a lot of private information through integrated networks. Still, the cyber security of other parties is never a guarantee. As such, protecting your patients and practice requires moving beyond your typical security measures.
Cyber insurance can help in this case. It can provide financial protection even if a breach does occur. Insurance may cover legal fees, settlements, and crisis management.
Doctors have many responsibilities. You increase your financial risks when you add business owner to your list of titles. You can mitigate some of your risks by having good business insurance.