There are several different kinds of policies and areas of coverage when it comes to business insurance. For practice owners, this can get a bit confusing.
In this episode #62 of the NP Business Matters Podcast, I’m talking about the different kinds of insurance, why you might want to have them, and where to find them. I’ll also talk briefly about professional liability insurance.
Types of Business Insurance
- General Liability – protects from lawsuits for bodily injury and property damage. This is also known as the slip and fall policy. It most often covers fires and other sorts of damage. If you are in a high-risk area, you may need additional coverage such as for floods and earthquakes.
- Commercial property insurance – covers the places you do business and the tools you use such as computers, therapy equipment, medical instruments, as well as diagnostic and therapeutic tools.
- Business Income Insurance – aka business interruption insurance – helps replace lost income if you can’t run your business due to property damage like fires, tornados, and hurricanes.
- Data Breach/Cyber Liability Insurance – these days, this is essential!
- Practice overhead insurance helps you cover costs if you are out ill and/or on disability.
- Workers Comp – can cover you as well as your employees.
- If you are using your vehicle for business purposes, you’ll likely need a commercial auto insurance plan.
- Don’t forget, you’ll most likely want Short and long-term disability for yourself and possibly your staff.
Types of policies and rates may vary depending on location, size of your space, enhancements in the space, and the like.
As you can tell, there is a lot to look at when deciding on what you need and how much to budget for this.
Your Turn! Share Your Thoughts Below.
What has been your experience with business insurance? Is there coverage you did not think about that you plan on looking into? Or coverage you found was inadequate? I invite you to share your thoughts, ideas, and/or questions in the comment section below.
Topic Resources
- Cost of Ransomware Attacks – https://www.wsj.com/articles/smaller-medical-providers-get-burned-by-ransomware-11570366801
- Business Insurance – I’m real glad I have it today. This is what happened to us.
More Resources
- Catch up on all the NP Business Matters podcasts here.
- Check out the Nurse Practitioners in Business Facebook Group
- Become a Member of the NPBO™
- Ready to start your own practice?
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We appreciate you mentioning that your business locations and the equipment you employ, such as computers, therapy equipment, medical devices, and diagnostic and therapeutic tools, are covered by commercial property insurance. My friend founded a new business. I will advise her to purchase commercial insurance because my company uses a lot of technological equipment.
Who do you recommend to go through for malpractice insurance? I have gotten quotes from NSO and Baxter. Anyone that you suggest?
I don’t recommend anyone company. This varies as to what is available state to state, with what you are doing in your practice, etc. You want to look at limitations, exclusions, requirements, state BON representation and more. (Recording a new podcast on this today)