Community Hospital Insurance Keeps Small Facilities Healthy
Escalating medical malpractice verdicts and a shortage of qualified workers have alarmed community hospital administrators and increased risk at organizations. Because construction and equipment replacement costs are skyrocketing and liability exposures increasing, a very intentional healthcare industry insurance policy is essential. It should include transferring potential financial damage to a trustworthy insurer.
For example, let’s review some insurance coverage basics and some of the specialized products you may wish to consider.
Protecting People:
- General Liability: Covers injuries on your property, like slips and falls.
- Hospital Professional Liability (Medical Malpractice): Protects against claims of negligence by your medical professionals.
- Allied Health Insurance: Covers mistakes by non-licensed staff like X-ray technicians.
- Employment Practices Liability: Protects against accusations of discrimination or mistreatment of staff.
- Workers’ Compensation: Covers injuries or illnesses sustained by your staff on the job.
- Assault and Abuse Insurance: Protects your staff from false accusations of patient abuse.
Protecting Your Property:
- Commercial Property: Covers your buildings, equipment, and supplies.
- Business Interruption: Replaces lost income after a covered property loss.
- Equipment Breakdown: Covers repairs and downtime due to equipment malfunctions.
- Cyber Insurance: Protects against data breaches and cyberattacks.
Other Important Coverages:
- Business Auto: Covers your hospital vehicles in case of accidents.
- Crime Insurance: Protects against employee theft and fraud.
- Directors and Officers (D&O): Protects your hospital leadership from lawsuits.
- Employee Benefits Admin Insurance: Protects against errors by your benefits administrators.
Tailored coverage is key, above all, but this is not an exhaustive list. Depending on your hospital’s unique operations, you may need additional coverage.