As business owners, physicians should have a general understanding of how to protect their practices and themselves from various types of financial risks, in addition to those associated with medical malpractice liability.
Where do you start? What kind of coverage does a physician need? What should the limits be? How much will it cost? Who is a good source for help?
A good place to begin is with an evaluation of your current business insurance coverages to ensure that they are tailored to the specific needs and size of your medical practice.
Here are the top essential business insurance programs you should review regularly and consider adding to your portfolio if you are not currently covered:
Business Owner’s Policy (BOP)
Combines a wide range of liability and property coverage into a package that is typically less expensive than purchasing the coverages individually.
Workers’ Compensation Insurance
Protects you against lawsuits, fines, and penalties stemming from workplace incidents — and may include protection from COVID-19-related liability.
CyberRisk Liability Coverage
Provides additional protection above the $50,000 of protection you automatically receive as a CAP member to cover the high costs associated with dangerous cyberattacks.
Coverage for Medical Consultants
Offers protection from errors and omission that may occur when performing duties outside of regular
patient care, such as reviewing medical records for insurance companies, engaging in nonprofit work, evaluating criminal cases, or performing peer review.
Telemedicine Coverage for Patients Outside of California
Your medical malpractice coverage through CAP includes telemedicine for services provided to patients in California. If you are currently seeing and treating patients virtually outside of California, extra professional medical liability protection is important coverage for you to have.
Who is the best source for your insurance needs? CAP Physicians Insurance Agency, Inc. (CAP Agency) is a full-service insurance agency created to support CAP members with important insurance programs. The licensed, trained professional insurance agents with CAP Agency have expertise in all lines of business and personal insurance coverage, and they know healthcare. They can provide you with a comprehensive review of your risk exposures, assess your current coverage, and provide you with comparative, competitive quotes at no cost to you.
To learn more about how we can support you and your practice with comprehensive insurance programs at favorable rates, contact us by calling 800-819-0061 or emailing CAPAgency@CAPphysicians.com.