When it comes to your business, it may be overwhelming to evaluate the various areas that can put you at risk for an accident or lawsuit.
Now is the time to think about your risk mitigation plan and how you can protect yourself and your practice from fires, floods, injury, or other liabilities that can cause significant financial and business loss, such as practice closure and equipment repair or replacement.
While there are several mitigation strategies to implement to reduce your risk, the best protection to consider is a Business Owner’s Policy (BOP), which combines a wide range of liability and property/casualty coverage into a single package. Although these policies may be purchased or customized as individual policies, it is generally easier and less expensive to purchase them together.
A good BOP:
- Repairs or replaces damaged buildings, equipment, or other business property.
- Reimburses lost income or costs if the practice closes following a loss to property.
- Covers the cost of replacing or restoring damaged records or files due to a property loss.
- Pays for medical costs of individuals other than employees who are injured at your practice.
- Provides insurance against alleged claims of injury or damage caused by physicians or their employees (not from malpractice), including cost of legal defense and settlements.
Now is the time to think about your risk mitigation plan and how you can protect yourself and your practice from fires, floods, injury, or other liabilities that can cause significant financial and business loss.
Practice closure, costly injury-related medical bills, court and legal fees, inventory replacement for damaged goods, and equipment repair or replacement are just some of the challenges you may face because of a business-related accident or lawsuit.
In addition to a BOP, you may also want to consider a hired and non-owned auto liability insurance, a commercial auto insurance coverage that protects businesses from liability for accidents involving vehicles they don't own but use for business purposes. This includes vehicles rented, leased, borrowed, or used by employees for work.
Get a Quote Now for a Business Owner’s Policy!
If you do not already have a BOP, now is the time to explore options available to you through Symphony Health. PLUS, when you secure a BOP specifically with The Hanover Insurance Group through Symphony Health, you also receive water sensor technology—with hardware and software provided at no cost—that sends you real-time alerts to prevent costly water damage.
Contact Symphony Health to get started!
Call 213-576-8529 or email HealthCareServices@SymphonyRisk.com