As an ophthalmologist, you pour time and energy into helping your patients with their vision and eye-related issues. In some cases, you literally give people the gift of sight. However, you may be operating on a major oversight if you think that malpractice insurance is the only ophthalmology insurance that your practice needs, or if your coverage isn’t up to snuff. Keep reading to learn more about different ways in which the right mix of business insurance can protect your finances and ultimately, your career.
Everything from the simplest exam to the most precise surgery would be impossible without the right equipment behind you. Not only can defunct equipment prevent you from seeing patients, but it can also cost an astronomical amount to replace. Property insurance, depending on the extent of your policy, can help mitigate the costs of damage to your building and its contents in the event of a disaster named in your policy.
What if a fire, natural disaster, vandalism, or theft makes it impossible for you to operate for a given period? As the Insurance Information Institute writes, adding business interruption insurance to your property plan:
− Compensates you for lost income in the event you must vacate the premises due to damage stemming from a disaster that’s covered under your property insurance policy
− Covers the revenue you would have earned based on proof from your financial records
− Covers operating expenses and utility bills that continue even if you’re non-operational
According to data cited by Forbes from the U.S. Department of Health and Human Services’ Office of Civil Rights, 253 healthcare breaches of 500 individuals or more resulted in the loss of over 112 million records in 2015. Healthcare providers can face costly business interruption as well as hefty lawsuits if they’re the victim of a data breach. Ophthalmologists should also consider cyber insurance to reduce their online risk.
Healthcare professionals can choose a business owners policy (BOP) that bundles general liability coverage with property insurance for convenience. As an ophthalmologist, it’s up to you to make sure you have high enough policy limits to cover your property, plus liability due to claims of third-party injury or property damage. Just by the nature of having patients on your premises, your practice will need good general liability coverage in case of any non-professional negligence, like if a patient trips over a cord and falls.
From a business standpoint, worker's compensation is a legal requirement. Why else do health care professionals need workers’ compensation protection for themselves and their employees? According to Poms & Associates:
− Covers employees who become ill or sustain injuries while working and subsequently need time off. Workers’ compensation may cover their medical care or any permanent injuries.
− Workers’ compensation may provide financial benefits for families if an employee dies because of a workplace injury or illness, as well as cover funeral costs.
− Workers’ compensation can cover rehabilitation costs if an injured employee needs it to return to work.
− Workers’ compensation protects your business from employee lawsuits alleging negligence if an accident occurs.
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