Working in healthcare, you know the importance of proper insurance coverage, but do you also know what coverages you need to keep your facility and employees safe? Consider these tips when trying to choose the right policies for your needs.
How Insurance Protects Your Facility and Employees
Insurance can help reduce risks and minimize your company’s share of responsibility in certain situations. These may include cases of patient mistreatment, a data breach, or property damage.
Types of Insurance You Should Have
The type of insurance you need will ultimately depend on the services you offer and how your business is structured it is a good idea to work with an insurer who is familiar with the healthcare industry to ensure you have adequate coverage. However, there are some policies that are more common within the healthcare industry. These include:
- Property: This can help pay for repairs of covered items in certain situations, such as after a natural disaster.
- Liability: Liability insurance may cover claims or settlements associated with someone being injured or dying at your facility.
- Employment Practices: This type of coverage protects you against claims made by employees regarding unfair hiring or work practices.
- Commercial Auto: This provides full coverage for facility vehicles, as well as hired and non-owned autos used for company purposes.
Taking time to learn about the different types of healthcare insurance coverages and what they do will make choosing the right policy for your facility easier.