Business owner's policy for healthcare facilities

If your healthcare facility owns property, such as an ambulatory surgery center that owns its building or a dialysis center with hemodialysis machines, a business owner’s policy is likely the best fit for your business.

This policy combines general liability insurance and commercial property insurance at a lower rate than purchasing the policies separately. It covers third-party injuries or property damage, as well as damage to your own business property.

This policy safeguards against:

• Damage to business property
• Patient injuries and property damage
• Advertising injuries
• Forced closure

Healthcare facility owners can customize a BOP to meet their unique needs. Useful add-ons might include business interruption insurance, cyber liability insurance, or other endorsements.

Organizations that are eligible for a BOP usually:

• Have fewer than 100 employees
• Have a small workplace or office
• Make less than $1 million in annual revenue
• Operate in a low-risk industry
• Need less than 12 months of business interruption insurance

Talk to a licensed Insureon agent who specializes in medical facility insurance to find out if your business meets the criteria for a BOP.

The commercial property insurance included in a business owner’s policy protects your property that is damaged, vandalized, or stolen. That includes:

• Business equipment, including medical equipment
• Office furniture and furnishings
• Your building if you own it

If your medical office or other healthcare facility suffers damage from a fire – even one that began in another building – a BOP can pay for the cost of renovation.

The general liability portion of a BOP can pay for legal expenses related to third-party injuries or property damage. For example, it may offer coverage if:

• An assistant at your laser eye center accidentally drops and breaks a patient’s eyeglasses
• A client trips on an uneven step at your ambulatory surgery center and fractures a leg

The general liability portion of this policy also provides protection against advertising injuries, such as:

• Defamation, including libel (written) and slander (spoken)
• Copyright or brand infringement

For instance, if an employee posts a negative comment about a competitor in an online forum and your medical facility is sued for libel, general liability insurance can cover your legal expenses.

If your healthcare business is forced to temporarily close after a disruptive event, a BOP can compensate your center, lab, or office for lost income. For instance, a dental lab may need to close its doors for renovation and restocking after a fire.

Business interruption insurance, which is included in most BOPs, can pay for day-to-day expenses during a closure, including employee wages, the cost of utilities, and rent.

A business owner’s policy provides basic protection for your healthcare facility, but it doesn’t protect against employee injuries or lawsuits related to work mistakes. Business owners should also consider:

Workers’ compensation insurance: Workers' comp is required in almost every state for healthcare facilities with employees. This policy covers medical costs and partial lost wages for work-related injuries and illnesses.

Cyber liability insurance: This policy helps healthcare facilities survive data breaches and cyberattacks by paying for recovery expenses and other associated costs.

Professional liability insurance: Also called malpractice insurance, this policy covers legal expenses related to work mistakes and accusations of negligence.

Commercial auto insurance: This policy is usually required for business-owned vehicles, such as a mobile dialysis unit. It provides liability and property coverage in an accident.

Are you ready to safeguard your healthcare facility with a business owner’s policy? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.