Several variables contribute to the cost of business insurance for healthcare facilities, including the size of the facility and its risks. Cost estimates are sourced from policies purchased by Insureon customers.
Healthcare facilities pay a median premium of about $65 per month or $785 annually for a business owner’s policy. A BOP combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.
A BOP protects against third-party injuries and property damage, along with damage to your own business property. Because of its increased coverage and affordability, it’s the policy most often recommended by Insureon’s licensed agents.
Among healthcare facilities that purchase a business owner’s policy with Insureon, 27% pay less than $600 per year and another 44% pay between $600 and $1,200 per year.
The cost is driven by the amount of property coverage required. For example, ambulatory surgery centers and dental labs with specialized equipment are likely to pay more than a small medical office.
Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's business owner's policy cost analysis page.
If you don't need property coverage, it may make sense to buy standalone general liability insurance. This insurance policy costs small businesses a median of $42 per month, or $500 annually.
General liability insurance covers risks involving patients, visitors, and other non-employees – primarily bodily injuries and property damage.
For example, a vendor visiting a dental lab might trip over an extension cord and file a lawsuit over their injury. General liability coverage would pay for legal expenses, including the cost of hiring an attorney and any resulting settlement or court-ordered judgment.
The cost of general liability insurance depends on your level of risk for third-party lawsuits. Basically, the more you interact with the public, the higher your level of risk for this kind of lawsuit.
For example, a small medical office will pay less for this policy than a busy dialysis center that has patients coming and going all day. Businesses that handle other people's property may also pay more for this type of insurance.
Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's general liability insurance cost analysis page.
To meet state requirements, healthcare businesses with employees usually must purchase workers’ compensation insurance. This policy helps pay for medical treatment and partial lost wages when an employee suffers a work-related injury or illness.
Sole proprietors should also consider buying workers' comp. Your health insurance plan might exclude claims for injuries related to work, leaving you to pay expensive medical costs out of pocket.
The median premium for this policy is less than $70 per month or $825 per year for healthcare facilities.
Among healthcare facilities that purchase workers’ compensation insurance with Insureon, 36% pay less than $600 per year and another 28% pay between $600 and $1,200 per year.
The cost of a policy depends on the number of employees and their occupational risks, among other factors.
Learn how workers' comp premiums are calculated and more on Insureon's workers' compensation insurance cost analysis page.
Healthcare facilities pay a median premium of about $290 per month or $3,500 annually for professional liability insurance.
This policy is also known as malpractice insurance for medical professionals. It offers critical coverage for healthcare facilities, including legal fees related to professional mistakes and accusations of negligence.
Most healthcare facilities choose a professional liability policy with a $1 million per-occurrence limit and a $3 million aggregate limit. The median deductible is $2,500.
Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's professional liability insurance cost analysis page.
Commercial auto insurance is required in almost every state for business-owned vehicles. This policy costs small businesses a median of $142 per month or $1,704 per year.
Commercial auto insurance rates depend on your vehicle's value and how much your employees drive. As with personal auto insurance, it costs more to insure more expensive vehicles and high-risk drivers.
Learn how coverage limits and other factors affect the cost of this policy on Insureon's commercial auto insurance cost analysis page.
Cyber liability insurance is vital for medical offices and other healthcare facilities that handle sensitive information, such as patient records or credit card numbers. Also called data breach insurance, it helps cover the costs of lawsuits, notifying affected patients, and other expenses related to a data breach or cyberattack.
With a median premium of about $290 per month or $3,470 per year for healthcare facilities, policy cost is determined by factors such as your industry type, level of risk for a breach, annual revenue, type and amount of records you store, and coverage limits.
Learn how to save money on your policy, which coverage limits to choose, and more on Insureon's cyber liability insurance cost analysis page.
Insureon’s healthcare facilities business insurance agents work with top-rated U.S. insurers to find affordable coverage that fits your business. Apply today to compare quotes with one free online application. Work with an account manager specializing in the unique risks of your healthcare profession.