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Business owner’s policy for healthcare professionals

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Business owner’s policy

A business owner’s policy (BOP) bundles general liability insurance with commercial property insurance. It typically costs less than if the policies were bought separately.

A BOP bundles policies to protect your practice

Every time someone walks through the door of your healthcare practice, there’s a risk of a slip-and-fall injury. Not to mention, a fire could destroy thousands of dollars of medical equipment and leave your office in ruins. A business owner’s policy covers these risks and more. This policy bundles general liability insurance and commercial property insurance, typically at a lower rate than purchasing both policies separately.

General liability insurance provides coverage for third-party injuries or property damage for which you might be found liable. Commercial property insurance protects your building, equipment, and inventory from damage or loss.

A BOP protects against:

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

Customize a BOP to fit your healthcare business

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

 Businesses that are eligible for a BOP typically:

  • 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 healthcare to find out if your business meets the criteria for a BOP.

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What coverage can a business owner's policy offer healthcare professionals?

Damage to business property

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

  • Medical equipment
  • Office furniture and furnishings
  • Your building if you own it

If your chiropractic clinic, ophthalmology practice, or other healthcare company suffers damage from a fire – even one that started in another building – a BOP can cover renovation costs.

Patient injuries and property damage

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

Advertising injuries

The general liability portion of this policy also offers protection against advertising injuries, which include:

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

For example, if a staff member at your dental office writes a negative online review of a competing dentist and your practice is taken to court for libel, a general liability insurance policy can pay for your legal defense.

Forced closure

If your healthcare business is forced to close after a fire or other disruptive event, your BOP can compensate for lost income. For example, a physical therapy clinic might have to temporarily close its doors for repairs after a tornado. Business interruption insurance, included in most BOPs, can cover operating expenses while your office is being renovated. This can include rent, staff wages, and utility bills

Other key policies for healthcare professionals

A BOP covers the most common risks faced by healthcare professionals, but it doesn’t shield against staff injuries, lawsuits related to work mistakes, or data breaches. Healthcare professionals should also consider:

Workers’ compensation insurance: Most states require this coverage for healthcare businesses with employees. Workers’ comp can cover medical fees and disability benefits for work injuries.

Professional liability insurance: This policy helps cover legal expenses when a healthcare practitioner is accused of a mistake or negligence. It's sometimes referred to as malpractice insurance.

Commercial auto insurance: Vehicles owned by a healthcare business usually must be covered by commercial auto insurance. It covers costs when a business vehicle is involved in an accident.

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

Get free quotes and buy online with Insureon

Are you ready to safeguard your healthcare business 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.

Updated: August 22, 2022
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