Several factors contribute to the cost of business insurance for healthcare professionals, such as your business size and area of specialty. Cost estimates are sourced from policies purchased by Insureon customers.
General liability insurance costs for healthcare professionals
Healthcare professionals pay a median premium of about $30 per month, or $350 per year, for general liability insurance. This policy provides protection for third-party bodily injuries and property damage, along with advertising injuries.
Insureon’s licensed agents typically recommend a business owner’s policy over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your medical equipment and your building, and costs less than purchasing each policy separately.
Industry risk affects the cost of general liability insurance
Among healthcare professionals that purchase general liability with Insureon, 14% pay less than $300 per year and 64% pay between $300 and $500 per year. Businesses in high-risk industries tend to pay more for this policy.
General liability policy limits for healthcare professionals
Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year. Higher limits cost more – and provide better coverage.
Most healthcare professionals (82%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.
Business owner’s policy costs for healthcare professionals
Healthcare professionals pay a median premium of less than $55 per month, or $625 per year, for a business owner’s policy. This policy 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.
Business property value drives the cost of a BOP
Among healthcare professionals that purchase a business owner’s policy with Insureon, 47% pay less than $600 per year and 30% pay between $600 and $1,200 per year. The value of your business property drives the cost of a BOP.
Which BOP limits do healthcare companies choose?
Most healthcare professionals choose limits of $1 million per occurrence with a $2 million aggregate limit for a business owner’s policy.
Healthcare businesses with larger offices pay more for a BOP
Businesses with large premises, such as a dentist’s office with two floors, typically pay more for a BOP than a small business, such as a CPR training class. Your industry risk, building maintenance, years in operation, and your location will also affect your premium.
The annual median premium for dentists is $1,186, while the median for CPR and first aid instructors is $470 – or less than $40 a month. As you can see, the cost can vary significantly across professions.
Workers’ compensation insurance costs for healthcare professionals
To meet your state’s requirements and avoid penalties, dentistry offices and other healthcare businesses with employees typically must purchase workers’ compensation insurance. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness. With a median premium of about $60 per month, or $740 per year for healthcare professionals, policy cost is determined by your number of employees and their occupational risk, among other factors.
The cost of workers’ comp depends on the number of employees
Among healthcare professionals that purchase workers’ comp insurance with Insureon, 35% pay less than $600 per year and 35% pay between $600 and $1,200 per year. Healthcare businesses with more employees pay more for workers’ compensation.
Cyber liability insurance costs for healthcare professionals
Cyber liability insurance is crucial for healthcare professionals that handle sensitive personal information, such as patient records and credit card numbers. The policy covers legal fees and other costs associated with cyberattacks and data breaches. The cost of cyber liability insurance depends primarily on how much sensitive patient information your healthcare business handles.
Professional liability insurance costs for healthcare professionals
The cost of professional liability insurance varies significantly depending on your specialty. Premiums range from a median of $110 per year for non-medical home health aides to several thousand annually for professions with higher risk exposures. Also known as malpractice insurance, this policy offers critical coverage for healthcare professionals, including legal fees related to professional mistakes and accusations of negligence.
Explore insurance costs for your business
Learn more about medical practice insurance costs for your profession before comparing quotes:
Compare quotes from trusted carriers with Insureon
Insureon’s healthcare business insurance agents work with top-rated U.S. carriers to find affordable coverage that fits your practice. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of personal care aides, home healthcare providers, medical offices, and dentists.