What You Need To Know When Buying Business Insurance For Your Clinic
If you are an optometrist and planning to open your own clinic, there are so many things to do and consider. But do not forget to buy business insurance, as this will protect you from different lawsuits that may potentially happen.Here are the types of business insurance that is ideal for an optometrist like you:
Professional Liability Insurance
This is the kind of insurance that will protect you in case of a lawsuit that someone files against your business due to negligence and improper advice on your part. Professional Liability insurance is also called Medical Malpractice Insurance or E&O Insurance (Errors and Omissions). This insurance is quite important especially in the field of medicine.
General Liability Insurance
This type of insurance will give you protection in case your employees’ negligence causes damage or injury to themselves or other individuals who are in your premises. Besides protecting you from bodily injury claims, it can also cover property damage. Simply add property coverage to this policy.
Workers Compensation Insurance
This type of insurance is required by most states to offer to their employees. Workers compensation insurance pays for the lost wage and medical expenses when an employee gets sick or injured at work. Employers Liability Insurance is another part of workers compensation that you should take time to know and understand.
Commercial Car Insurance
When you have a business and using a vehicle for it, it is important to buy commercial car insurance. It covers collision and comprehensive, uninsured motorists, liability, and medical payments. It is just as important as your car insurance for your personal travel. However, the two car policies still have some differences with regard to technical aspects.
Provided below few common claims for business insurance:
- General Liability Insurance claims. It pays for the cost of legal defense if an injured individual files a lawsuit against your company.
- Property Insurance claim. It pays for the replacement of your damaged property following an accident, for example, electrical fire and circuit breaker malfunctions. In addition, it covers the cost when you need to clean the mess in your workplace.
- Worker’s Compensation Insurance claim. It covers for the lost wages and medical costs of your employees who are unable to work due to injury or disease.
While looking for a business insurance for your optometrist’s clinic, know your risks as well. Remember, a basic business insurance policy does not cover all the potential risks that a business owner may face.
To find out the risks for your company and determine what policy suits you best, an insurance agent can help you make an informed decision. At the Professional Insurance Plans we take pride in making sure that our clients are well-protected at prices they can afford. To learn more about how we can help you, please contact our agency at (859) 543-8955