Doctor Office Insurance

Doctor Office Insurance

What kind of insurance to doctor’s offices need to consider? The following is a list of common exposures that should be considered when designing a risk management plan. The experts at CMB Insurance are here to guide you to the best insurance coverage for your office or medical clinic.

Property exposure

Property exposure is high due to the use of expensive medical equipment. All electrical wiring must be up to code and equipment properly maintained. Excellent housekeeping is required and smoking prohibited. All electrical wiring must be up to code and equipment properly maintained. A small fire, which produces smoke, can cause considerable damage when sterile equipment and environments are compromised. Theft is not normally considered a concern as the equipment is specialized and not easy to resell. However, if the doctor or physician has an inventory of drugs on the premises and fills patients’ prescriptions, theft exposure becomes very high. Rigid controls must be maintained including, but not limited to, inventory control and limited access to any drug storage areas. The business income and extra expense exposure can be minimized if the clinic has arranged for temporary facilities with another clinic.

Equipment breakdown

Equipment breakdown exposures are high as operations are dependent on medical equipment being available. All equipment should be maintained on an ongoing basis.

Crime exposure

Crime exposure comes from employee dishonesty, particularly relating to possible drugs on premises. Background checks should be conducted on all employees with access to drugs or money. Since drugs are tempting and susceptible to theft, employee access must be restricted and carefully monitored. Ordering, billing and disbursement transactions should be handled as separate duties. Inventories and audits should be performed regularly. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.

Inland marine exposures

Inland marine exposures include accounts receivable, computers, physicians and surgeons equipment, and valuable papers and records. Computers are used for patients’ records and other office purposes, but most medical equipment is also computerized. Physicians and surgeons equipment includes items that doctors may take off site to handle emergencies, and can be extended to include all office furnishings. A medical clinic will generally include sophisticated computer and medical equipment, especially if it specializes in a particular medical field. Valuable papers and records coverage applies to patients’ records, medical research books, personnel records, and vendor contracts. Duplicate records of all accounts receivable and valuable papers and records should be stored off site.

Occupiers’ Liability exposure

Occupiers’ Liability exposure is moderate due to public access to the premises. The customer areas should be neat with no obstructions. Trips, slips, and falls are major concerns. Adequate lighting, marked exits and egress are mandatory. Steps should have handrails, be well-lighted, marked, and in good repair. Parking lots should be maintained free of ice and snow. Housekeeping should be excellent and spills must be cleaned up promptly. If surgery is performed, the area must be kept sterile at all times and carefully controlled. The patients’ area must be designed for patients who are physically impaired following surgery. Escort procedures must be clear for all personnel.

Professional liability exposure

Professional liability exposure is extensive. Decisions are often made based on limited background information and no verification available. Doctors change frequently, disrupting continuity in patient care. Records must be well documented and prior data obtained as much as possible. The prescreening questionnaire is vital. All doctors and all employees should be well trained, experienced, and properly licenced. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV and AIDS. On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic.

Automobile exposure

Automobile exposure is generally limited to hired and Non-owned liability for employees running errands. If medical personnel travel to client locations, motor vehicle reports on all drivers should be obtained on an ongoing basis. Vehicle maintenance should be ongoing and documented.

Workers compensation exposure

Workers compensation exposure is due to the possible transmission of disease from a patient. Gloves and masks must be worn at all times when working around any bodily fluids. Employees should have access to vaccinations to prevent diseases. Lifting injuries are a concern due to the potential for back injuries. Unruly and unpredictable patient behaviour can result is severe injury. Workers who travel off site may encounter difficult circumstances, especially when going into patients’ residences. Procedures should be in place to monitor the off-site exposure and provide for emergency backup.

Minimum recommended coverage:

Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Equipment, Valuable Papers and Records, General Liability, Cyber Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto, Workers Compensation

Other coverages to consider:

Building, Earthquake, Flood, Computer Fraud, Dishonesty, Disappearance and Destruction, Employment-related Practises, Automobile Liability and Physical Damage, Stop Gap Liability

Contact CMB Insurance Brokers today to learn about Doctor Office Insurance: call 780.424.2727 or click here to get a quote on our insurance services.