If you’re an independent practitioner, visit our Independent Health & Wellness Insurance page.
You help clients look and feel their best, however the nature of physically seeing patients and giving advice or treatment raises many risks and exposures. Whether you manage a medical or health and wellness clinic, studio or are a practitioner, insurance for clinics is essential.
Don’t let a small potential mistake or accident outside of your control derail your career and business. With the right insurance, you’ll get the peace of mind you deserve. Keep reading to learn more about insurance for clinics.
At Collis Insurance Services Group, we help review your operations and the risk exposures specific to your clinic/practice and then tailor an insurance program designed especially to your needs.
Scenarios and Examples – Why You Need Health Clinic Insurance
You have patients coming to your clinic
Consider a patient trips in the parking lot – or even on a chair in the waiting room, injuring their ankle. Commercial general liability helps cover immediate medical expenses, as well as any legal expenses or awards in case they file a lawsuit.
You provide treatment or advice to patients
Depending on the services you provide, things can go wrong either on the practitioner’s or client’s end and can lead into an expensive lawsuit. For example a therapist incorrectly diagnoses a patient. While the individual practitioners may (or may not) obtain their own Professional Liability, what if the clinic itself is named in the suit? Who will defend the clinic?
An electrical fire starts
An electrical fire breaks out causing damage to not only furniture and fixtures, but also damaging patient files. Property and Business Interruption insurance then provides funds to repair or replace your improvements and contents, recreate patient files, so you can get back to serving clients.
A Cyber attack is successful…
You come in to the clinic in the am to log in to find that all of the computers / server is locked down by Ransomware.
Or, you get a call from a vender asking why you haven’t paid your bill for 3 months. Accounting confirms the payment was made to a new account you received an email about. Investigation reveals you were subject to a cyber crime loss, where you paid the wrong party – and now still owe your vendor as well…
What Does Health Clinic Insurance Cover?
The following list are only examples of usual coverages that your clinic may need, are available in most packages, or can be added as supplemental policies. Working with you, one of our brokers will help identify which coverages compliment your clinic based on risk/operations and will obtain quotes from multiple insurers to get you the best comprehensive coverage for your money.
Malpractice Liability
Practitioners hold a certain duty of care that can easily be targeted. Malpractice liability, also known as professional liability, protects you and your employees from claims based on potential mistakes, negligence, misrepresentation or omissions (leaving out important information or not providing services). For example, if you recommend a product or treatment that promises to help and it doesn’t, then they can come back to you with a lawsuit. In some cases your employers or contractors may each have their own Professional Liability, so the clinic may hold its own policy to defend the clinic if it is named in the suit.
Commercial General Liability
Commercial General Liability (CGL) safeguards your business from the day-to-day risks of having patients come into your clinic. If a third party accidentally slips in the parking lot and injures themselves, this coverage covers potential and medical fees. If property damage occurs to a third party, CGL also covers legal expenses. Even if you don’t own your building, CGL is essential to protect yourself in a liability suit.
Cyber Insurance
The Healthcare industry is one of the hardest industries hit on an ongoing basis by cyber attacks. Buying Cyber Insurance to assist you in responding to the Privacy Act’s requirements, or the possibility of cyber liability lawsuits, is a reality that every business owner should consider – especially those that have patient documents with sensitive medical information. When your business undergoes a cyber attack or cyber crime loss, cyber liability insurance provides solutions to help protect and restore your business, reputation, and your customer’s trust. Cyber liability also can cover legal costs in case of a lawsuit from the people who’s information was breached.
Property/Contents Insurance
Accidents both inside and outside your clinic are real risks that can not only be costly but can also put your clinic out of service. Fires, floods, and storms can create significant damage. If something like this occurs, property damage provides funds to repair/replace the contents for example furniture, medical equipment, machines, patient documents, fixtures, etc so you can be get back to running your clinic. Business Interruption Insurance will help replace client fees while you are closed and in some cases until you are profitable back to the same level as before the loss.
Legal Expense Insurance
Sometimes there are legal issues that crop up for businesses that fall outside the scope of traditional insurance and yet, you may still have to pay a lawyer to help you resolve the issue. For example, dealing with CRA Tax Audits, contractual issues with landlords or vendors, customers not paying their bills, Occupational Health and Safety Investigations, Employment Disputes. For these types of instances, we can look to place a small Legal Expense insurance policy to transfer the risk of up to $200,000 per claim in legal expenses / business exposures to the insurer.
Another great benefit of legal expense insurance is that there is a free Legal Advice Help line available, where you can call in for day to day legal advice from contracts to an employee/employer dispute.
What are the Benefits of Health Clinic Insurance?
- Financial Protection – A small cost for a big benefit.
- Peace of Mind
- Clients/customers Trust You Better
- At Collis Insurance, you get the best value.
Who Needs Health Clinic Insurance?
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Primary Care Medical Clinics
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Dietitians / Nutrition Clinics
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Therapist Clinics
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Massage Therapy Clinics
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Physical Therapy Clinics
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Dermatology Clinics
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Acupuncture Clinics
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Gastroenterology Clinics
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Neurology Clinics
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Oncology Clinics
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Orthopedic Clinics
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Podiatry Clinics
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Sexual Health Clinics
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Mental Health Clinics
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Addiction Services Clinics
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Mobile Clinics
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Spas and Medical Spas
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Psychiatrists
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Psychologists
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Social workers
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Counsellors
See for yourself what clients have to say about us
FAQ
FAQ
Have a question? Don’t hesitate to reach out!
(403) 265-5475
Or send us a chat below!
Do health clinics need insurance?
There are many types of insurance. Certain professionals do require professional liability / malpractice liability by law in Alberta, for example dentists. Clinic insurance in general may not be required by law, but is likely required by your landlord to lease space, or by leasing companies for equipment loans. More importantly, coverage is also highly recommended to safeguard you against a variety of common risks and the possibility of costly lawsuits.
How much does health clinic insurance cost?
The cost is of the various policies are dependent on a variety of factors, some of which include: the size of your business, the clinic’s specific operations, type/size of premises, amount of property / tenant’s improvements coverage, # of employees, annual revenue and the different types and limits of insurances needed.
Speak with one of our brokers to find out how to customize coverage specific to your firm’s needs.
How do I make sure I’m getting the right insurance coverage for my profession?
Our brokers take time to understand your true professional/business needs, risks, and more to provide a tailored policy and additional protection areas that fit your business insurance needs/budget.
Have a question?
Your trusted Collis Insurance Business Insurance Broker can help and also offer additional coverage for consideration, like Cyber & Privacy Liability, Legal Expense Insurance, and other relevant coverage.