3 Overlooked Insurance Policies Every Doctor’s Office Needs

doctors office insurance policiesMost doctor’s offices carry medical malpractice insurance and basic business owners coverage. But these policies don’t cover many common but very important exposures every medical practice faces. Here are three insurance coverages every doctor’s office should consider.

1. Cyber Liability

The large amount of personal information held by medical practices makes them a prime target for cyber criminals. For that reason, cyber liability insurance is something you can’t afford to go without in the 21st century.

Cyber liability can cover:

  • Computer Fraud
  • Funds Transferred Fraud
  • Cyber Extortion
  • Cyber Terrorism
  • Electronic Data Restoration
  • Business Interruption & Additional Expenses

Just remember, if large corporate companies can be successfully hacked with their level of security, how hard do you think it would be for criminals to successfully target your practice?

2. Employment Practices Liability

This vital policy covers your doctor’s office in the event an employee makes an accusation of:

  • sexual harassment
  • wrongful termination
  • discrimination
  • retaliation
  • breach of employment contract
  • failure to employ or promote
  • mismanagement of employee benefits

The important point to remember is that even if you haven’t done anything wrong, you’ll still need to defend yourself in the face of an allegation. An employment practices Liability or EPLI policy can provide your doctor’s office with affordable peace of mind.

3. Employee Dishonesty

Another extremely important, but often overlooked, policy is employee dishonest (or crime) insurance. A crime policy can provide your doctor’s office with coverage for claims arising out of:

  • employee theft
  • credit card forgery
  • computer fraud

According to the Association of Certified Fraud Examiners 2012 Report to the Nations, the average loss caused by employee dishonesty is $140,000, and one in every five cases result in a loss of at least $1,000,000.

So Now What?

The question to ask yourself now is whether you’re prepared to pay out of pocket for any of these claims.

To learn more about these policies designed for doctor’s offices, give us a call at 888-800-4824 or get a quote below.

Get A Quote