Having the right type of insurance cover for your healthcare business should be an absolute essential. When things are going well, it can be hard to imagine anything going wrong, but that is the worst mentality you could have. You need to prepare for the future when things might not be going so well, to future proof your business! The exact types of insurance you will need will depend on the industry your business operates in, so it would be worth working with a broker to help you find the right cover you need for your healthcare business.
Medical Malpractice Cover
First up and one of the most important types of insurance you need for your healthcare business is medical malpractice cover. Medical malpractice insurance covers your business in the case that you have been negligent in the treatment of a client that has resulted in some form of physical or mental harm. This will need to cover any legal costs and then also damages if you are found to be liable. Medical malpractice cover can cover anything from misdiagnosis or delayed diagnosis, failure to treat, botched procedures or bad results. Again, you might have complete trust in your team, but accidents happen and you must have the right cover in case they do.
Trade Credit Insurance
Next up we have trade credit insurance. If any part of your healthcare business trades on a credit basis, then you will need to invest in trade credit insurance. If any businesses you are trading with fail to pay or become insolvent, your insurance company will cover the losses. This can help you to expand your business exponentially, trading in new territories. This is a very specific type of insurance but one that can transform your business, so get in touch with credit insurance brokers who will be able to find you the exact cover you need. Whilst this type of insurance doesn’t just apply to healthcare, when you are looking to the future, this can be a real game changer.
Key Person Insurance
Another type of insurance your business needs is key person insurance, which provides cover if a critical individual in the business dies or becomes critically ill. This helps the business to stay afloat if the death of a key person in the business would be devastating for the company. Particularly important for small business, this provides a level of safety for a business should the worst happen. This can help to cover the loss of revenue for a period of time whilst the business recovers. The top executives in any company should have key person insurance.
If any part of your healthcare business deals with sensitive patient information, like addresses, names, medical records etc, cyber insurance is an absolute must. You are very likely to be storing this information digitally, so investing in this is a must for your business. This helps to cover loss of information or breached information by hackers, and the subsequent damage as a result. Cyber insurance can also provide assistance with helping to deal with the incident itself, including reputational damage. In the largely digital world that we now live in, cyber insurance is essential.
Insurance is something you should always invest in for your business, as although it does require an initial investment, this is nothing compared to the potential damage you may be facing if you didn’t have the right insurance cover. As we mentioned, we would always advise working with a broker who has a great knowledge of your industry, so they can make sure you find the right cover for your business within your budget. There is no time better than now to get in touch with a broker and to get your business the cover it needs.