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Protecting your Practice with Business Lines of Insurance
A well-protected medical practice needs a range of insurance policies to cover potential risks. MSMS Physicians Insurance Agency recommends practices review these coverages annually. Key business insurance types for medical practices:
Workers Compensation – Coverage for an employee who is injured on the job, premium is based on the practice’s annual payroll
Business Owner Policies (BOP) – Pays all or part of the losses incurred by covered perils in the operation of a small business along with liability
Commercial General Liability – Designed for larger businesses which require more comprehensive coverage or who may own the building they occupy
Cyber Liability – Covers cyber risks: lost income, repairing computers, recovering data and notification of customers
Directors & Officers Liability – covers directors and officers in a practice or the organization for defense of wrongful acts
Error & Admissions (E&O) – Liability insurance that protects professional advice and services by providing defense against negligence claims
Crime Insurance – Manages the loss exposures resulting from criminal acts such as robbery and burglary and employee theft
The specific types and amounts of insurance a medical practice needs will vary based on factors like the size of the practice, the services offered, the number of employees, location, and claims history. Consult with PIA to assess risks and determine the appropriate coverage.
For more information or to request a quote, contact Angela Criswell, Director of Operations and Sales at acriswell@msms.org or 517-336-5734. Receive MSMS level customer service while supporting the work of MSMS.