Why Medical Clinics Need Insurance
Do you happen to run a medical clinic in Ontario? Congratulations. You’re going a great job. You’re actually making a difference in your community. Running a medical clinic can be immensely rewarding. Nevertheless, there is a possibility that you’re going to run into problems at some point or another. This is why it is essential to protect your clinic with a good medical clinics professional liability insurance policy. You’re also going to want to speak to your medical clinics Errors & Omissions insurance provider about CGL or commercial general liability insurance and workers compensation insurance for the protection of employees in case they get sick or injured. There is a good chance that you’re going to need it to fully protect your business.
The medical clinics professional insurance cost can be expensive. Nevertheless, you’re going to need it and CGL insurance. You may misdiagnose a patient and this could result in a lawsuit. PLI insurance for medical clinics can help. There is also a chance that a patient is going to get hurt in your clinic. It could be a slip and fall or something similar. With commercial general liability insurance, you’ll be able to cover the costs without spending your company’s operating cash.
With this insurance, you’ll be able to protect your business, your family and your employees.
Additional Coverages that can be Beneficial
If you run a medical clinic, you’re definitely going to want to speak with your medical clinics PLI insurance provider about additional coverage options. PLI and CGL insurance are going to cover a great deal. Nevertheless, they’re not going to cover all potential problems. This is why you’re also going to need commercial property insurance, cyber insurance and employee dishonesty insurance. More about the additional options that you may need will be explored in greater depth below.
Since patients are going to be visiting your clinic in person, you’re going to need CGL insurance. This insurance is designed to protect you from injuries and damages on your site. Protect your clinic by getting a sufficient amount of commercial general liability insurance as soon as possible.
Commercial General Liability Insurance Recommended Limits – $1,000,000 per claim / $2,000,000 aggregate
Commercial Property Insurance
You’re also going to need to invest in commercial property insurance. Again, you’re going to be meeting your patients in your clinic. What is going to happen if a storm ruins your clinic? Will you be able to pay out of pocket to cover the costs? If not, you need commercial property insurance. It’ll ensure that you’ll have no trouble rebuilding your clinic in the future.
Commercial Property Insurance Recommended Limits – $500,000 per claim / $2,000,000 aggregate
Most modern medical clinics are going to store their clients’ information in an online database. If you do, you need to understand that your system could get hacked at some point in the future. You can protect yourself by getting cyber insurance. It will cover the costs associated with cyber breaches.
Cyber Insurance Recommended Limits – $100,000 per claim / $1,000,000 aggregate
Costs To Expect
There is no doubt that you’re interested in learning about the medical clinics professional liability insurance cost. You’ll also want to know how much CGL insurance will cost you. The truth of the matter is that the prices can vary significantly. This is why it is often best to speak with a medical clinics E&O insurance provider to figure out precisely how much you’ll be required to pay. The estimated prices will be provided below for your consideration.
- Cyber Insurance – $30 a month
- Commercial Property Insurance – $100 a month
- Commercial General Liability Insurance – $120 a month
- Professional Liability Insurance – $100 a month
Again, you need to understand that the medical clinics PLI insurance prices provided above are estimates. It is generally best to obtain medical clinics CGL insurance quotes. The good news is that you can do just that very easily. Just visit our website and fill out the free quote form. Do that and you’ll receive a quote within a short period of time. If you do not feel comfortable proceeding in this manner, you should contact us by email. You can also call our Ontario offices by phone. Answer a few questions and we will provide you with the most accurate quotes humanly possible.
Other professions we also provide insurance for: