Healthcare businesses we insure
Top insurance policies for healthcare professionals
Business insurance covers costly accidents and lawsuits, and coverage may be required by state law or your own employer. These insurance products protect against the most common risks in the healthcare industry.
General liability insurance
A general liability policy protects healthcare professionals against legal costs from third-party injuries and property damage, such as dropping a patient's smartphone.
- Patient slip-and-fall injuries
- Accidental damage to a patient's property
- Slander and other advertising injuries
Business owner's policy
Small business owners are often eligible for a business owner's policy, or BOP. It bundles general liability coverage and commercial property insurance at a discount.
- Patient bodily injuries
- Damaged patient property
- Stolen or damaged business property
Professional liability / medical malpractice
This policy protects healthcare workers against legal costs related to professional negligence, such as a medication error or misdiagnosis. It's also called medical malpractice insurance.
- Patient neglect
- Failure to refer a patient
- Documentation errors
Workers' comp insurance
Most states require businesses with employees to carry workers' compensation insurance. Personal health insurance won’t cover work-related injuries, which makes this policy crucial for sole proprietors too.
- Work-related medical expenses
- Disability benefits
- Lawsuits from workplace injuries
Cyber insurance
Cyber insurance helps healthcare providers recover from costly cyberattacks and data breaches. It's also called cyber liability insurance or cybersecurity insurance.
- Data breach investigations
- Fraud monitoring services
- Ransomware payments
Commercial auto insurance
Most states require commercial auto insurance for vehicles owned by a healthcare company. It covers costs in the event of an accident involving your business vehicle.
- Auto accident legal fees
- Vandalism or other vehicle damage
- Vehicle theft
Healthcare business insurance costs
From our customer data, here's a quick look at average healthcare business insurance costs:
General liability: $29 per month
Business owner's policy: $61 per month
Workers' compensation: $56 per month
Factors that can influence your premiums include:
- Your profession, such as doctor, nurse, chiropractor, or owner of a healthcare facility
- Number of employees
- Value of your medical equipment, hospital building, or other property
- Types of insurance purchased
- Deductibles and coverage options
- Claims history
How do I get business insurance for healthcare providers?
TechInsurance helps you get insured quickly so you can sign contracts, comply with state laws, and protect your business against costly lawsuits and accidents. We work only with top-rated insurance companies to secure the best possible coverage for your healthcare business.
You can get the right insurance in three simple steps:
- Fill out our easy online application with your business details.
- Compare quotes from our trusted partners.
- Pay for a policy and download your certificate of insurance (COI).
Our licensed insurance agents know the unique risks of healthcare and will help you find the right coverage for your business needs and your budget. Gain peace of mind with advice from expert agents and policies from the leading carriers in the nation.
Hear from business owners like you who purchased insurance coverage.
Common questions about business insurance for healthcare professionals
Find answers to your questions about healthcare provider insurance.
Do healthcare professionals need to carry malpractice insurance?
State laws sometimes require malpractice insurance, but more commonly it's required by your employer. Here are a few instances where you might need malpractice insurance, also called professional liability insurance:
- You're a doctor and your state requires it. For example, physicians are required by law to carry malpractice insurance in Colorado, Connecticut, and Massachusetts.
- Your employer requires you to carry it. Healthcare facilities, networks, and government entities might require doctors, nurses, caregivers, and other medical staff to carry malpractice insurance.
- You're at risk of patient lawsuits. Any healthcare professional, such as an EMS worker, who is responsible for a patient's well-being could face a malpractice claim. The high cost of a potential lawsuit makes professional liability insurance a must-have.
Remember, even a frivolous lawsuit can rack up expensive legal defense costs. This coverage should be part of any medical professional’s risk management strategy.
What other types of insurance do healthcare professionals need?
Depending on the healthcare services you offer, you may need additional insurance options. For example, you might want to consider:
- Telehealth coverage for complaints from a virtual appointment that go to court
- License defense coverage for licensed marriage and family therapists (LMFTs), registered nurses (RNs), occupational therapists, and others whose license could be threatened by an investigation
- Needlestick insurance for healthcare workers at risk for needlestick injuries and bodily fluid exposures
- HIPAA insurance for penalties, fines, and legal proceedings related to HIPAA compliance
Explore on TechInsurance
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Every liability insurance policy is different. Who is covered by your liability insurance depends on a few factors, including the type of insurance and any modifications made to the policy.
A duty to defend clause in your liability policy means your insurance company must work out the details of your legal defense.