Health care practitioners play a critical role in our society. Everyone needs medical services at some point in their lives, and we want to know that a qualified doctor will be there for us when the time comes and we suffer injury or illness. In order to do that, doctor’s need a place to operate their practice—but running a doctor's office exposes them to a number of risks that could result in devastating financial setbacks without the necessary protection of a robust Ontario doctors' office insurance policy.
There's no need to lose sleep at night wondering what would happen if your office facility burned down in a fire, or how you would manage if you were hit with a lawsuit for bodily injury or property damage that is not covered by your professional liability insurance. Speak with the team of experienced brokers at Morison Insurance to get started on a quote for doctors' office insurance that is perfectly tailored to meet your unique insurance requirements and provide coverage for the perils you are most likely to come across in your professional life.
Doctors' office insurance, also called medical business insurance, is a combination of insurance coverages designed to protect you from financial loss in a wide range of possible events or scenarios that fall outside of your medical malpractice coverage. Business insurance for doctors' offices comes in two broad categories: general liability coverage and property coverage.
Business liability coverage on a doctors' office insurance policy pertains to situations where you are being sued because someone claims you are liable for third-party bodily injury or third-party property damage. It can also include additional coverages that apply in specific circumstances such as when you've been the victim of cyber crime or are being accused of discriminatory practices by a member of your staff. In the event that you are sued for a matter that is covered by your Ontario doctors' office insurance policy, your insurance company will provide funds to cover costs such as legal defence fees, settlements awarded by the court, medical bills, replacement for damaged property and more, up to the limits on your policy.
Property coverages on doctors' office insurance are designed to give you financial security if your property or equipment is damaged, destroyed or lost due to a covered event such as fire, theft or a natural disaster. With the right doctors' office insurance in place, you can recoup the cost of damage mitigation, property restoration and replacement for damaged or stolen items, so you're able to get your business up and running and start seeing patients again without hurting your bottom line or being forced to close your practice because you can't afford the cost of recovering from a disaster.
Any type of medical professional who wants to operate a medical office needs business insurance coverage through an Ontario doctors' office insurance policy. Medical malpractice insurance is simply not enough to protect you from serious financial loss that can result from a wide range of risk exposures. Doctors' office insurance is needed by professionals and businesses such as:
There's no such thing as one-size-fits-all for Ontario doctors' office insurance, which is why it's so important to speak with a qualified broker who has the experience to find the ideal coverages and will provide you with a doctors’ office insurance quote that will ensure your unique business operations are protected against all the most likely perils in your particular circumstances. Here are some of the main types of doctors' office insurance coverages you will likely need on your policy.
Whether you see patients at a home-based office on your residential property or you run your practice out of a commercial office space, your commercial property is vulnerable to damage from factors such as fire, floods, vandalism and extreme weather. Everyone has to deal with property damage and loss, but those types of events can be absolutely catastrophic when they happen to your business office, because it prevents you from continuing your work and seriously compromises your ability to generate revenue. If you have the right doctors' office insurance policy in place, you don't have to worry about such eventualities because your insurance company will give you financial assistance to recoup costs associated with damage mitigation or property restoration and replacement.
When it comes to commercial property insurance, you may have an all-risk policy or a named perils policy for your doctor's office insurance. An all-risk policy covers a wide range of likely perils, but excludes risks that are specifically listed on the policy. A named perils policy covers only the risks that are outlined on the policy—in other words, the "named perils." Once your broker at Morison Insurance knows more about your commercial property, such as where it is located and how it's configured, they can recommend the right types of coverage for your doctors' office insurance policy to give you complete reassurance that you are protected against unexpected financial loss due to damage, vandalism or theft.
A lot of things could happen that would force you to close your office for a period of time. If a fire, for example, rages through the building and most or all of your contents are destroyed, you'll need to cancel patient appointments and close your office for a period of time while damage restoration is underway and you're sourcing replacements for destroyed items covered by the commercial property coverage on your doctors' office insurance. The problem is, that work isn't going to take place overnight, or in just a few days. You'll likely need to close for quite some time—and while you're closed, you won't just be losing the income you would have made if you were open. You'll have to continue paying expenses like rent, utilities and even employee wages so you're able to keep the space and get up and running fast once the restoration is complete.
If you have business interruption coverage as part of your doctors' office insurance policy, your insurance carrier will provide you with funds to cover expenses related to the interruption of your revenue-generating activities, such as rent, utilities and in some cases, employee wages. With that assistance, you can keep your office space, get it restored and repaired, then open up again when the work is complete to minimize the disruption to your business practice.
As a medical professional, you likely need to store sensitive physical documents at your office such as medical records. If those documents are damaged due to factors such as fire or flood, replacing them could be a very costly process. With valuable papers coverage, your doctors' office insurance will cover the cost of replacement, and may also cover the financial value of lost or destroyed documents that can not be replaced.
Almost all types of businesses need commercial general liability coverage, and of course that includes doctors' offices. Commercial general liability covers injuries or damage that you are liable for, but aren't directly related to the medical treatments, advice or quality of care provided at your practice. This kind of doctors' office insurance covers expenses such as legal defence fees, settlement costs, medical bills and repair or replacement for damaged items in the event of third-party property damage, third-party bodily injury or personal harm.
Here are a few common scenarios for commercial general liability claims on doctors' office insurance: a patient walks into your office and trips on the edge of a rug, breaking their ankle. They choose to sue you to recoup the cost of their medical bills, as well as loss of income since they're unable to work during their recovery period. Or, you travel to a patient's home for a mobile consultation and accidentally smash a costly vase, prompting the homeowner to sue you to recover the cost of replacing the damaged item. In situations like those, commercial general liability on your doctor's office insurance would cover expenses such as your lawyer's fees and the cost of the settlement awarded to the plaintiff in a court of law.
As a matter of course, your office employees must send, receive and store sensitive digital information that includes medical records, patient identity documents and financial information such as payment details. Cyber liability on your doctor's office insurance covers expenses incurred when you are the victim of a cyber attack that compromises that information, including data breaches and ransomed information.
Employment practices insurance is the part of doctors' office insurance that provides coverage for an employer's legal defence costs and losses that result from employment-related claims. The coverage typically includes wage and hour disputes along with allegations of harassment, retaliation, discrimination, and unlawful termination. It's simple to say to yourself that you'll never need this type of insurance because you treat your employees fairly, but sometimes situations occur that are outside of your control, or you do something that you didn't realize at the time violates employment standards. If that happens, it's important to have doctors' office insurance coverage because the cost of litigation can be enough to bankrupt your business if you don't have the financial protection of the right Ontario doctors' office insurance.
Along with the coverages outlined above, you may want or need additional insurance protection on your doctor's office insurance policy, such as:
As you are likely well aware, it is legally mandated that doctors must have professional liability insurance, which is more commonly referred to as medical malpractice insurance. This type of coverage is typically provided through a medical association such as the Canadian Medical Protective Association (CMPA).
However, like most types of business insurance in Canada, medical business coverages such as commercial general liability insurance and commercial property on a doctors' office insurance policy are not legally required. But just because doctor's office insurance isn't mandatory, doesn't mean you can afford to go without it. No matter how conscientious you are, there's no way to avoid every mishap and pitfall that could end up costing you all your savings and then some. It just makes sound financial sense to invest in Ontario doctors' office insurance coverage that will protect you from major losses over the course of your career. You may also find it very difficult or impossible to even lease a space for your office, as most building owners will refuse to rent or lease to anyone who doesn't have adequate business insurance.
If you are looking for the best coverage for your doctors' office insurance policy in Ontario, call the expert brokers at Morison Insurance for advice and assistance. Our top-rated team will work tirelessly to track down the right insurance options for your doctors' office insurance so you can rest assured your financial investment will pay off when you need it to. Contact us via the request form below for a doctors' office insurance quote, or give us a call today at 1-800-463-8074 to speak directly with a qualified insurance broker.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.