Podiatrists are doctors who specialize in taking care of feet. Your business is important to your success and your customer’s health. You may treat a diabetic, an avid jogger and a child who fell out of a tree all in the same day. Your business is sometimes hectic yet always important. You invested a lot of time, effort and money into getting everything started. Protect your company and everything you’ve invested by making sure you have the right types of business insurance..
General Liability Insurance
General liability is an all-around broad level of business insurance that covers a numerous types of potential business-specific risks and hazards. It protects your company from suffering financially when customers incur physical harm and injuries, or when they file legal claims and accusations of harm against your company for accidents and mistakes. General liability widens the protection it provides automatically when you add new locations, products or services. Several of the key areas a general liability policy includes:
General Liability Insurance Includes:
- Premises Liability - Premises liability is an important part of a podiatrist’s general liability policy, because you have a lot of people going into and out of your offices each day. If a client or visitor has an accident while they’re there, they may injure themselves and sue your company for the expenses that arise. Premises liability pays for the client’s medical bills that are caused by the accident. It also pays for repairs to personal property if there are accidents on your premises that damage it.
- Products Liability - If you sell products in your podiatrist office, and those products are found to be defective, your customers may sue you for damages. Products liability helps pay for your legal defense costs and pays for injuries, damages, settlements or other awards that may arise.
- Completed Operations - Sometimes problems don’t arise until after you have finished providing services to your patients. When the patient feels that your services caused them harm, they may sue your company. Completed operations insurance pays for your litigation expenses and pays for the related settlements or awards.
Business Owners Insurance Policy
A business owners policy, or BOP, includes general liability insurance by default in addition to giving you several other layers of business insurance protection. A BOP ensures that your company has direct protection for its assets. This insurance can include coverage for tangible assets like your medical machines and office equipment, or intangible assets like your company’s payroll or digital client files. A BOP is easily tailored so that you’re only paying for the coverage your company actually needs. Coverage examples include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Workers Compensation Insurance
The employees that work in your podiatrist’s office must be protected with workers comp insurance. This is required coverage in most states. Workers comp pays for the employee’s medical expenses and related recovery costs if they are ever injured in an accident on the job.
Professional Liability Insurance
Professional liability insurance is also known as malpractice insurance. If you make a professional mistake as a licensed podiatrist, your malpractice insurance can help protect you legally while also taking care of the expenses that arise for your patients as a result of the mistakes.