While clinics tend to operate as unified wholes, they are actually comprised of many moving parts. Many moving parts mean many opportunities for miscalculations. As a result, it is imperative business insurance for allied health clinics be capable of providing a broad range of coverages. Here are just a few of the reasons why allied health clinics need small business insurance. 

Tried and tested, prescribed treatment regimens work for most people—though not all. In some cases, when patients have availed themselves of the treatment and didn’t get the anticipated results, a false advertising claim will be filed. Or, let’s say your clinic runs a series of advertisements touting a particular wellness routine and it is subsequently found to be lacking. In either case, your facility will be open to a claim of false advertising and is likely to be sued. With a general liability policy in effect, you’ll be protected against financial obligations arising from those claims.

While treatments are specifically designed to benefit patients, there are times when things can go awry just the same. People can sometimes be hurt by a treatment when they do, rather than helped. Should a negative reaction to one of your prescribed actions result in harm, the personal injury aspect of your general liability coverage will protect your clinic from financial ruin. 

 

A medical practice is only as effective as the people and equipment it has at its disposal. Physical therapy equipment does wear out and break down eventually. If such a failure happens while a patient is using the apparatus, the repair or replacement of the device will be covered under the terms of your property insurance coverage. Ditto if it is stolen or damaged by vandals. 

Health clinics are entrusted with some of the most personal information people have. In addition to insurance and financial information, we’re talking dates of birth, Social Security numbers and health records. This information falls into the wrong hands and a patient’s life can be ruined for years to follow. 

The potential fallout runs the gamut from a bevy of false insurance claims to hedonistic shopping sprees in the most expensive venues imaginable. 

If it can be proven you were less than earnest about protecting patient’s data, you could be held financially liable for making everyone involved whole again. 

By the way, the HIPAA (Health Insurance Portability and Accountability Act of 1996) requires medical offices to maintain adequate data privacy and security provisions for safeguarding medical information. In other words, it isn’t an option—it’s mandatory. Violations are subject to significant fines. 

Too many people think insurance is something they don’t really need—until they really need it. Here’s a solid fact of life. Despite our best preventive efforts, things do go wrong from time to time. The cost of insurance is far less than the potential cost of correcting an untoward situation without liability insurance in place. Ultimately, this is why allied health clinics need small business insurance. The risks are simply too great.