Protect Your Sacramento Business Against Complex Risks

Sacramento, the capital of California, has a rich historical heritage that dates back to the city’s Gold Rush era. From wooden sidewalks to heritage museums, the historic charm of Sacramento is apparent in many areas of the city. The area was recently rated as one of the best places to live in the U.S. with its affordability, solid job prospects, and excellent public school system. The area is home to more than 500,000 people, and there are thousands of public and private sector employers that call the city home, including many healthcare businesses.

Whether you own a medical practice, a medical device manufacturing facility, or a physical therapy office, you are committed to the well-being of your employees and patients. Your business deserves the same amount of care. From damage to an essential piece of office equipment or a computer system failure, healthcare business insurance can help protect your business against financial disaster. Here is everything you need to know about purchasing healthcare business insurance for your Sacramento company. 

What Is Healthcare Business Insurance? 

Healthcare insurance protects firms from financial disaster in case of covered events, including natural disasters, employee injuries, or client lawsuits. Obtaining the proper insurance can protect your financial assets and transfer complex risks to your provider. Most company owners start by purchasing a primary Business Owner’s Policy. These policies typically come with basic liability and property coverage. You can add additional coverage to a basic policy to protect specialized equipment or sensitive data. Here are a few of the situations healthcare businesses could face: 

• A patient falls in your medical clinic and suffers a leg or hip injury. A few weeks later, that patient sued your facility for damages.
• A medical assistant suffers a needle stick injury while drawing the blood of a patient. Your medical facility must pay for the employee to get tested for blood-borne illnesses.
• A natural disaster impacts your medical facility and destroys expensive medical equipment and computer equipment.
• A hacker infiltrates your computer system and targets the medical records of your patients. You must hire a third-party firm to protect patient information and prevent further damage. 

A comprehensive insurance plan can help protect your business from various risks, including the situations described above. 

What Businesses Should Purchase Healthcare Insurance?

The healthcare industry in Sacramento is comprised of various doctors, medical clinics, labs, and device manufacturing facilities. All healthcare businesses that employ individuals or see patients should purchase healthcare business insurance. The following healthcare companies can benefit from a comprehensive insurance policy: 

• Surgeons
• Psychiatrists
• Diagnostic imaging labs
• Physical therapists
• General physicians
• Podiatrist 
• Medical spas
• Plastic surgery clinics
• Dental offices
• Medical device manufacturing facilities
• Acupuncturists 

The size of your practice and the complexity of your medical equipment will determine the amount of coverage you need. You should purchase a policy that combines property and liability coverage to protect the health and wellness of your employees and patients. Most policies that combine this coverage will cover property, general liability, business income, valuable records, computer equipment, patient data, and equipment breakdown.

Advantages of Healthcare Business Insurance

Choosing an integrated insurance policy for your medical practice can help you mitigate risks and reduce unnecessary exposures. A comprehensive insurance policy can help you: 

• Reduce your total cost of risk
• Protect your employees, property, and revenues
• Maintain regulatory compliance in the healthcare industry

A tailored healthcare business insurance can help support the growth of your business and protect your property and assets against complex risks.