Published On: Tue, Feb 24th, 2015

Why Healthcare Liability Insurance is Essential for any Healthcare Business

Any business that performs healthcare services is one that is responding to a drastic need and is performing a noble service. However, just because this is the case doesn’t mean that there won’t be people who try to take advantage of such a service, and it also doesn’t mean that the business won’t make mistakes that are ultimately harmful. As a healthcare business, you have to protect yourself from every possible eventuality, and one way you can do this is with healthcare liability insurance. Here’s why it is so essential for your healthcare business.

Healthcare Business

Responding to Constant Challenges

The world of healthcare and medical care is constantly evolving. Thanks to trials, practices, tests and operations, every element of the way that we view medicine is constantly evolving.

In this constant world, it can sometimes be hard to keep up with exactly what the method of best practice is and, even though it is an exciting world, it is one that is also fraught with danger and constant challenges; especially as one small flick of a knife could easily cost a life.

Cover For Malicious Intent and Accidental Damage- Covering Every Scenario

From asking you for professional advice to undergoing a procedure in your clinic, your clients or patients depend on you for accuracy, patience, precision and care. This means that, as a minimum, you must have adequate protection in case the information you provide is incorrect, or if something goes wrong. It is likely that both of these will be accidental, of course, but you’ll still need to be covered if issues arise no matter whether they’re accidental or malicious.

This should cover you personally, your customers, any of your stock, your specialist equipment and your tools. The size of your business is irrelevant to this, and you should ensure all employees are covered in full, just in case the worst should happen.

What Type of Cover is Required?

The type of cover you need will be largely dependent on the nature and size of your business. Specialist companies such as Catlin offer custom, tailored policies so that you can be certain your cover suits you.

Most companies offer a number of different policies such as (but not exclusive to):

  • Dental Professional liability
  • Healthcare Professional Liability Insurance
  • Social Services Professional Liability Insurance

So, no matter what type of cover your health business needs, make sure that you get the cover you require today. Remember, the legislation surrounding insurance is ever changing, so make sure you’re legally compliant, too.