Workers’ Compensation for Medical Businesses

From routine checkups to major surgeries, consultations to procedures, and everything in between, the medical field can face both common and unique workplace hazards that may result in on-the-job injuries. Since an injury can impact the overall health of your business, it’s important to be prepared with quality commercial insurance before the injury occurs.

That’s where workers’ compensation insurance comes in. This type of business insurance protects your business in the event that one of your employees sustains a work-related injury.

Workers’ Comp Insurance for Healthcare Professionals

No matter how hard you work to keep your facility a safe and healthy place for your employees, there is always the possibility of workplace injuries. When one of your staff is injured on the job, this can have a potentially devastating impact on not just the employee but also your business finances.

Workers’ comp insurance helps protect your business when these unforeseeable accidents happen at your facility. This type of professional insurance is essential for all medical businesses, regardless of the type of healthcare services you provide.

Medical Facility Employee Injuries

Employee injuries don’t just impact the employee. They also impact your patients and the overall health of your business. If one of your employees slips and falls on the job or develops a chronic condition from repetitive movements required by their position, your business could be liable for the costs of this employee’s medical care, lost wages, and other fees.

With workers’ comp insurance for healthcare professionals, your business is protected with assistance to cover the costs of work-related injuries such as:

• Emergency room visits
• Ambulance services
• Ongoing medical care such as medication or physical therapy
• Wages lost during the time the employee cannot work

Workers’ compensation insurance is just as necessary for small medical practices, pharmacies, home health care agencies, and medical supply facilities as it is for big hospitals or multi-office practices. There is also insurance for mental health professionals that provides this protection for therapists, psychiatrists, and other mental health service providers.

Medical Company Liabilities

In addition to being held responsible for an employee’s medical expenses and lost wages, healthcare business owners may also find themselves burdened with additional costs if the injured employee decides to file a lawsuit against their employer.

A liability lawsuit can have a substantial financial impact on medical businesses of all sizes. Workers’ comp insurance helps cover some of the costs associated with lawsuits brought on by injured employees, including:

• Court fees
• Legal costs
• Attorney fees
• Settlement payments

Some commercial insurance policies do not cover expenses related to injured employee lawsuits. For instance, workers’ compensation insurance provided through monopolistic state funds in North Dakota, Ohio, Washington, and Wyoming often does not offer liability coverage.

Check to see if your workers’ compensation policy offers liability coverage. If not, you may want to consider purchasing additional coverage to close the gap.

Risk Management for Medical and Home Healthcare Businesses

As a medical business owner, you understand the importance of prevention for overall health. And just like your staff recommends that patients take preventative measures to stay healthy, your business must also take preventative measures to lessen the chances of workplace injuries that can have a devastating financial impact on your business.

One of the best ways to prevent workplace injuries is by creating a culture of safety for your business. Creating and enforcing safety policies while providing special safety training programs for employees can help lower the chances of injury at your facility.

Not only do these precautions help limit the chance of injury, but they can also lower your workers’ comp insurance premiums. Insurance companies often use risk management tools to assess a business’s likelihood of employee injury. Because of this, by showing that you are working to prevent injury, your business may be rewarded with lower premiums.

Cost of Healthcare Workers’ Compensation Insurance

The cost of healthcare workers’ compensation insurance depends on a number of different factors, including:

• Location
• Nature of your business
• Jurisdiction
• Company payroll

To gain a more accurate understanding of workers’ comp insurance costs, you should get a quote from a quality insurance provider. At Cerity, we understand that shopping for workers’ compensation insurance can be frustrating. That’s why we’ve developed proprietary technology that allows businesses to benefit from clear, intelligent pricing.

Get a free workers’ comp insurance quote today using our free online quote tool.