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Healthcare Business Insurance

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Top insurance policies for healthcare professionals

Business insurance covers costly accidents and lawsuits, and coverage may be required by state law or your own employer. These insurance products protect against the most common risks in the healthcare industry.

General liability insurance

General liability insurance icon

A general liability policy protects healthcare professionals against legal costs from third-party injuries and property damage, such as dropping a patient's smartphone.

BEST FOR
  • Patient slip-and-fall injuries
  • Accidental damage to a patient's property
  • Slander and other advertising injuries

Business owner's policy

Business owner’s policy icon

Small business owners are often eligible for a business owner's policy, or BOP. It bundles general liability coverage and commercial property insurance at a discount.

BEST FOR
  • Patient bodily injuries
  • Damaged patient property
  • Stolen or damaged business property

Professional liability / medical malpractice

Professional liability insurance icon

This policy protects healthcare workers against legal costs related to professional negligence, such as a medication error or misdiagnosis. It's also called medical malpractice insurance.

BEST FOR
  • Patient neglect
  • Failure to refer a patient
  • Documentation errors

Workers' comp insurance

Workers’ compensation insurance icon

Most states require businesses with employees to carry workers' compensation insurance. Personal health insurance won’t cover work-related injuries, which makes this policy crucial for sole proprietors too.

BEST FOR
  • Work-related medical expenses
  • Disability benefits
  • Lawsuits from workplace injuries

Cyber insurance

Cyber liability insurance icon

Cyber insurance helps healthcare providers recover from costly cyberattacks and data breaches. It's also called cyber liability insurance or cybersecurity insurance.

BEST FOR
  • Data breach investigations
  • Fraud monitoring services
  • Ransomware payments

Commercial auto insurance

Commercial auto insurance icon

Most states require commercial auto insurance for vehicles owned by a healthcare company. It covers costs in the event of an accident involving your business vehicle.

BEST FOR
  • Auto accident legal fees
  • Vandalism or other vehicle damage
  • Vehicle theft

Healthcare business insurance costs

A healthcare professional calculating business insurance costs.

From our customer data, here's a quick look at average healthcare business insurance costs:

General liability: $29 per month
Business owner's policy: $61 per month
Workers' compensation: $56 per month

Factors that can influence your premiums include:

  • Your profession, such as doctor, nurse, therapist, or owner of a healthcare facility
  • Number of employees
  • Value of your medical equipment, hospital building, or other property
  • Types of insurance purchased
  • Deductibles and coverage options
  • Claims history

How do I get business insurance for healthcare providers?

TechInsurance helps you get insured quickly so you can sign contracts, comply with state laws, and protect your business against costly lawsuits and accidents. We work only with top-rated insurance companies to secure the best possible coverage for your healthcare business.

You can get the right insurance in three simple steps:

Our licensed insurance agents know the unique risks of healthcare and will help you find the right coverage for your business needs and your budget. Gain peace of mind with advice from expert agents and policies from the leading carriers in the nation.

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Common questions about business insurance for healthcare professionals

Find answers to your questions about healthcare provider insurance.

Do healthcare professionals need to carry malpractice insurance?

State laws sometimes require malpractice insurance, but more commonly it's required by your employer. Here are a few instances where you might need malpractice insurance, also called professional liability insurance:

  • You're a doctor and your state requires it. For example, physicians are required by law to carry malpractice insurance in Colorado, Connecticut, and Massachusetts.
  • Your employer requires you to carry it. Healthcare facilities, networks, and government entities might require doctors, nurses, caregivers, and other medical staff to carry malpractice insurance.
  • You're at risk of patient lawsuits. Any healthcare professional who is responsible for a patient's well-being could face a malpractice claim. The high cost of a potential lawsuit makes professional liability insurance a must-have.

Remember, even a frivolous lawsuit can rack up expensive legal defense costs. This coverage should be part of any medical professional’s risk management strategy.

What other types of insurance do healthcare professionals need?

Depending on the healthcare services you offer, you may need additional insurance options. For example, you might want to consider:

  • Telehealth coverage for complaints from a virtual appointment that go to court
  • License defense coverage for licensed marriage and family therapists (LMFTs), registered nurses (RNs), and others whose license could be threatened by an investigation
  • Needlestick insurance for healthcare workers at risk for needlestick injuries and bodily fluid exposures
  • HIPAA insurance for penalties, fines, and legal proceedings related to HIPAA compliance

Explore on TechInsurance

Learn more about the healthcare industry and other small business insurance policies on our website.
Workers' compensation insurance

Workers’ compensation, disability insurance, and health insurance pay for medical costs or lost wages due to illness or injury. But what they cover and when they kick in depends on the policy.

Small business insurance

Both professional liability insurance and errors and omissions (E&O) insurance offer financial protection from client lawsuits over unsatisfactory work. They’re essentially the same types of coverage for mistakes in professional services.

Insurance terms

Clients could accuse your tech company of professional negligence if you fail to provide a service or meet their expectations.

Small business tips

Even if you’ve done nothing wrong, someone can still sue your IT business. Learn how to prepare for this possibility.

General liability insurance

Every liability insurance policy is different. Who is covered by your liability insurance depends on a few factors, including the type of insurance and any modifications made to the policy.

Small business tips

A duty to defend clause in your liability policy means your insurance company must work out the details of your legal defense.