Beyond Malpractice: Why Podiatrists Should Consider Additional Business Insurance Coverage

As a podiatric medical physician, you have medical malpractice insurance to help protect you from claims related to patient care. While this coverage is essential, there are additional risks to consider. Coverages like a business owner’s policy (BOP) and workers’ compensation insurance can help provide an added layer of protection for your practice.

Business Owner’s Policy (BOP) & General Liability Insurance

While malpractice insurance protects you from claims related to the care you provide, a BOP helps address many of the day-to-day risks of running a physical practice. A BOP includes two components:

• Property insurance: Covers damage to your building (if owned), medical equipment, furnishings, and other business property due to events like fire, theft, vandalism, or storm damage. Consider a water pipe bursting at your office that causes damage to your exam rooms and forces you to cancel appointments for several days. The property insurance component of your BOP could help cover restoration costs and lost revenue.
• General liability insurance: Provides protection if someone is injured at your office. For example, if a patient trips on a rug in your lobby and breaks their wrist. Your malpractice policy won’t apply since this incident isn’t related to the delivery of medical care, but the general liability coverage included in a BOP could help cover medical expenses or legal fees.

If you rent or own office space, have medical equipment, or even just foot traffic in and out of your practice, a BOP can provide valuable protection to complement your professional liability coverage.

Workers’ Compensation Insurance

If you employ staff (even just one person) your state may require you to carry workers’ compensation insurance. This coverage supports both your employees and your business by:

• Covering medical expenses and lost wages for employees injured on the job
• Providing protection for employee injury-related lawsuits
• Ensuring compliance with state labor laws (and non-compliance can result in hefty fines)

In a clinical setting, workplace injuries can range from needlestick injuries to back strain or slips on wet floors. Workers’ compensation provides a safety net to assist you if an employee experiences a work-related injury.

Tailoring Coverage to Fit Your Practice

Without these supplemental coverages, you may be left to take on significant out-of-pocket expenses. However, every practice is different. Medical malpractice coverage is only one piece of the insurance puzzle. For a well-protected practice, podiatric medical physicians should consider supplementing coverage with policies like a business owner’s policy or workers’ compensation coverage to further protect yourself no matter what challenges come your way.

Podiatric medical physicians have trusted PICA for their malpractice insurance for over four decades. You can get the same high-level service and high-quality coverage for your other insurance needs through ProAssurance Agency. Fill out an application today and get a quote!

Disclaimer: The information contained on the PICA Blog does not establish a standard of care, nor does it constitute legal advice. The information is for general informational purposes only. We encourage all blog visitors to consult with their personal attorneys for legal advice, as specific legal requirements may vary from state to state. Links or references to organizations, websites, or other information is for reference use only and do not constitute the rendering of legal, financial, or other professional advice or recommendations. In the event any of the information presented conflicts with the terms and conditions of any policy of insurance offered by ProAssurance Insurance Company of America, the terms and conditions of the actual policy will apply. All information contained on the blog is subject to change.