4 Reasons Why Psychiatrists Need Small Business Insurance

You take the mental health of your patients very seriously. As a practicing psychiatrist, you have continued to educate yourself on the latest advances in the field and do your best to offer your patients exactly what they need to recover and lead positive lives. You work with patients who battle anxiety, depression and are in recovery. Your patients come from a variety of backgrounds and you do everything you can to help them realize that they are valuable and not defined by their illness. But while you are working with them, who is working for you?

If your practice should experience a burglary, patient accident or cybercrime, you could lose it.

To keep your practice on the up-and-up, you will need to get business insurance for psychiatrists. Here are four reasons to invest in a quality small business insurance plan.

Private office hit by a burglary

Your front office has expensive computer equipment and the back office houses prescription drugs. When you go to open the office one morning, you find that it’s been burglarized. The computer equipment is missing, the waiting room is trashed and the prescription drug cabinet is empty. Small business property insurance would cover the costs of replacing the electronic equipment and the prescription drugs. Without it, you would be solely responsible for the costs of replacement.

Staff abuse by high-anxiety patients

Your front office staff are responsible for setting up appointments and handling health insurance records and billing. Patients will arrive at your office in different states of distress. If a patient has experienced a psychotic break, there is the potential they can cause physical harm to the staff. Workers compensation will protect your staff in the event that a patient causes them physical harm. Workers compensation covers medical expenses and lost wages.

Patient injured on premises

If a patient’s behavior results in their injury on your property, they too will be covered under your small business insurance policy. Liability insurance covers your patient if they are hurt on your property. Liability insurance also covers you if a patient decides your treatment did not help them and they threaten to take you to court. There are different types of liability insurance, so you will need to read the fine print to know in what areas you are covered. Have a discussion with the insurance representative to make sure you are getting the coverage you want.

Healthcare facilities are every cybercriminal’s dream

Cybercriminals are targeting the healthcare industry more than any other. Because small healthcare offices don’t have the same protection larger companies have, cybercriminals are better able to infiltrate their servers without being detected. Hackers use the data they are able to rip from the server to steal sensitive patient information, and ultimately, patient identities. Having a robust cybersecurity plan paired with a cybersecurity insurance policy will protect your practice from the greed and havoc of the cybercriminal. A cybersecurity insurance plan is also required under HIPAA, so you cannot opt out of coverage.

To find a small business insurance policy that meets your needs, compare with CoverHound today.