Business Insurance Services

Protection for your Business

Even the smallest medical practice has the same business insurance issues as a large multi-specialty group.

Medical Practice Insurance Checklist:

  • BUSINESS OWNERS POLICY (BOP)
    Combines protection for general liability (slip and fall) and medical office equipment loss (fire and theft)
  • WORKERS COMPENSATION (WC)
    Is required for all New Jersey employers and protects both employer and employee for workplace injury.
  • MEDICAL PRACTICE ADMINISTRATION INSURANCE
    Coverage for attorney fees and audit costs, as well as fines and penalties from RAC Audits. Covers defense costs and civil fines and penalties for billing errors, STARK and EMTALA proceedings.
  • CYBER LIABILITY
    Covers a myriad of privacy and internet related breaches and includes costs for customer notification, credit monitoring and regulatory fines.
  • BUSINESS OVERHEAD EXPENSE INSURANCE (BOE)
    In the event you or a partner gets hurt or sick and can no longer generate revenue BOE coverage pays the practice expenses such as employee salaries, rent and utilities until recovery.
  • BUSINESS REDUCING TERM INSURANCE (RT)
    In the event of a disability, RT coverage pays off bank loans you have taken for the practice.
  • EMPLOYMENT PRACTICES INSURANCE (EPLI)
    Just like a large employer, your practice is at risk when you fire or even refuse to hire. Employers can be liable for triple damages for employment discrimination judgments. EPLI coverage not only pays the claim but also provides experienced defense counsel to help you fight any claims. In 2008 overall EPL claims increased 15% and age dicriminition cases increased 28%
  • BUSINESS CONTINUATION COVERAGES (BCC)
    If your partner dies or becomes disabled, these coverages will fund the transfer costs of ownership avoiding this added expense during the most critical time of your practice.
  • GROUP HEALTH INSURANCE (GH)
    Health insurance costs in New Jersey continue to skyrocket each year. Working with all the major carriers in New Jersey, MedNET tailors the insurance plan to meet needs of your practice while staying within your budget.

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Insurance Tip

If you have a home business it is vital to add the business to your homeowner's policy. Homeowner's policies typically exclude home businesses, especially if it is a corporation or LLC.

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