Other Business Insurance

As a business owner, you'll find there are other important insurance coverages to help manage the risks you face.

Insurance

Other Business Insurance

Whether you own your practice, are an associate or independent contractor, it's best to discuss your insurance program with an insurance agent. Your agent can discuss coverage options, review possible gaps in coverage, and offer options that may be available for premium discounts. Some coverages you may want to consider are listed below.


Workers’ Compensation Insurance

If you are an employer, you may be required by state law to purchase workers’ compensation coverage for your employees. It covers employees for work-related injuries, sickness or disease that is related to or occurs during employment.

Umbrella Insurance

An umbrella liability policy supplements your existing policy's general liability, auto liability and employer's liability limits. It provides an additional level of insurance protection in case liability limits are exceeded on your other policies. This can be especially important if an accident happens that results in costly medical bills or a lawsuit.

Employment Practices Liability Insurance (EPLI)

If you have employees in your practice, you should also consider Employment Practices Liability Insurance, covering exposures such as wrongful termination, sexual harassment and age or race discrimination, among others.

Billing Errors & Omissions Policy

Today the federal government is auditing Medicare and Medicaid bills carefully, looking for errors and levying fines where they are found. Even if you make an honest mistake, it could cost thousands of dollars for your defense—and even more in fines and penalties if you are found at fault. Medicare/ Medicaid Billing Errors & Omissions coverage protects you against government allegations of fraudulent billing.

Data Breach Insurance

Protection of patient health information is a primary duty in every office or clinic. If patient records are compromised, data breach insurance can provide important coverage for your practice. In many cases, this insurance covers both electronic and paper records.

Employee Dishonesty Liability

If you are starting your own practice and intend on allowing or appointing employee(s) access to your financial information, you may want to consider adding employee dishonesty liability to your insurance plan. This policy provides coverage for employee theft of money, securities and/or property.

Business Interruption Insurance

In the event of a covered catastrophic loss such as a fire, it’s very likely that your business will have to relocate or even close for a period of time while repairs are made.  Business Interruption Insurance will provide assistance for lost profits, ongoing operating expenses, and some additional expenses.


The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.