It’s no secret that the cost of doing business is getting more expensive every year. If you own or operate a small medical practice, you most likely don’t have the cash to replace expensive equipment, get your hands on expensive training to become a good doctor, or invest in marketing and advertising.
Moreover, given the low number of patients you see per day or week as well as limited resources, if things were to go wrong, it could have ramifications for the rest of your business and personal life.
That’s why running a small medical practice is not for everyone. It requires a tremendous amount of effort, patience, and self-discipline on a daily basis. However, with the right amount of risk management, it can be a rewarding profession.
In this blog post, we will discuss why workers” comp for medical practices is so important.
Cover Employee Immediate Medical Costs
It is important that you have workers” compensation insurance to cover any medical costs that could arise while your medical staff is working to ensure your patients are treated.
For example, a doctor might suffer a severe injury from a slip-and-fall accident while walking along the medical center’s corridors. Your practice will be responsible for all medical costs involved in catering to the doctor. But with workers” compensation insurance, you don’t have to pay out-of-pocket costs.
Compensate for Lost Income
If a member of staff has to be hospitalized or surgeries are extended because of the medical issues that they are experiencing, it is likely that they will have to miss some work.
If that is the case, you will have to cover that lost income as well. This can be especially costly if the patient is being treated for a severe condition that involves an invasive surgical procedure.
Fortunately, workers” compensation insurance can help by covering the employee’s lost income during their time out of work.
Protect Business From Liability
Owning a medical practice workers comp means that you will be at risk for lawsuits. For example, a lawsuit could be filed by an employee who suffered an injury while catering to a patient. The legal costs as well as the potential compensation you may have to pay can compromise your small medical practice’s finances severely.
Worker’s compensation can help protect your practice in such a scenario by protecting your business from financial liability. However, if you do not have worker’s compensation insurance, you will be at a serious financial disadvantage
Comply with the law
Additionally, workers” compensation helps you comply with the law because it’s a form of business insurance. As such, it falls under the laws of the state in which it is issued. Operating a clinic having hired employees without paying for workers” compensation insurance may be violating the law and is tantamount to fines and penalties you could do without as a small business.
As a small medical practice owner, you may be worried about the financial risks that come with operating a small medical practice. Fortunately, workers” compensation insurance is the key to protecting your business and the people who work in it.
Workers’ comp for medical practices is designed to cover medical costs and lost wages if an employee is injured at work. This makes it an important part of protecting your business and the people who work in it.
Try to shop around for a policy to narrow down on a workers’ compensation insurance provider that suits all your business needs.