insurance for durable medical equipment rental providers

insurance for durable medical equipment rental providers

Westwood will work with you to ensure your durable medical equipment rental provider clients have the best possible insurance coverage for every threat they could face in today’s challenging environment.

General Liability Insurance
General Liability insurance cover medical expenses and attorney fees which result from bodily injuries and property damage that your company or organization could be legally responsible for.

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Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance (E&O) and medical malpractice insurance, protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.

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Directors and Officers Liability (D&O) insurance

D&O insurance (Directors and officers liability insurance), shields the personal assets of company directors and officers, and where necessary, their spouses, from claims which could arise as a result of the decisions they made and actions they took within the scope of their regular duties.

Cyber insurance

Cyber liability insurance covers the financial costs associated with a breach of your cyber security, such as a ransomware attack. It also covers first party costs including event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.

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HNO Insurance

HNOA, (hired non-owned auto insurance) is designed for organizations who regularly hire vehicles or require employees to use their own vehicles in the course of their work. In the case of an accident where your employee was liable, it could cover physical damage to that other person’s vehicle, medical expenses, the cost of hiring an attorney to defend your business.

Workers’ Comp. Insurance

Workers’ compensation insurance covers your employees for workplace injuries or illness. It provides them with medical and wage benefits.

This coverage is mandated by each state, with the wage and medical benefits varying from state to state. Workers compensation also protects business owners from civil suits by workers who become injured on the job.

Employment Practices Liability

Employment practices liability insurance (EPL insurance or EPLI), covers employers (PDF) against claims made by employees for:

  • Discrimination (based on sex, race, age or disability, for example)
  • Wrongful termination
  • Harassment
  • Failure to promote and other employment-related issues
Environmental Liability insurance

Environmental Liability insurance is liability insurance specifically designed to protect environmental liabilities. This is a specialized form of general, commercial liability insurance that provides financial protection against litigation and clean-up costs resulting from claims of injury or damage caused by pollution, contamination or hazardous waste disposals. 

Property Insurance

Property Insurance covers unexpected damage or loss to property. The policy can be purchased to cover both structures and contents, which are separate policies in many cases. Property Insurance covers physical structures, not land. Medical facilities and aged care facilities need property insurance to cover the real property and all fixed items such as furniture, medical equipment, art works and tapestries.

Crime Insurance

Crime Insurance covers the insured party a reimbursement if their property is damaged due to a crime. Crime Insurance usually has a huge range of options and comes in different forms. It can be either a rider that can be attached to the existing insurance policy, or it is available as a completely separate product.

Auto Insurance

Auto insurance is  a type of liability insurance coverage, usually mandated by law, for all mechanically propelled vehicles. It provides protection against losses resulting from traffic accidents and against liability that could also arise therefrom. A medical or aged care facility would typically have auto insurance on their fleet of vehicles as  well as for any vehicles transporting patients to and from the facility.

Fully/Partially Funded insurance

Partially Funded insurance gives facilities the opportunity to pay a set premium for, and then in turn is  partially covered for specific risks.

Fully Funded Insurance allows facilities to pay premiums to have coverage against all risks. In return, if they are unfortunate enough to incur any of the covered loss or injury, they are reimbursed their insurance policy amount.

Excess and umbrella coverage

Excess coverage provides an additional layer of protection over and above what an underlying policy provides. It applies to a single policy only.

An umbrella policy on the other hand, provides additional liability coverage over and above what is provided by a number of underlying policies.

durable medical equipment rental providers need special insurance advice

Insurance is essential for Durable Medical Equipment Rental companies, as they provide medical equipment including ventilators or wheelchairs, to people in need. When someone needs medical equipment for an extended period of time, this is an essential service.

Durable Medical Equipment Rental companies are becoming more and more popular as people learn about them. They offer a great alternative to purchasing medical equipment outright. Not only is this more affordable for the customer, but it is also a great option for those who only need the equipment temporarily.

    Durable Medical Equipment Rental companies require special insurance to protect their business. Particularly general liability insurance to cover the company in the event that an accident occurs with one of their rental items. Without this insurance, a company could be at risk for huge financial losses.

    They also require insurance for staff and facilities. This insurance protects the company in the event that someone is injured on the job or there is damage to the property.

    Insurance is an important part of any business and it is especially important for companies that rent out durable medical equipment. If something goes wrong, these companies need to be sure that they are protected financially. By having the right insurance in place, they can rest assured that they are covered in the event of an accident or disaster. Find out more about specialist insurance now.

    we've got you covered

    General Liability Insurance

    Protecting healthcare organizations against increasingly crippling litigation.

    Professional Liability Insurance

    Protecting medical professionals against increasingly crippling litigation.

    Medical Malpractice Insurance

    Protecting medical professionals against increasingly crippling litigation.

    Cyber Liability Insurance

    Protecting healthcare organizations & professionals against cyber attacks.

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    insurance for hospitals

    Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

    insurance for long term care facilities

    Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

    insurance for physicians

    The different types of insurance for physicians includes medical malpractice insurance, professional liability insurance, errors and omissions insurance, an umbrella policy, and professional indemnity. As a physician, you should have access to all of these types of insurance.