insurance for durable medical equipment rental providers

assessing their needs

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.

Commercial insurance agents working with durable medical equipment (DME) rental providers should be aware of several challenges that can affect their clients’ businesses. These challenges may impact the providers’ risk profiles and insurance needs. Some of these challenges include:

  1. Regulatory compliance: DME rental providers must adhere to strict regulations from agencies such as the FDA, CMS, and state licensing boards. Non-compliance can lead to fines, penalties, and loss of licenses, which can significantly impact their operations and reputation.
  2. Reimbursement changes: Changes in reimbursement policies from Medicare, Medicaid, and private insurance companies can affect the DME rental providers’ revenue. Insurance agents should be aware of these changes and help their clients navigate the complexities of the reimbursement landscape.
  3. Technological advancements: Rapid technological advancements in the medical equipment industry may require DME rental providers to continually update their inventory to remain competitive. This can lead to increased investment and higher insurance coverage needs for their assets.
  4. Equipment theft and damage: DME is often costly and can be targeted for theft. Additionally, equipment can be damaged during transport, storage, or use. Insurance agents should consider coverage options that protect against theft, vandalism, and damage.
  5. Equipment maintenance and servicing: Regular maintenance and servicing of DME are essential to ensure its safe and effective operation. Failure to maintain equipment can lead to accidents, malfunctions, and potential liability issues.
  6. Cybersecurity risks: DME rental providers may handle sensitive patient information and use electronic systems for inventory management, billing, and other operations. This makes them vulnerable to cyber threats, such as data breaches and hacking. Insurance agents should consider cyber liability coverage for their clients.
  7. Product liability: DME rental providers can be held liable for injuries or damages caused by the equipment they rent. Ensuring adequate product liability coverage is essential to protect the provider from potential claims.
  8. Supply chain disruptions: DME rental providers may face supply chain disruptions due to various factors, including natural disasters, political instability, or global health crises. These disruptions can impact the availability of equipment and affect the providers’ ability to meet customer demands.
  9. Increasing competition: The DME rental market is becoming more competitive, with new players entering the market and existing providers expanding their offerings. Insurance agents should help their clients assess the risks associated with increased competition and suggest appropriate coverage options.
  10. Workforce challenges: Retaining skilled employees and providing them with proper training is crucial for DME rental providers. Insurance agents should be aware of the potential risks associated with employee turnover, including increased training costs and potential errors due to inexperienced staff. Offering coverage for employment practices liability may be beneficial in this context.

what specific insurance do they need?

Durable medical equipment (DME) rental providers face various risks in their day-to-day operations. To protect their business from potential financial losses, they should consider obtaining the following types of insurance coverage:

  1. General Liability Insurance: This coverage protects the DME rental provider against claims for third-party bodily injury, property damage, and personal and advertising injury. It is essential for covering the basic risks associated with daily operations.
  2. Professional Liability Insurance: Also known as Errors and Omissions (E&O) Insurance, this coverage protects against claims resulting from professional negligence, errors, or omissions in the services provided by the DME rental provider.
  3. Product Liability Insurance: This insurance covers claims arising from injuries or damages caused by the DME rented or sold by the provider. It is crucial for businesses that rent or sell medical equipment to have this coverage in place.
  4. Commercial Property Insurance: This coverage protects the provider’s physical assets, such as their office space, equipment inventory, and other business property, from damage due to events like fire, theft, or natural disasters.
  5. Business Interruption Insurance: This insurance compensates the DME rental provider for lost income and additional expenses if their operations are disrupted due to a covered loss, such as a fire or a natural disaster.
  6. Workers’ Compensation Insurance: This coverage is required by law in most states and provides benefits to employees who suffer work-related injuries or illnesses. It covers medical expenses, lost wages, and rehabilitation costs, as well as providing death benefits to the employee’s dependents in case of a fatal work-related accident.
  7. Commercial Auto Insurance: If the DME rental provider uses vehicles for business purposes, such as transporting equipment, they will need commercial auto insurance to cover liability and physical damage risks associated with their vehicles.
  8. Cyber Liability Insurance: This coverage protects the DME rental provider against financial losses resulting from cyber threats, such as data breaches, hacking, or other cyber-attacks that compromise sensitive customer information or disrupt business operations.
  9. Employment Practices Liability Insurance (EPLI): This insurance covers claims made by employees against the DME rental provider for wrongful employment practices, such as discrimination, harassment, or wrongful termination.
  10. Umbrella/Excess Liability Insurance: This policy provides additional liability coverage above the limits of the underlying policies, such as general liability, commercial auto, and employers’ liability. It can be useful in case of large claims that exceed the limits of the primary policies.

It is essential for DME rental providers to consult with an experienced insurance agent or broker to discuss their specific business needs and tailor their insurance coverage accordingly.

advice for commercial agents approaching durable medical equipment rental providers

When commercial agents approach durable medical equipment (DME) rental providers, they should keep in mind the unique aspects of this industry in order to establish a successful partnership. Here are some tips for agents to consider:

  1. Research the industry: Understand the DME rental market, its regulations, and trends. Be aware of the types of equipment offered and their applications, as well as the target customers, such as hospitals, rehabilitation centers, and home care patients.
  2. Know the regulations: Familiarize yourself with the regulatory environment governing DME rental providers, including the FDA, CMS, and other relevant agencies. Understand the rules and guidelines around reimbursement, safety, and quality standards.
  3. Build a targeted value proposition: Tailor your proposal to address the specific needs and pain points of the DME rental provider. Highlight how your product or service can help them improve efficiency, reduce costs, or enhance customer satisfaction.
  4. Establish credibility: Demonstrate your knowledge of the industry and showcase any relevant experience, expertise, or certifications you possess. Provide references or testimonials from other clients in the medical field to strengthen your credibility.
  5. Focus on long-term relationships: DME rental providers often rely on repeat business and long-term contracts. Emphasize your commitment to a lasting partnership, with a focus on providing ongoing support, maintenance, and upgrades as needed.
  6. Offer flexible solutions: Understand that the needs of DME rental providers may vary depending on their size, location, and customer base. Offer scalable and customizable solutions to accommodate their specific requirements.
  7. Be responsive and attentive: Maintain open lines of communication and be responsive to the provider’s needs and concerns. Show that you’re committed to addressing their issues promptly and effectively.
  8. Highlight competitive advantages: Clearly articulate the unique benefits of your product or service, and how it differentiates from competitors. Showcase any innovative features, superior performance, or cost savings that make your offering more attractive.
  9. Provide training and support: Offer comprehensive training and ongoing support to ensure the DME rental provider’s staff is comfortable with your product or service. This will help facilitate a smooth integration and maximize the benefits of your partnership.
  10. Be patient and persistent: Developing a relationship with a DME rental provider may take time, as they may have existing contracts or be hesitant to adopt new solutions. Be patient, follow up regularly, and continue to demonstrate your value proposition to increase your chances of success.

Contact Michael Richards now

Michael specializes in insurance for this particular group. You can call him on the number below or fill out the form and he will get your message directly:

Michael Richards

sourcing the best insurance for durable medical equipment rental providers is essential for commercial agents


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.

More Information

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.

More Information

Telemedicine Malpractice Insurance

telemedicine malpractice insurance—also known as digital health insurance or eHealth insurance—has become increasingly vital for healthcare providers. to  protect them against claims of negligence, malpractice, errors, and omissions which may be the result of the limitations of webcam quality or the inability of a patient to properly photograph a condition. It can also cover cyber liability, such as remote controlled medical devices being hacked.

More Information

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.

More Information

Cyber liability 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.

More information

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.

More infromation

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
Sexual Abuse & Molestation (SAM)

Sexual Abuse and Molestation Insurance provides coverage for organizations against claims arising from alleged sexual misconduct or molestation by an employee or other representative of the organization. 

More information

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. 

Commercial Property Insurance

Commercial property insurance is a fundamental component of risk management for healthcare and senior living providers. It is designed to protect the organization’s physical assets, such as buildings, medical equipment, furniture, and supplies, from financial losses due to damage or theft.

More information

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.

Commercial Auto Insurance

Commercial auto insurance is a crucial aspect of risk management for healthcare and senior living providers. It offers vital financial protection against vehicle-related incidents and is often required by law.

More information

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.

More information

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.

please feel free to contact us 24/7


Click here



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.

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ's

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.