insurance for durable medical equipment rental providers

why do durable medical equipment rental providers need insurance?

insurance for durable medical equipment rental providers

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

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Durable Medical Equipment (DME) rental providers need insurance because despite the critical role they play in patient care, providers face several challenges and liabilities that necessitate the need for comprehensive malpractice or liability insurance. These vulnerabilities to lawsuits can stem from various aspects of their operations:

  1. Equipment Failure or Malfunction: One of the primary risks DME providers face is the possibility of equipment failure or malfunction. If a piece of equipment breaks down or does not perform as expected, leading to patient injury or worsening of health conditions, it could result in a malpractice claim.

  2. Inadequate Instruction and Training: Providers are responsible for ensuring that patients or their caregivers are adequately instructed on how to use the equipment safely and effectively. If the provider fails to offer proper training or instructions, and an injury occurs as a result, they could be sued for negligence.

  3. Product Liability: DME providers may also be liable for issues related to the manufacturing and design of the equipment. While manufacturers are primarily responsible for product safety, providers can still be implicated if they continue to rent out equipment known to be defective or dangerous.

  4. Delivery and Setup Errors: Errors made during the delivery or setup of equipment can lead to patient harm. For example, if a hospital bed is not correctly assembled, leading to a patient fall, the provider could be liable for any injuries sustained.

  5. Faulty Recommendations: If a DME provider recommends equipment that is not suitable for the patient’s needs or condition, resulting in injury or ineffective treatment, they could be sued for malpractice or negligence.

  6. Breach of Privacy and Confidentiality: Providers have access to sensitive patient information. A breach of patient privacy or confidentiality, whether through careless handling of records or a cyberattack, can lead to legal actions against the provider.

To mitigate these risks, DME providers need malpractice and general liability insurance policies that cover legal fees, settlements, and any court-awarded damages. These insurance policies provide a financial safety net that allows providers to continue their operations even in the face of legal challenges.

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what types of insurance do durable medical equipment rental providers need?

General Liability Insurance

General Liability Insurance

This is necessary for equipment rental providers with their own facilities. It  covers medical expenses and attorney fees resulting from bodily injuries and property damage your facility or organization could be legally responsible for.

Business owner's policy (BOP insurance)

Business owner's policy (BOP insurance)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for equipment rental providers  with small to medium-sized businesses, providing a blend of liability protection and property insurance.

Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance overs any negligence or mistakes made by the individual equipment advisors during their practice. It differs from General Liability insurance, which covers the practice itself. 

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for equipment rental providers who use vehicles for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect equipment rental providers and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.

Contact Chris Worley now

Chris Worley

Chris specializes in insurance for Phlebottomists. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

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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855.351.7487

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.

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.