insurance for clinical testing centers

Insurance for clinical testing centers

Westwood will work with you to ensure your clinical testing center clients have the best insurance coverage for every threat they could face.

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.

Sourcing the right insurance for clinical testing centers is essential in today’s challenging climate

 

Sourcing the right insurance for clinical testing centers is essential as they face many challenges, including:

  1. Funding and financial stability: Clinical testing centers often rely on grants, donations, and other forms of funding to support their operations. This can be challenging to secure and maintain, especially if the center serves a population that may not have the resources to pay for testing.
  2. Staffing: Clinical testing centers may struggle to hire and retain qualified staff, particularly in fields such as nursing and laboratory science. This can lead to issues with workload and productivity.
  3. Regulations: Clinical testing centers must adhere to a variety of regulations related to patient privacy, quality control, and other issues. This can be a significant burden for centers that may already be stretched thin with regard to resources.
  4. Technological challenges: Clinical testing centers must stay up to date with the latest technological advances in order to provide accurate and reliable test results. This can be costly and time-consuming.
  5. Accessibility: Clinical testing centers may face challenges in terms of making testing services accessible to all members of the community. This could involve issues related to transportation, language barriers, or other barriers to care.

Clinical testing centers may need a variety of insurance coverage to protect against potential risks and liabilities. Some types of insurance that clinical testing centers may need include:

  1. Professional liability insurance: This type of insurance covers the center against claims of negligence or errors made by its staff.
  2. General liability insurance: This insurance covers the center against claims of property damage or personal injury that may occur on the premises.
  3. Workers’ compensation insurance: This insurance provides coverage for employees who are injured on the job.
  4. Cyber liability insurance: This insurance covers the center against risks related to data breaches, cyber attacks, and other cyber-related threats.
  5. Business interruption insurance: This insurance covers the center in the event that it is unable to operate due to a natural disaster or other unforeseen event.

It is important for clinical testing centers to carefully assess their risks and consult with an agent working with a broker like Westwood to determine the appropriate coverage for their specific needs.

Contact Michael Richards now

Michael Richards, Westwood team member

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:

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

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