medical laboratory insurance

why do medical laboratories need insurance?

medical laboratories need insurance

Please fill out the form below for a quote on liability insurance for your medical laboratory

Quick Quote for Laboratory Insurance


Medical laboratories need insurance to cover a number of risks, including:

  1. Compliance with Regulations: Navigating complex federal and state regulations concerning patient privacy, quality control, and testing procedures is a significant aspect of managing a medical laboratory. Having insurance coverage that protects against potential claims related to non-compliance with these regulations is critical.
  2. Liability Risks: Given your responsibility for providing accurate and reliable diagnostic testing and analysis, professional liability coverage is essential. This coverage is vital to protect against malpractice lawsuits and other potential claims that could arise from your laboratory services.
  3. Cybersecurity: Handling sensitive data, including patient records and confidential medical information, demands robust cybersecurity measures. Insurance coverage that safeguards your laboratory against data breaches and cyber-attacks is crucial to protect both your patients’ privacy and your laboratory’s reputation.
  4. Building and Property: Your laboratory’s physical space represents a significant investment. Commercial property insurance is essential to protect against damages due to events like fire, natural disasters, or vandalism.
  5. Protecting your Equipment: Medical laboratories rely heavily on specialized equipment for diagnostic testing and analysis. Insurance that covers the financial impact of damage, theft, or malfunction of these critical tools is vital, ensuring minimal disruption to your laboratory services and financial stability.
  6. Employee Retention: Skilled professionals such as medical technologists and laboratory technicians are crucial to your operation. Insurance solutions that help in attracting and retaining talented staff, including competitive benefits and professional development opportunities, are important for the success of your laboratory.
  7. Quality Control: Ensuring the accuracy and reliability of your testing procedures is paramount. Identifying and mitigating potential quality control risks is essential, and having suitable coverage to protect against claims related to inaccurate testing is a key part of this.

A medical laboratory owner contemplating the cost of laboratory insurance.how much does laboratory insurance cost?

The cost of laboratory insurance varies widely, depending on a number of factors, including the state you operate in, the size of your lab, the number of employees, your annual and projected revenue, any history of claims you’ve had and your experience. The type of coverage you choose and the limits per claim also have a bearing on the cost.

We will compare quotes from several insurance carriers who specialize in insurance for laboratories, to find the most suitable coverage at the best price. Contact us now for a quick quote.

what types of insurance do medical laboratories need?

General Liability Insurance

General Liability Insurance

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

Professional Liability Insurance

Professional Liability Insurance

Also known as malpractice insurance, this  protects facilities against claims related to malpractice, negligence, or injury resulting from resident care. Staff members will typically be covered by professional liability insurance.

Commercial Property Insurance

Commercial Property Insurance

This protects your facility against damage or loss to your buildings, equipment, and other property, which can happen as the result of various risks such as fire, theft, or vandalism.

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for medical laboratories 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 medical laboratories and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers your organization against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online systems as part of this policy package.

Contact Dale Nelson now

Dale Nelson, Westwood team member

Dale 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

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.