insurance for medical supply companies

Medical supplies companies need insurance

Westwood will work with you to ensure your medical supply business has full insurance coverage against every threat you could face.

Quick Quote – for Liability Insurance


why do medical supply companies need insurance?

Medical supply companies face unique challenges that necessitate the need for malpractice or liability insurance. While not directly involved in patient care, they are integral to the healthcare delivery system, and their products directly impact patient health and safety. Medical supply companies are vulnerable to being sued for malpractice or liability in these areas:

  1. Product Defects and Malfunctions: Defective products or equipment malfunctions can lead to patient injury or death. This can include everything from faulty surgical equipment to defective prosthetics or monitoring devices. Companies can be held liable if their product is found to have caused harm due to design or manufacturing defects.
  2. Failure to Meet Standards and Regulations: Medical products are subject to rigorous standards and regulations to ensure safety and efficacy. Failure to comply with these standards, whether due to oversight or negligence, can result in products that pose risks to patients, leading to potential lawsuits.
  3. Inadequate Labeling or Instructions: Inadequate or incorrect labeling can lead to misuse of the product, potentially causing harm to patients and exposing the company to legal action.
  4. Contamination and Sterility Issues: Products intended to be sterile, such as surgical instruments or wound care supplies, require strict adherence to sterilization processes. Contamination can lead to infections and other serious health issues, for which the company could be held responsible.
  5. Failure to Warn: Companies have a duty to warn healthcare providers and patients of any known risks associated with their products. Failure to adequately warn about potential side effects or contraindications can lead to claims of negligence.
  6. Intellectual Property Disputes: Medical supply companies often deal with proprietary technologies and innovations. Disputes over intellectual property rights, such as patent infringement claims, can lead to costly legal battles.
  7. Supply Chain and Delivery Issues: Failures in the supply chain, leading to delays or shortages of critical medical supplies, can indirectly impact patient care, especially in emergency or high-need situations. While not malpractice in the traditional sense, companies can face legal challenges if their failure to supply products leads to healthcare provider liability.

Malpractice or liability insurance provides financial protection against claims of negligence, product liability, and other risks associated with the manufacturing and distribution of medical products. For medical supply companies, this insurance is crucial for mitigating the financial and reputational risks associated with their operations

what types of insurance do medical supply companies 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 against claims related to malpractice, negligence, or injury resulting from individual Staff members who will typically be covered by professional liability insurance.

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for medical supply companies who use vehicles for company-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

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.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect medical supply companies facilities 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 Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for medical supply companies. 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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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.