insurance for physical therapy clinics
Westwood will work with you to ensure your Physical Therapy Clinic clients have adequate 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.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance (E&O), protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.
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 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.
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
- 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 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 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 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.
physical therapy clinics
require special coverage
Physical therapy clinics face a number of challenges in today’s fast-changing environment . One of the most significant challenges is the need to keep up with the latest research and developments in the field in order to provide the best possible care for patients. This can be a difficult and costly task, as new technologies and treatments are constantly being developed. Additionally, physical therapy clinics must also compete with other healthcare providers, such as chiropractors and massage therapists, for patients. With so many choices available to patients, it can be difficult for physical therapy clinics to stand out from the crowd.
Another challenge faced by physical therapy clinics is the rising cost of healthcare. As the cost of medical care continues to increase, it becomes more difficult for physical therapy clinics to provide affordable services to their patients. Additionally, insurance companies are increasingly reluctant to cover the cost of physical therapy, making it even more difficult for patients to access the care they need.
Physical therapy clinics have unique insurance requirements that often result in higher premiums than other types of businesses. This is because the risks associated with providing physical therapy services are considered to be higher than those associated with other types of businesses. As a result, insurance companies often charge higher premiums for coverage, which can make it difficult for physical therapy clinics to offer competitive rates.
Professional liability insurance is another significant challenge for physical therapy clinics. This type of insurance is designed to protect clinics from lawsuits that may arise from the care that they provide. They will also need the other types of insurance associated with businesses such as workers compensation insurance for employees and property insurance.
The challenges faced by physical therapy clinics can be difficult to overcome, but it is important for them to do so in order to provide the best possible care for their patients. By staying up-to-date with the latest research and developments, being competitive in the marketplace, and being aware of their unique insurance needs, physical therapy clinics can continue to provide high-quality care for their patients.