Your Medical Laboratory Insurance Mission
Whether you run an independent clinical lab and need to cut down on insurance costs without sacrificing malpractice coverage, or you are an entrepreneur seeking to open a business serving doctors and pharmacists, you need to understand how to shop for medical laboratory insurance in a way that minimizes your premiums and costs and likewise minimizes your exposure to serious financial risks. This essay will dive into the basic kinds of coverage to explore and point you in the direction of a time proven resource to help you shop.
Medical Laboratory Insurance: The Essentials
Obviously, one of the biggest concerns on your mind and on the minds of your co-owners and the doctors with whom you work) is medical malpractice insurance. You need professional liability and general liability coverage to protect you in the event that, for instance, your lab makes a faulty diagnosis or swaps test results, causing substantial injury to a client or to a company. As you well know, malpractice claims against medical laboratory insurance can easily reach into the millions of dollars, particularly when serious injury or death happens. If you lack adequate coverage, a lawsuit could literally shut down your business and potentially have consequences for your personal assets as well.
On top of malpractice clinical laboratory insurance, you also want workers compensation assuming you have four or more people working in your lab), business property insurance to protect assets such as diagnostic tools, centrifuges, refrigerators, lab equipment, and the like), and business interruption insurance in case a personnel problem or weather event knocks your business offline, you can collect at least a percentage of your typical income).
Do you use vehicles to transport equipment or deliver results to doctors or pharmaceutical companies? If so, you may need business auto insurance. And you also might consider group insurance plans for things like disability, health, and life.
Depending on the kind of chemicals and biological agents you use, you may need special coverage to deal with things like fire, chemical explosion, release of toxic chemicals/gases, and accidental infection/contamination.
Medical Laboratory Insurance Solutions
One “short cut” to getting the best medical laboratory insurance for your dollar is to opt for a pre-packaged policy. Many insurance companies bundle together different relevant coverages e.g. general liability, workers comp, etc) specifically for clinical labs for your convenience. Alternatively, an insurance agent may help you to piece together a tailor made solution. You can also speak with veteran lab owners — such as a mentor or someone in the field you trust — about ideas for how to maximize your coverage dollar.
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