Business insurance is an essential protection for medical offices and other small businesses. However, many business owners treat their insurance policies as a set-it-and-forget-it solution. In reality, regularly reviewing and updating your business insurance is the only way to make sure your coverage aligns with your evolving needs. As a trusted Maryland small business insurance agency, we specialize in helping medical practices stay protected. Here’s when and why you should regularly review your business insurance policy.
1. When You Expand or Relocate Your Medical Office
Is your medical practice growing or relocating to a new facility? It’s time to reassess your business insurance. Expanding to a larger space or opening additional locations may increase your liability exposure or property coverage needs.
For example, a medical office insurance policy tailored for a small practice might need significant updates if you move to a larger, multi-specialty facility. Consulting a medical insurance broker in Maryland guarantees that your coverage evolves with your practice.
2. When You Add New Services or Equipment
Adding new services or investing in advanced medical equipment can expose your practice to new risks. For instance, offering cosmetic procedures or telemedicine services may require additional liability coverage. Similarly, high-value diagnostic equipment may necessitate an increase in property insurance limits.
A comprehensive review with a Maryland small business insurance agency allows you to review these changes and make necessary updates. Your broker can recommend endorsements or riders to address specific risks associated with new offerings or equipment.
3. When Staffing Changes Occur
Significant changes to your workforce, such as hiring more employees or reducing staff, should prompt a review of your business insurance. Worker’s compensation requirements and Maryland employee benefits packages may depend on the size of your team. An updated policy keeps you in compliance and provides adequate protection for both your employees and your practice.
A medical insurance broker in Maryland can help you integrate employee benefits like health insurance or retirement plans into your overall coverage strategy, enhancing your practice’s appeal to top talent.
4. After a Claim or Near-Miss Incident
If your medical office has experienced a claim or a near-miss incident, this is a clear signal to review your insurance. These events highlight potential gaps in your current coverage and provide an opportunity to strengthen your risk management strategy.
For example, a cybersecurity breach affecting patient data might reveal the need for cyber liability insurance that can be added to your existing medical office insurance policy. Addressing these vulnerabilities proactively can save your practice from future financial and reputational damage.
5. Annually or During Policy Renewal
Even if no significant changes have occurred, reviewing your business insurance annually is a best practice. The insurance landscape evolves, and there is no time like the present to find out if new products or discounts have become available. Regular reviews also help ensure your coverage limits and deductibles remain appropriate for your current needs.
6. When Legal or Regulatory Requirements Change
Changes in Maryland laws or healthcare regulations can impact your insurance needs. For example, new mandates regarding patient data protection might require additional liability coverage. Staying informed and updating your policy accordingly ensures compliance and reduces the risk of penalties.
How the Trusted Insurance Partners at Unity Insurance Can Help
Regularly reviewing and updating your business insurance policy may seem overwhelming, but working with a knowledgeable Maryland small business insurance agency simplifies the process. At Unity Insurance, we take a proactive approach to policy management, ensuring your practice is always adequately protected. Whether you’re expanding, upgrading equipment, or navigating regulatory changes, we’re here to help you make informed decisions.
If you need assistance with business insurance, medical office insurance, or employee benefits, our team is here to help. Contact us to schedule a policy review today!
Speak With An Agent At Unity Insurance About Your Virginia and Maryland Insurance Needs Today
Unity’s insurance professionals serve as your advocate from the very beginning. From selecting coverage to filing a claim, we are by your side every step of the way. At Unity Insurance, we know insurance plays a vital role in every stage of your life and business so our professionals provide guidance and support to ensure you make the right decisions regarding your insurance options.
We work with clients in Maryland and Virginia to provide the best plan for individual needs. Call 410-539-6642 to learn how the experienced insurance professionals at Unity Insurance can assist you.