Physicians, doctors and other medical personnel who own their own practices or clinics know all too well that it’s a fine line to straddle between being a caregiver and a business owner.

It’s a unique situation to be in; your number one priority is naturally your patients, and giving them the very best in care. Yet, you are running a business, and as such, you have to look after that business.

You have to pay attention to details such as ensuring bills are paid, that staff is looked after, that expenses are being met and that you’re protected in the case of any situation arising.

One of the most important things for a physician who owns a practice or clinic to protect themselves (and their business) is a medical insurance policy.

Insurance for physicians in New Jersey (and elsewhere) is easy enough to obtain, and you’ll find plenty of plans available to you. But which one to choose?

The best thing to do when choosing a medical insurance plan for your practice is to look at what you need to get out of an insurance plan – what types of protection are most important for you and your staff?

We’ve listed a few different types of physician’s insurance below.

Professional Liability Insurance

It might not be fun to think about, but any physician who owns a clinic or practice should have this in place. Professional liability insurance, sometimes referred to as malpractice insurance, protects you in the instance that you’re sued by a patient for negligence, malpractice, or harm.

This type of insurance for physicians in NJ includes several different types within that umbrella, so you should take the time to do your research and determine which one is right for you.

These include individual and group policies from traditional private insurers, individual or group policies provided by a medical risk retention group, as well as coverage provided by an employer, such as a hospital (if you own your own practice, this will likely not apply to you).

Professional liability insurance/medical malpractice insurance will take care of costs associated with lawsuits and legal issues, including your legal defense, settlements, lawyer fees, and more.

Many smaller practices would go completely under if they had to pay these out of pocket, so having this plan in place is incredibly important.

Property Insurance

Every business owner should retain property insurance to protect his building and the property contained within.

Property insurance plans will help protect against things like natural disasters, accidents, and more, so that your clinic or practice and all the expensive medical equipment, supplies and so on, can be replaced.

Most clinics have very costly and elaborate medical equipment and without a property insurance plan, you could be on the line to replace it all. Property insurance is a must for any business owner, but especially one in the medical field.

Workers’ Compensation Insurance

Naturally, your staff works hard to ensure that safety precautions are always taken on the job.

You’re all healthcare professionals, after all. But accidents happen and in the case that one of your nurses or other staff are injured on the job, you should have a workers’ compensation plan in place to protect them (and you).

Workers’ comp pays for medical bills, treatment and even lost wages for the injured employee, so they can recover comfortably without worrying about costly medical bills.

In the case of death, workers’ compensation will pay out a settlement to the employee’s family.

Workers’ comp offers a level of protection and peace of mind to valued staff, who know they’ll be taken care of if they get hurt. This also protects you, the employer, from having to pay out on these bills yourself.

A different but somewhat-related type of insurance is Practice Overhead Insurance. Practice overhead insurance for Physicians in NJ isn’t as commonly known, but it offers great protection for you if you need to step away from your clinic or practice for a short period of time, usually because of a disability or illness.

Practice overhead insurance will cover utility costs, rent/practice payments, payroll, taxes and other related business costs so your staff can keep the clinic running in your absence.

Auto Insurance

Most people don’t automatically think of auto insurance as being part of a business insurance plan.

If you use your vehicle for business purposes – such as driving to the hospital for consultations, traveling to purchase medical supplies or medications, making house calls, or even just commuting to and from work – you can put your vehicle under your business medical insurance policy.

Often you’ll find that you qualify for discounts when you do this, and your vehicle will be protected if you get in an accident, experience theft or damages, and more.

Life Insurance

In some policies, life insurance can help protect your business and livelihood in the event of your untimely passing.

If you wish your practice to continue on, your life insurance policy can provide loved ones/inheritors with a nest egg to help keep the business going.

Individual Health Insurance

Undoubtedly, you’d like to provide your valued staff (and yourself) with a great health insurance plan that includes all the benefits they need for affordable premiums.

It goes without saying that as a healthcare provider, you want your staff to have the very best in healthcare. There are great group plans out there that include vision and dental plans, disability insurance, and more; and don’t have expensive co-pays or deductibles.

It’s worth taking the time to look around, compare quotes and find the very best group health plan for your entire team.

These are just a handful of the many types of physicians insurance/medical insurance plans you may be interested in. With some luck, you may be able to find a comprehensive and affordable plan that consists of several or even all of these types of insurance.

Definitely take the time to determine which insurance policies for physicians in NJ are best to protect your clinic or practice, your experienced staff, and of course, yourself. If you’re in the New Jersey area, contact Central Jersey Insurance Associates to find out more.