8/3/2023 0 Comments X and o clinicsMost average sized clinics in the Ontario area will pay anywhere from $1,000 to $1,500 or higher a year for this type of coverage. If you are a larger clinic with a lot of employees, you can expect to pay higher rates. Even the amount of money that you bring in annually could make a major difference. These factors can include anything from the type of work that you do to the number of patients that you see every year. And, this is because insurance providers in the area base their rates on specific factors. There are no two clinics in the Ontario area that are going to pay the same for clinics error and omissions insurance. What Does Clinics Error And Omissions Insurance Cost? Make sure to ask your broker about policy wordings! Keep in mind, the coverages mentioned above must exist on your policy for you to be protected. In some unique situations it might even cover some of the settlement in the event that you lose the case. When you acquire this policy, it will cover the court costs and lawyer fees that are associated with the case. This is where E&O insurance will offer the protection that you need. Even if you are not at fault, the patient will still have the legal right to sue you. Isn’t it possible to think that you could miss a tumor on a patient that later leads to cancer? Isn’t it possible that you might prescribe a medication that a customer is allergic to? What if you screw up during a procedure and a patient ends up with an amputated limb?Īll of these situations could potentially result in a major lawsuit. You are going to be diagnosing patients, performing procedures and prescribing medication. When running a clinic in Ontario, you are going to be tasked with many daily errands that will put you at risk. What Kind Of Protection Does E&O Insurance For Clinics Offer? This policy can protect your business against lawsuits that are filed by clients, patients, and customers. Well, error and omission insurance for clinics is without a doubt just one of the many policies that you are going to need to protect your business. You probably know that it is needed to protect your business, but you might not know exactly what policies you specifically need to cover the risks that you are faced with. If you are running a clinic in the Ontario area you probably already know a little bit about insurance. To protect your clinic from exposures such as slip and fall or property damage, you need to invest in a commercial general liability insurance policy.ĭoes My Clinic Need Clinics Error And Omission Insurance? This insurance kicks in to pay for damages only if the cause of damages are covered by the policy.Įrrors and omissions insurance covers the professional NOT the physical exposures of a business. Clinic errors and omissions insurance also known as professional liability insurance for clinics is an insurance coverage that provides financial protection to the business employees and it’s owners in the event they cause damages, losses, or bodily injury to clients or third parties as a result of their negligence, errors, or mistakes.
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