The healthcare industry one of the largest and fastest-growing industries in the world. The global healthcare industry’s worth is at least $8.45 trillion and this number is projected to rise in the years to come. Being one of the most massive and promising industries to work in, hundreds of thousands of professionals seek job opportunities in this industry every year. In Canada alone, the total number of healthcare workers represents a whopping 6% of the entire population – amounting to at least 2 million people.
Along with the growth of the healthcare industry in Canada, there is also an increased demand for healthcare industry insurance or healthcare professionals insurance. These types of insurance are vital because they help give the necessary protection for businesses and professionals operating in this fast-paced and high-stakes industry.
One of the reasons why healthcare attracts such a massive workforce all over the world is because of the diversity of businesses within this industry. This includes establishments that provide diagnostic, preventive, remedial, and therapeutic services. Let’s have a closer look at some of the major kinds of businesses within the healthcare industry.
The types of healthcare industry insurance are as diverse as the types of businesses within the industry. Our insurance policies can be customized based on the individual needs of the healthcare professional or the healthcare business. Some of the coverages that may be provided in healthcare industry insurance policies include:
Also known as medical professional liability insurance, this policy provides protection for physicians and other licensed healthcare professionals from liability that’s associated with wrongful practices that result in bodily injury, medical expenses, and/or property damage. This policy can assist with the legal costs and expenses in such scenarios.
This coverage protects companies and organizations for claims of abuse of people under their care or responsibility. Various types of abuse are covered in this policy such as discrimination, harassment, mental abuse, physical violence, corporal punishment, sexual abuse, coercion, negligence, and so on. This coverage can assist with legal costs and damages paid to the victim when such abuse claims arise.
Since directors or officers of any business are particularly vulnerable to allegations of wrongful acts, the directors & officers liability coverage gives them the protection they need. This policy protects directors and officers from claims made by third parties such as customers or shareholders. This policy can cover the resulting legal costs, damages, settlements, losses incurred for civil fines, and so on.
This policy was designed to protect businesses from the activities of hackers and other entities who may gain access to “personal identifying information” stored by the business. Through the privacy/cyber liability coverage, businesses are protected during situations where a data breach or loss of electronically-stored confidential information would result in legal costs and losses.
This policy provides financial protection for your business against lawsuits from employees involving accusations of wrongful treatment which can include harassment, discrimination, and various other employee-related issues. Employment practices liability insurance can cover claims from seasonal employees, former employees, independent contractors, and leased employees. In such situations, this coverage can assist with legal costs and settlements.
Business interruption insurance is a coverage that is designed to replace lost income in situations where a business is halted due to calamities like a fire or natural disaster. This type of insurance covers payroll, taxes, loan payments, a move to a temporary location if needed, and operating expenses. This type of coverage also applies if government action causes operations to temporarily halt.
Business crime coverage insurance protects a business during situations when losses result from business-related crimes such as robbery, forgery, embezzlement, extortion, employee theft, and computer fraud. Protection through this policy can protect a business’s assets, cash, merchandise, or other property loss. Different options can be included in a business crime coverage insurance such as employee dishonesty coverage, loss inside the premise coverage, loss outside the premise coverage, fund transfer coverage, depositors forgery coverage, and so on.
At KASE Insurance, we work with professionals and businesses in the healthcare industry with a personalized approach. The customer is at the heart of everything we do, inspiring us to maintain our innovative culture and dedicated customer service.
We work with a number of companies across Canada and we cater to the needs of businesses both big and small – ensuring that we provide the best insurance possible from our plethora of policy options.
We have a wealth of experience, working with Canadian businesses and professionals from different industries including the healthcare industry. If you want to discuss a healthcare industry insurance policy, then feel free to get in touch with one of our insurance experts who can talk you through the policies and help you get the coverage that you need.
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out of 5 stars
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5 out of 5 stars
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