Home medical equipment providers insurance needs

Home medical equipment (HME) providers are diversifying their products and services to establish new ways to generate revenue, meet the needs of clients, and improve their overall market position. With the ongoing evolution of your business, new, unexpected, and complex risks can follow. That's why it's important to consult with an independent agent who understands the unique risks your business faces and has the industry expertise to recommend the right insurance solution to help ensure you have the protection you need.

So, what are the key insurance coverages you should be aware of to help protect your business?

Professional liability

Many HME companies often overlook professional liability coverage, because they don't think of their businesses as providing professional services. However, even explaining the proper use of equipment to a customer is considered a professional service — and presents risk. Professional liability coverage protects your business from errors related to the sale or rental of medical products and medical gas, including demonstrating, furnishing, installing, adjusting, or providing instruction regarding medical or surgical equipment or appliances.

Data breach

Today the risks from cyber, data and privacy are a growing concern and can be difficult to navigate. Data breach and privacy coverage is fairly inexpensive, but can provide valuable protection, including covering the costs of credit monitoring, forensic investigations, regulatory fines and penalties for your facility arising from the release of personal or patient data.

Client property

Your employees work in many of your clients' homes to setup, adjust, or provide instruction for use of equipment. With that comes the risk of lost, stolen, or damaged client money, securities, or property and could give rise to a claim. This coverage is oftentimes not provided on a standard policy, but upon request can usually be added to protect you from this risk.

Products liability

As a home medical equipment provider, you face liability related to products you sell, install or service. You can face claims arising from defective products, no matter where in the distribution channel — manufacturers, wholesalers, or retailers — so it's important to have products liability coverage in place to protect your business if faced with such a claim.

Hanover Healthcare offers one-stop shopping with tailored coverages to help address the risks facing healthcare companies in the following sectors: Allied health centers, eldercare, home healthcare, home medical equipment, orthotics and prosthetics and select physicians and healthcare professionals.

April 2018