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From malfunctioning equipment to professional mistakes that can result in your patient sustaining an injury - these are some of the most common risks diagnostic imaging centers face on a daily basis.
Protecting your diagnostic imaging center with diagnostic imaging center insurance will provide cover for your business and free it from any financial liabilities that may arise in the event of legal action against your company.
How Much Does Diagnostic Imaging Centers Insurance Cost?
The average diagnostic imaging center in the United States pays around $30 per month or an average of $350 annually for general liability insurance. This policy will protect your business from lawsuits that may arise as a result of third-party property damage and bodily injuries.
Diagnostic imaging center owners need to secure the continuity of their business no matter what unfortunate event might take place. This is why business owner’s insurance is recommended. It costs the average diagnostic imaging center around $55 per month or a total of $625 per year.
To comply with state laws, business owners in the United States are obliged to take out workers’ compensation insurance, which will cover employees' wages, hospital fees, medical costs, and others in case they get sick or injured at the workplace.
During a cyber security breach, your patient information could be stolen and leaked. This can land your medical business in a lot of financial and legal trouble that can be hard to get out of. For around $300 per month or $3,600 per year - diagnostic imaging centers take out cyber liability insurance.
Professional liability insurance is another crucial policy medical companies should take out. It will protect your business and staff in case they are sued on the basis of malpractice, negligence, or a professional mistake that has impacted your patient. Generally speaking, the average radiology malpractice insurance cost is around $250 per month or $3,000 per year.
What Types of Insurance Do Diagnostic Imaging Centers Need?
There are a variety of insurance policies available to diagnostic imaging centers. Factors like the size of your diagnostic imaging center, the number of employees you have, the value of your equipment, and your location will determine the level of insurance coverage you need.
Please read below to find out some of the most suggested insurance policies for diagnostic imaging centers in the United States.
Why Do Diagnostic Imaging Centers Need Insurance?
It’s not uncommon for radiologists to fall sick or get injured while on their job. When you combine long working hours and constant exposure to radiation - those two can have a serious impact on your staff's health and overall wellbeing, which can put them out of work.
If that were to happen - your staff can claim against your business to recoup their lost wages, medical bills, and other costs associated with them missing work due to sickness or injury.
Diagnostic imaging centers are also reliant on expensive equipment, such as MRI scanners. These machines are highly susceptible to damage and could break down at any given moment. The repairs of such equipment aren’t cheap, and having insurance in place can help your business cover some if not all the repair/replacement costs.
It’s also not uncommon for diagnostic imaging centers to experience data breaches or property damage as a result of a theft attempt or vandalism. These issues can cost a lot of money to resolve, and in some cases - particularly data breaches can lead to legal action.
In other cases, diagnostic imaging centers don’t have a choice but take out a certain level of cover. This is because in some states in the United States - diagnostic imaging centers are legally required by state law to take out insurance to keep their patients and staff safe at all times.