Business Insurance
Safeguard Against Three Business Risk Areas with One Business Owners
Policy (BOP)
Healthcare business owners like you have a lot to manage day to day, and that includes managing the many risks that come with running a business. Equipment breakdown. Unexpected closure. Inventory loss. Water damage from a burst pipe. A patient who slips and falls on a wet floor.
When an incident occurs, you need to make sure your business — and your income — are protected. After a loss or litigation, a Business Owners Policy (BOP) can be the difference between getting back on your feet quickly or not recovering at all.
Damage, accidents, theft, and more can lead to loss and litigation, impacting your income, your assets, your practice, and even your reputation. Hard costs to your business can range from inconvenient to serious to catastrophic, including everything from replacement, repair, and legal response to the reality of of income loss and the responsibilities of rent and payroll if your practice cannot operate.
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Healthcare practices of all sizes need a BOP to safeguard against everyday business risks related to buildings, offices, equipment, and inventory. These risks can include liability claims, lawsuits, and short- or long-term interruption to your business. Conveniently, a BOP bundles protection for your business across three key coverage categories — general liability, commercial property, and business interruption — into a single business policy. A cost-effective choice, a BOP reduces your overall insurance investment compared to managing the same risks with separate policies. An MSVIA BOP includes comprehensive coverage for:
- General Liability covers injury to third parties, like if a patient trips on the sidewalk, and damage to other people’s property that may occur at your practice, as well as advertising injury; including libel, slander, copyright and trademark infringement, invasion of privacy, and misappropriation of advertising ideas
- Commercial Property covers theft or vandalism to your building, office, equipment, furniture, and inventory, plus damage resulting from intentional acts as well as incidents like fire, storm, power outage, and flood — including damage that may originate from a business near you
- Business Interruption compensates for lost revenue and covers rebuilding and repairs as well as ongoing expenses — rent, taxes, and payroll — if a covered loss occurs
We can also help you customize your BOP by adding coverage to expand protection for risks like cyber liability, non-owned vehicles used by your business, and tenant legal liability, or by adding enhanced business interruption limits for coverage that is right-sized for your practice.
A BOP is essential to protect your practice’s cash flow and financial stability from the risk of business-related loss or litigation, so you can recover quickly, continue to deliver the level of service your patients rely on, and provide the income on which your employees and your family depend.
For every business owner, being prepared and knowing you’re covered if something does happen gives you valuable, vital peace of mind. Our team of Virginia healthcare insurance experts will help you identify and understand the options that offer you best protection.
We think beyond the short-term to position you and your practice for security, stability, and strength on the road ahead. More than the products we provide, we’re the partnership that protects.
Providers with Employer Insurance
You do not need additional personal coverage with a BOP. Your employer should have business insurance coverage for general liability, commercial property, and business interruption.
Independent Providers
You need a BOP to protect yourself and your business. Even if you do not own your building, a BOP will safeguard the contents of your practice within that building, in addition to the other risk areas the policy covers.
Small Practices and Physician Groups
You need a BOP to protect yourself and your business. Even if you do not own your building, a BOP will safeguard the contents of your practice within that building, in addition to the other risk areas the policy covers.
Large Practices and Health Systems
You need a BOP to protect yourself and your business. Even if you do not own your building, a BOP will safeguard the contents of your practice within that building, in addition to the other risk areas the policy covers.
Students
Full-time and part-time students do not need a BOP to protect yourself where you are working and learning, as that school or business should have business insurance coverage for general liability, commercial property, and business interruption.
Our Carriers
Choose MSVIA for Your Business Owners Policy
Our niche makes us next-level partners. From large healthcare systems to independent practices, insurance for Virginia providers is all we do. Our team is at the forefront of Virginia’s advocacy and legislative changes and how they impact your business, and our due diligence comes from the real-life experience of providers right here in the Commonwealth.
With deep first-hand knowledge of Virginia’s complex healthcare and legislative landscape, we ask the right questions, to help you find the right answers, to ensure you choose the right options for your practice. We help you navigate complexity, manage emerging risks, and avoid losses. Don’t just get insurance, get it right.
Let us protect your future.