Protect Yourself, Your Practice, and Your Family¶
You became a physician so that you could help people. We’re here to manage all of the financial risks that come with running a medical practice so that you can focus on your patients.
While your insurance needs will change through your career, our MedAssure program is designed to manage it all for you and keep you in control at all times. MedAssure is a complete but configurable insurance program that gives you every kind of coverage you need, just the way you want it.
Comprehensive Medical Clinic Insurance Coverage¶
A medical practice takes a lifetime to build, but can be destroyed overnight by unexpected events. Even the most professionally-run facility can be subjected to data theft or fire, and even the most competent healthcare practitioners can end up defending against a malpractice suit.
At last, you can find all the insurance you need in one convenient program designed especially for doctors. Our specialists offer you concierge service, giving you a full range of insurance options and advice to protect you, your family, your employees and your clinic. Whether your medical clinic is large or small, we can customize your coverage to your needs.
Are You Protected As Well As You Think You Are?¶
More and more doctors are part of clinics with multiple doctors. It’s important to talk to an insurance broker so you and your colleagues aren’t faced with an unpleasant surprise in the event of a catastrophic loss.
Did you know that:
- The professional liability coverage you get through the CMPA offers very limited coverage for individual doctors.
- Individual physicians are responsible for amounts beyond the total maximum.
- For business interruption insurance, all revenue needs to be accounted for, including what is paid directly by OHIP. This is why all doctors working at a practice need to be listed on a policy.
- Professional liability insurance doesn’t cover damages related to identity theft that can result from a data breach.
- As clinics grow, the rules become more complicated, depending on how many doctors there are, their working hours, the total number of employees, and if doctors also provide care in a hospital setting but are not employed by the hospital.
- We can review your coverage with you, and ensure everyone in your corporation and the corporation itself are protected.
Coverage Included¶
- Professional liability / errors and omissions (beyond CMPA / provincial association coverage)
- Cyber liability / privacy breach / ransomware
- Property
- Theft
- General liability / slips and falls
- Fire
- Corporate life insurance
- Critical illness insurance
- Disability insurance (business overhead expense or BOE)
- Pandemic outbreak
- Benefits programs for employees
- Disability insurance for employees
- Succession planning
Fully Managed Coverage for Peace of Mind¶
Our concierge specialists know the needs of medical businesses inside and out, and are licensed to work across Canada. Not only do we work with you to determine your coverage needs and provide recommendations, we:
- Ensure that you understand your coverage.
- Review your coverage every year to discuss any changes.
- Provide guidance if you need to make a claim.
Because we provide this level of care, you’ll be free to devote your full attention to your practice.
Managing the Risks that Come with a Medical Practice¶
MedAssure includes options for coverage that most medical practice owners haven’t considered.
Privacy Breach and Cyber Liability Insurance¶
Most medical practices have either converted to electronic patient records, or will be converting in the near future. While electronic records save time and increase convenience, they do entail risks from hackers — and it’s essential to protect the data you have from privacy breaches and ransomware.
Medical facilities are facing more cyber attacks in recent years, with information either held for ransom, sold on the dark web, and/or used to create fake identities for a number of purposes. In fact, a leading cybersecurity firm predicts that there will be a ransomware attack every 11 seconds by the end of 2022.
MedAssure offers financial assistance to help doctor’s offices face a variety of cybercrime scenarios, and is an important part of your data management program.
The program provides assistance for:
- Crisis management for ransomware and other attacks
- Mandatory privacy breach notification services
- Forensic computer services
- Public relations
- Cyber extortion
- Data restoration
- Legal defense
- PCI fines and judgements
- Business interruption
Don’t assume you can’t be a target because you have a smaller practice: hackers will target any system they think they can breach.
Ask our MedAssure specialists for advice on the right level of coverage for your practice.
Corporate Life Insurance¶
The right life insurance can not only protect your family, it can also protect your practice, your partners and key employees if the worst should happen.
What most people don’t know is that a corporate life insurance policy can allow you to make more of your financial assets. Corporate investments are generally taxed at a higher rate, so by sheltering your investments in a permanent life insurance policy you pay fewer taxes.
The end result is that you could have more money during your retirement, and that your beneficiaries receive more in the event of your death.
Disability Insurance for Doctors¶
Facing a major disability is a huge challenge for anyone, including medical practitioners. But as impactful as this may be personally, as a business owner, you also have to consider the potential impact of a disability on your business.
If you're suffering from a disability like chronic pain, the aftereffects of an injury, or a mental health condition, you need time to heal — and you need to make alternate arrangements while you recover.
Disability insurance replaces lost income for you so that you can focus on your health.
Group Benefits for Your Employees¶
Health benefits are an excellent way to attract and retain talent, and they're easy to add to your MedAssure program.
You can customize benefits to the preferences of you and your employees, so you don’t pay for coverage you don’t need. With MedAssure you get the best of both worlds:
- The buying power of partnering with hundreds of other companies.
- Freedom to choose the type and amount of coverage.
Critical Illness Insurance¶
Even physicians may have to face a diagnosis of heart attack, stroke or cancer. That’s why MedAssure offers critical illness insurance. It provides you with a one-time tax-free payment to cover business costs while you take the time you need to recover. Even if you’re able to work, you still receive the payment and can put the money towards additional health care.
With critical illness insurance, you give yourself more options so that you don’t need to choose between what’s best for your health and what’s best for your business.
Business Owner Succession¶
If you’re about to retire, you may be wondering about the financial aspects of passing on your practice to new owners. You’re also probably concerned about what happens to the investments you’ve made during your career, especially in terms of taxation.
We can help you protect what you’ve built through a lifetime of hard work.