Protect Your Small Business with Medical Payments Coverage Today
Medical payments coverage is an important part of any small business’s insurance portfolio. It provides protection in case someone gets injured on the premises of your business or as a result of your business operations. In the unfortunate event of an unexpected accident, medical payments coverage could be the difference between a manageable situation and a costly legal battle.
Medical payments coverage is typically available as an add-on to a business’s general liability insurance policy. Depending upon the insurer, it may be referred to as “med pay” or “medical expense coverage”, but for simplicity we will use the term “medical payments coverage” throughout this article.
It is important to understand what medical payments coverage does and does not cover. Medical payments coverage pays for medical expenses related to injury at your place of business or during your normal business activities while doing business offsite. Generally, any reasonable expense incurred within three years of the date of the incident can be covered by medical payment coverage—such as ambulance rides, hospital visits, doctor visits, diagnostic tests, prescriptions and other medical costs associated with treating an injured person.
However, medical payments coverage usually does not provide benefits for pain and suffering, punitive damages or lost wages due to work absences resulting from injury. Therefore it should not be viewed as a substitute for more comprehensive liability plans such as workers compensation insurance or employer’s liability insurance which do include these types of benefits subject to their respective limits and exclusions.
When shopping for medical payments coverage it is essential that you get at least three quotes from reputable insurers to compare available options in terms of cost and quality of service provided. You should also ask about extended family members such as parents, siblings or grandparents who may be present at your workplace; some policies may offer additional protection if they are hurt on your property or through one of your activities away from home base when conducting normal business operations.
In conclusion, Medical Payments Coverage is an essential component in protecting your small business from potential financial disasters due to unforeseen injuries occurring as a result of accidents onsite or while conducting normal business operations away from home base. Get comparative quotes from several different insurers in order to get the best price and most comprehensive set of benefits appropriate for you specific small business needs.