Get a Healthcare Services Insurance Quote in Canada

What is health services insurance?

Figuring out what type of coverage you need if you're in the healthcare services industry might seem tough, but it's important to ensure you're protected against potential risks. Healthcare providers face a set of unique challenges and liabilities, which could be malpractice claims to data breaches, which makes getting a comprehensive insurance policy a necessity. Think about protecting your clinic from unexpected surprises and creating a safe environment for both you and your patients.

Is health services insurance mandatory in Canada?

Depending on your specialization, you may be required to have business insurance for your practice, and if you don't, it's still a common practice. If you use a vehicle for your business, you will need to get commercial auto insurance. Even if it's not required, having insurance is wise. It protects your business, vehicle, and clients in case of accidents. Clients typically ask for proof of insurance before trusting you with their care.

Who needs health services insurance?

Here are some examples of professions that might need it:

• Counsellor: A trained professional who provides guidance and support to individuals dealing with personal, social, or psychological challenges.
• Physiotherapist: Also known as a physical therapist, is a healthcare professional who helps individuals who have injuries or disabilities improve their mobility and manage their pain through exercises, manual therapy, education, and advice.
• Nurse: This is a healthcare professional who provides care and support to patients in various settings, such as hospitals, clinics, and community health centers.
• Pharmacist: Those who specialize in the preparation, dispensing, and proper use of medications.
• Acupuncture:  This is a healthcare professional who is trained in the practice of acupuncture, which is a form of traditional Chinese medicine. They use fine needles which are inserted into specific points in the body to stimulate energy flow, promote healing, and restore balance.
• Social worker: These professionals help individuals with challenges and improve their well-being by providing support and resources.
• Dietitian: They specialize in food and nutrition and provide advice to those looking to manage their weight or specific diet.
• Home health care agency: They offer medical and personal care services to patients who need care in their homes.
• Chiropractor: A chiropractor is a healthcare professional specializing in the diagnosis and treatment of musculoskeletal disorders, with a particular focus on the spine.
• Health and wellness business: Provides products or services aimed at improving health and well-being.
• Holistic health practitioner: This is a professional who focuses on treating the whole person, mind, body and spirit, rather than just addressing specific symptoms or ailments. They often use natural and integrative therapies to promote overall wellness and balance.
• Occupational therapist: These therapists help patients develop, recover, or maintain daily living and work skills.
• Optician: They specialize in fitting and dispensing eyeglasses and contact lenses based on prescriptions from optometrists or ophthalmologists.
• Optometrist: They perform eye exams, diagnose vision problems, and prescribe corrective lenses such as glasses or contact lenses.
• Psychologist: They can provide therapy but are also qualified to perform psychological testing and assessments.
• Psychotherapist: This is a broader term that refers to professionals who are trained to treat emotional and mental health issues through therapy.
• Reiki masters: Practitioners of Reiki use a technique called palm healing or hands-on healing, where they place their hands lightly on or near the recipient's body to help the flow of energy.
• RMT (registered massage therapist): An RMT is a healthcare professional who is trained and licensed to provide therapeutic massage treatments.
• Speech language pathologist: Assesses and treats communication and swallowing disorders.
• Telehealth: These are doctors who provide services remotely through video calls, chats or phone calls, without seeing the patient in person.

What type of insurance policies do healthcare professionals need?

• General liability insurance: This keeps your business safe if someone gets hurt or something breaks while you're working. If a patient slips and falls while at your dental clinic, and breaks their wrist, this insurance will help you cover the medical costs and any legal claims.
• Professional liability insurance: Also called Errors & Omissions (E&O) insurance, it covers you if you make mistakes in your professional field. For healthcare professionals this is called malpractice insurance and applies specifically to healthcare providers to cover claims of negligence or harm caused by a mistake or error in treatment. Say a patient claims you misdiagnosed their condition, leading to further health complications, this helps with legal defense and settlements.
• Equipment coverage: Keep your medical gear safe from theft or damage. If a fire destroys your MRI machine, it ensures you can replace important tools without financial strain.
• Auto insurance for business: If you drive for work, like transporting patients to a physical therapy session, you need this. It covers your vehicle in case of an accident during a patient drop-off.
• Care, custody, and control insurance: Covers you if patients get hurt or something happens while they’re with you. For example, if a patient trips over equipment in your care and sustains an injury, this insurance will assist with coverage.
• Business interruption insurance: If a disaster like a flood stops your business, this insurance helps pay for rent and salaries, so you can recover without losing important employees.

How much does healthcare services insurance cost?

The cost of healthcare services insurance depends on your business size, the services you provide, and the coverage you are looking for. As a small business, you may typically pay $300 to $1,500 annually.

Remember, these are rough estimates. Costs can vary significantly based on the specific services you offer, your business size, your coverage needs, and other factors.

What factors affect your healthcare services insurance rate?

Type of service: If you offer high-risk healthcare services, like surgery or anesthesia, your insurance costs will be higher.

Type of coverage: The more coverage you want, the more it costs, especially for liability or property damage.

Claim history: If you've filed claims before, insurance costs go up since you’re seen as riskier to insure.

Coverage limits: Your insurance quote changes based on your chosen coverage limit and deductible.

Location: Insurance costs vary by location. Big cities mean more business and possibly more claims, for instance.