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3 Best Insurance Policy for IV Hydration Business

IV therapy is the medical process of delivering fluids and medications to the human body. IV which is the short form for intravenous simply entails that the products are delivered via the veins, regardless of their vitamins, minerals, or medications.

Have in mind that the primary intention of IV therapy is to ensure that patients can get the necessary treatments quicker than when it is done orally.

These sorts of medications are provided by a healthcare professional, in most cases a nurse, for a wide range of reasons. IV therapy has been proven to help tackle symptoms related to conditions such as colds, flu, morning sickness, nutrient deficiencies, and hangovers.

IV therapy has grown to become a viable business model with many facilities opening all over the country. However, as with other medical services, there are numerous legal issues that will have to be evaluated to ensure that you can run this business effectively.

First, you will have to comply with all federal and state laws coupled with local medical board guidelines. Another very important requirement is the issue of insurance. You need to understand that there is a large array of risks that come with providing care.

Regardless of if you manage a solo business, or if it’s a mobile IV hydration center, it’s necessary you understand how the insurance policy you obtain today will help your new business.

Best Insurance Policy for IV Hydration Business

  1. General Liability Insurance

This insurance protects your business from liability claims instituted by third parties. It will provide coverage for claims of bodily injury along with property damage that takes place in and within the facility where services are provided.

Other claims that will most likely be covered by general liability insurance include wrongful eviction, libel, false arrest, advertising injury, along with malicious prosecution.

  1. Professional Liability Insurance

This particular insurance seeks to protect your business from claims instituted by clients claiming or accusing you of negligent care.

This insurance also known as malpractice insurance, professional indemnity, or errors and omissions insurance, is very important to your business’s longevity should you, your workers, or your full IV Hydration practice get involved in a malpractice lawsuit. Note that even if the claim is unfounded, the out-of-pocket expenses for legal defense can be quite costly.

  1. Business Owner’s Policy

A business owner’s policy (BOP) is a type of insurance that merges general liability and property insurance into one policy. Most often, entrepreneurs prefer to obtain this policy since it is more affordable than obtaining these policies separately. Other business insurance policies that you should consider for your IV hydration business include:

  • Workers’ compensation insurance: If you have employees, you will be expected to obtain this insurance. This insurance is considered mandatory in a good number of states and it covers medical expenses and lost wages if your workers get injured at work.
  • Commercial property insurance: The essence of this coverage is to provide cover for damages to your property caused by fire, theft, or vandalism.
  • Business interruption insurance: This particular insurance will cover for lost income and expenses if your business is forced to close due to a covered event.

Insurance Companies That Offer IV Hydration Business Insurance

  • Desert Mountain Insurance

Started in 1997 by a former underwriter of a major insurance carrier, this well-known firm has experienced agents who are eager to satisfy the needs of their clients. You will find experts who have backgrounds in healthcare insurance and professional liability.

  • Presidio

Presidio Insurance is a top-class insurance brokerage founded in 2002. They focus primarily on providing the healthcare industry with detailed insurance products and personal services. Aside from that, they offer a full suite of insurance products for physicians, doctors, healthcare facilities, and healthcare professionals.

  • CM&F Group

Note that this company is a niche provider of medical malpractice insurance for Allied Healthcare Providers. According to reports, they have been insuring professionals from as far back as 1919 and as the pace of healthcare has changed, they have also adjusted to ensure they always see to the needs of their clients.

Have it in mind that they currently insure over 120,000 healthcare professionals across the country by working with only the most reliable and most committed insurance carriers.

  • The Doctors Insurance Agency

Known as the biggest agent or broker of the largest medical malpractice liability insurance carrier in the nation, this agency was founded in 1988 as an exclusive agent of The Doctors Company. Note that they started as the provider of medical malpractice insurance and service representative of one of the premier carriers in the industry.