Radiology laboratories are typically staffed by radiology technicians and technologists. They are in charge of many types of lab services including x-rays, MRIs, digital imaging technology, ultrasounds and similar services. The laboratory will view and analyze the results of these services and send them back to the physician. There are risks to the radiology laboratory employee due to the various safety risks of the lab, along with patients who might visit the lab and get injured. Professional liabilities are some of the most significant risks for radiology laboratories. Protect all of your risk exposures by getting radiology laboratory insurance.
Types of Radiology Laboratory Insurance
There are several different types of insurance policies for your radiology laboratory business. The following policies are the most important to choose from:
Radiology Laboratory General Liability Insurance
The fundamental business insurance policy you will get is most likely general liability. This offers protection from accidents occurring on your premises and the services you provide. If someone is visiting your lab, and they trip over an equipment cord, you could be responsible for the medical and legal costs. General liability provides you with protection from these types of claims.
Radiology Laboratory Commercial Auto Insurance
Business auto insurance offers protection to your vehicle from bodily injury, property damage, theft and vandalism. It is for any employees using their own vehicles for business purposes, such as making deliveries or picking up office equipment or supplies. If you get into a collision, any damage to your car or bodily injury for you and other drivers involved, is covered by the business auto insurance policy.
Radiology Laboratory Business Property Insurance
Business property insurance helps protect your radiology laboratory if an unexpected event occurs. Because of your industry, you are at a higher risk of a fire, especially since you use flammable materials and chemicals in the laboratory. With business property insurance, a fire, flood or other event would cause damage, but you don’t need to suffer an out of pocket loss. The policy ensures you have help replacing what was destroyed and making any necessary repairs.
Equipment breakdown is an unfortunate event that occurs from damage to the equipment, such as from a fire or natural disaster. When your radiology equipment breaks down, you would suffer a significant loss in order to replace it, not to mention the income you lose out on until it is replaced or repaired. Equipment breakdown insurance ensures you can get the equipment replaced as soon as possible without suffering financially.
There are instances where you may need to shut down your laboratory; this could mean losing large amounts of business income in the process. If there is damage from an outside source, business interruption insurance offers protection of your business income until you’re again able to open up your laboratory.
All employees working for a radiology laboratory should be protected with workers’ compensation. This policy covers any work-related illnesses and injuries. When working with x-rays and other radiology machines, illness is a significant risk, along with the common slips and falls that can occur. If an injury or illness is received while on-the-job, your employees have workers’ comp to pay for the medical costs.
Crime insurance is an important policy to have for your radiology laboratory. You are at risk for theft and vandalism, along with fraudulent activity. To fully protect your business from crimes, you need a crime insurance policy. If money is embezzled from your laboratory or samples are taken, even with excellent security, your business income isn’t affected as long as you have the crime insurance policy.
In order to continue running a successful radiology laboratory, you need to protect your business from a wide range of risks. These radiology laboratory insurance policies are the best way to protect each of your risks, from the most unexpected to the common.