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Running a medical practice means juggling more than just patient care. Behind every successful clinic, urgent care, or specialist office lies a complex web of risks, from regulatory compliance and data privacy to malpractice exposure and property loss. As both a licensed insurance professional and a medical doctor, I’ve seen firsthand how overlooked coverage gaps can leave even the most diligent practices vulnerable. Whether you operate a solo practice or manage a large group, there are several core types of insurance every healthcare organization should carry and understand. 1. Professional Liability (Medical Malpractice Insurance) This is the foundation of every healthcare provider’s risk management plan. Malpractice insurance protects you against claims of negligence, errors, or omissions in patient care. But not all malpractice policies are created equal, especially when it comes to tail coverage, consent-to-settle clauses, and coverage for locum tenens physicians. Understanding your policy structure,claims-made vs. occurrence-based, is critical. I’ve seen physicians switch carriers or retire without realizing that an expired claims-made policy can leave years of work exposed. 2. General Liability Insurance Think of this as your “slip and fall” coverage. It protects your practice if a patient or visitor suffers bodily injury or property damage on your premises. It also covers legal defense costs, which can be substantial even for small claims. A comprehensive general liability policy should align closely with your property and professional policies to eliminate gray areas between them. 3. Property and Equipment Coverage Medical offices depend heavily on specialized equipment like X-ray machines, diagnostic tools, electronic records servers, and more. Replacing them after fire, theft, or water damage can cost hundreds of thousands of dollars. Look for policies that include equipment breakdown coverageand business interruption insurance, so your practice stays afloat financially even if a covered loss forces you to close temporarily. 4. Cyber Liability and Data Breach Coverage The rise of electronic health records has brought tremendous efficiency but also significant exposure. Medical practices are prime targets for cyberattacks and ransomware due to the sensitive data they store. Cyber liability insurance helps cover forensic recovery, legal notifications, patient credit monitoring, and regulatory finesunder HIPAA. From my dual perspective in medicine and insurance, this is one area where too many healthcare providers remain under protected. 5. Workers’ Compensation and Employment Practices Liability (EPLI) Every practice with employees needs workers’ comp but EPLI is often overlooked. It covers claims like discrimination, wrongful termination, or harassment from employees or job applicants. In today’s regulatory climate, where HR compliance is more complex than ever, EPLI coverage can protect your reputation and financial stability as much as malpractice insurance. 6. Umbrella Liability Coverage Finally, an umbrella policy provides an extra layer of protection over your existing liability policies. It’s a cost-effective safeguard that can make the difference between a manageable claim and one that threatens the long-term viability of your practice. Bringing the Medical and Risk Management Worlds Together My background in both medicine and insurance gives me a unique appreciation for how physicians think and where

Talking Insurance

Insights from Both Sides of the Exam Room-The Essential Insurance Every Medical Practice Needs

Running a medical practice means juggling more than just patient care. Behind every successful clinic, urgent care, or specialist office lies a complex web of risks, from regulatory compliance and data privacy to malpractice exposure and property loss. As both a licensed insurance professional and a medical doctor, I’ve seen firsthand how overlooked coverage gaps … Read more

November 7, 2025

Talking Insurance with Shane: Is Your Business Protected Online?

In today’s digital age, cyber threats are a growing risk for businesses of all sizes. From data breaches to ransomware attacks, the financial and reputational damage can be devastating. In this video, Shane explains cyber insurance and how it helps protect your business against the ever-evolving landscape of cyber threats. Learn how to safeguard your … Read more

May 9, 2025

Talking Insurance with Shane: Commercial Insurance for New Businesses

Starting a new business is exciting, but it’s also a time to make sure you’re protecting your hard work with the right commercial insurance. In this video Shane breaks down the essential commercial insurance coverage that every new business needs. From general liability to property insurance, he’ll guide you through the key policies that can … Read more

May 9, 2025

Talking Insurance with Shane: 4 Essential Coverages for Specialty Trade Contractors (Subcontractors)

Are you a subcontractor or specialty trade contractor like a framer, painter, roofer, electrician, or plumber? Having the right insurance for subcontractors is crucial to protect your business, meet client requirements, and avoid financial risks. In this episode of Talking Insurance with Shane, part of the Mt. Franklin Insurance YouTube channel, we cover the 4 … Read more

May 9, 2025

Talking Insurance with Shane: What You Need to Know about Workers’ Compensation

As a business owner, protecting your employees and ensuring compliance with workplace safety laws is crucial. Workers’ compensation insurance helps cover medical expenses and lost wages for employees who get injured or fall ill on the job. In this video, Shane explains what workers’ compensation is, why it’s essential for your business, and how to … Read more

May 9, 2025

Talking Insurance with Shane: Hired & Non-Owned Auto Insurance Explained | Protect Your Business

Shane Lipson, MD and Certified Insurance Counselor from Mt. Franklin Insurance tackles an important topic: Hired & Non-Owned Auto (HNOA) Insurance. Even if your business doesn’t own any vehicles, you may still have automobile liability risks that could leave you exposed to costly lawsuits. In this video, Shane breaks down how HNOA coverage works and … Read more

May 9, 2025

Talking Insurance with Shane: The Hidden Risk in Your Auto Policy: Why UI/UIM Coverage Matters

In this video, Shane Lipson, MD and Certified Insurance Counselor breaks down one of the most important yet often misunderstood parts of auto insurance: Uninsured and Underinsured Motorist (UI/UIM) coverage. With more drivers carrying state minimum limits—or no insurance at all—UI/UIM coverage can make the difference between being fully protected or being stuck with major … Read more

May 9, 2025

Talking Insurance with Shane: Water Damage and Making Sure Your Property is Protected

Water damage is one of the most common causes of property loss, but with the right insurance coverage, you can safeguard your home or business against costly repairs and disruptions. In this video, Shane explains the four main types of water damage—plumbing failure, storm damage, appliance malfunctions, and flooding—and how to ensure your policy covers … Read more

May 9, 2025

Talking Insurance with Shane: Protect Your Assets with Umbrella Insurance

When your standard insurance policies fall short, umbrella insurance steps in to provide additional protection for your assets. In this video, Shane explains what umbrella coverage is, how it works, and why it’s a smart choice for both personal and business insurance. Learn how umbrella insurance can give you extra peace of mind by extending … Read more

May 9, 2025

Talking Insurance with Shane: Covering Property No Matter Where it’s Located

Inland Marine Insurance isn’t just for ships—it’s a vital coverage option for businesses that transport goods, equipment, or materials over land. Whether you’re a contractor, a retailer, or a logistics provider, inland marine insurance can protect your valuable assets while they’re in transit or temporarily stored away from your business premises. In this video, Mt … Read more

May 9, 2025

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