Those that deal with medical equipment, otherwise known as DME (durable medical equipment), face unique risk exposures. In the event of a failure in a given product, manufacturers, sellers, renters and servicers may be liable for anything from property damage to bodily injury - and even death.
Medical Equipment Manufacturers Coverage
The risks associated with medical equipment manufacturing are established according to the type and manner in which each piece is used. Certain kinds can only be manufactured under strict sterile conditions.
Equipment can be used for life maintenance or utilization inside a hospital’s operating room as per the following categories:
Due to the possible serious consequences should equipment not operate as intended, related insurance is typically available subject to high limits requirements.
Medical Equipment Dealers Coverage
Medical equipment dealers conduct business by either renting and/or selling durable goods such as the following:
- Oxygen equipment
- Respiratory machines
- Therapy tools
- Orthopedic equipment
Understandably, it is the rental part of the business that is of significant concern to the insurance companies. This includes:
- Lack of regular preventative maintenance and adherence to the manufacturer’s guidelines
- Liability claims resulting from breakdown or malfunction of products in relation clients’ delicate physical nature
For more information on medical equipment manufacturer or dealer insurance, contact an experienced, independent agency.
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Summary: Tailored to the durable medical equipment manufacturer, seller, renter or servicer, this form of insurance covers the unique risk exposure faced.