Billing Specialist insurance – what kind and at what cost

Whenever you budget the expenses of your business, Billing Specialist insurance must be included in the list because you can’t always know exactly what could happen in the future.

With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.

Like any business owner, for your Billing Specialist enterprise, you must consider how much financial liability you are taking on.

If your Billing Specialist business runs without proper insurance, you are taking a giant chance not just of losing some money but of a complete wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions. 

In this article, we are giving very general guidelines for growing businesses to outline what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Billing Specialist business?

What this means, for any Billing Specialist business owner, is that if some customer claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your Billing Specialist business is not protected by laws in the same way as states are, where legislation can place a “cap” on the maximum level of liability.

In some states, like Texas, there are specific monetary levels that limit the amount a judge can award in any case against the state.

In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.

When you are running your Billing Specialist operations, you can’t avoid responsibility for the consequences of your actions.

Even more importantly, unless you have spent up-front the money necessary to have your business running as an LLC, all of that liability belongs to you as an individual.

What does Billing Specialist insurance protect you from?

For your Billing Specialist business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.

As well there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Billing Specialist business owner should consider when negotiating the insurance needed.

The main categories of insurance for your Billing Specialist businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Billing Specialist business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.

In such a case, they can demand compensation.

General liability insurance policy for your Billing Specialist business protects you against claims coming from injury to customers or damage to their property.

It protects your Billing Specialist business from the claims themselves and as well to any associated court costs and legal fees of the lawsuits.

In many cases, it should help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.

The average level of general liability insurance for your Billing Specialist business would be with a cap of $1 million for a single claim and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your Billing Specialist insurance operations.

Professional liability insurance for your Billing Specialist business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Billing Specialist business for them, you can quickly be involved in a monetary claim.

Even if the matter against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.

Most small Billing Specialist business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.

See the table in the cost of Billing Specialist insurance section below for average prices of professional liability insurance for your Billing Specialist operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that what you delivered didn’t meet your description of function, or that your advice was basically incorrect.

You need to understand the particular laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held responsible for injuries caused by products claimed to be defective.

To cover yourself against any likely lawsuit, you need Product liability insurance for Billing Specialist

Only you can know exactly how much insurance you should get.

Best advice is to talk to experienced insurance agents, brokers or company representatives for guidance.

Commercial insurance

Commercial vehicle insurance for your Billing Specialist business

Take care! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the car is being used for business purposes.

The best way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.

Commercial car policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in an accident.

Most states, other than Virginia and New Hampshire, insist on this type of insurance.

The wanted value of the insurance is calculated on the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your Billing Specialist business needs unique and expensive equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The gear may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.

Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can destroy your whole business in one stroke.

Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Billing Specialist business running.

It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Billing Specialist business’ equipment.

Commercial Property insurance

Any Billing Specialist business that owns or rents space in a building needs a commercial property insurance policy.

If you own the space, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.

Your physical building location needs to carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Billing Specialist business deals in areas of high risk, like Texas or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Billing Specialist business premises, there is a need for more extra cover than in warmer climes.

Although the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Billing Specialist insurance section below to give some idea of the average prices per million dollars of property insurance for your Billing Specialist business.

Temporary insurance by month, week or day for your Billing Specialist business

Is your Billing Specialist business working part-time or casually, or is the level of business variable?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Billing Specialist – are special policies where you can cover a nominated period when you want to be covered.

By only paying for that period of cover, you will save by having reduced premiums but still having identical risk cover.

The essential feature of short-term insurance is that you buy the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of higher business activity, get the existing cover improved.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your Billing Specialist business

You have the option to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP merges commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.

BOP insurance will cover you if any claims of injury or property damage are made.

It is frequently the right choice for small and medium-sized Billing Specialist businesses, such as yours.

There are some limits that will rule whether BOP is suitable for your own business.

BOPs do not cover your professional liability or commercial vehicle cover.

Also, the size of your business will rule whether you are permitted to take out BOP cover.

The normal business that is eligible for a BOP policy must have no more than one hundred employees, and under five million dollars in annual turnover.

In addition, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Billing Specialist business employees

In almost all states, it is mandatory to have workers compensation insurance when your Billing Specialist business has one or more employees.

Workers compensation insurance covers the enterprise against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.

The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s requirements in this regard can leave you as the employer required to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.

In these states, you may not get your workers compensation obligations from private insurance providers.

Workers compensation rates are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must refer to the relevant authorities in your state.

Average costs of these types of insurance

Although every Billing Specialist insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.

Of course, you should always check with an agent what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your Billing Specialist businesses needs.

Cost of insurance for your Billing Specialist operations depends on many different factors.

We have calculated these figures for small freelance Billing Specialist businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they can be about 20%-30% lower.

The location and size and type of your Billing Specialist business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

In addition you can let the internet do the work for you by enquiring about insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for Billing Specialist operations?

This is a wide term used to describe basic insurance policies designed to protect Billing Specialist business owners from risks like bodily injury, property damage, claims of negligence.

Does my Billing Specialist business have to have insurance?

Some of the kinds of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

Some other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Billing Specialist business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.

The exact cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended policies for Billing Specialist insurance.

How much will Billing Specialist business insurance cost?

As well as the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.

You should consult with professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for Billing Specialist, in the search box below, and follow the relevant links.

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