Certified Phlebotomy Technician insurance – cost and coverage

Whenever you budget the expenses of your business, Certified Phlebotomy Technician insurance must be high on the list because you can’t always know exactly what can happen in the future.

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With the protection provided by general insurance and all the other sorts 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 Certified Phlebotomy Technician enterprise, you must consider how much financial liability you are taking on.

Business Insurance for Certified Phlebotomy Technician

If your Certified Phlebotomy Technician business runs without proper insurance, you are taking an enormous 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 upshots of their actions. 

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

The question is, can you afford to NOT have insurance for your Certified Phlebotomy Technician business?

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

Your Certified Phlebotomy Technician business is not sheltered by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.

In some states, like Montana, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.

In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have sued for.

When you are running your Certified Phlebotomy Technician operations, you can’t deny responsibility for the outcomes 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 Certified Phlebotomy Technician insurance protect you from?

For your Certified Phlebotomy Technician business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any Certified Phlebotomy Technician business owner should remember when negotiating the insurance needed.

The main headings of insurance for your Certified Phlebotomy Technician businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Certified Phlebotomy Technician business is dealing directly with customers, and that means you usually have the danger that some accident can happen to them personally or else something of theirs can be ruined.

In such a case, they can require compensation.

General liability insurance policy for your Certified Phlebotomy Technician business covers you against claims coming from injury to customers or damage to their property.

It protects your Certified Phlebotomy Technician business from the claims themselves and as well to any follow-on 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 normal level of general liability insurance for your Certified Phlebotomy Technician business would be with a cap of $1 million for a single event 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 Certified Phlebotomy Technician insurance operations.

Professional liability insurance for your Certified Phlebotomy Technician business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Certified Phlebotomy Technician business for them, you can quickly have to fight a law suit.

Even if the case against you is decided in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Most small Certified Phlebotomy Technician business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of Certified Phlebotomy Technician insurance section below for average prices of professional liability insurance for your Certified Phlebotomy Technician operations.

Product liability insurance

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

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

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

To cover yourself against any possible lawsuit, you need Product liability insurance for Certified Phlebotomy Technician

Only you can estimate exactly how much insurance you must have.

Best advice is to consult with experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your Certified Phlebotomy Technician business

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

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

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

In addition, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your car is involved in a collision.

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

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

Tools and Equipment insurance

Since your Certified Phlebotomy Technician business needs specific and costly 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 unpredicted acts.

As well, 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Certified Phlebotomy Technician business running.

It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Certified Phlebotomy Technician business’ equipment.

Commercial Property insurance

Any Certified Phlebotomy Technician business that owns or rents space in a building must have a commercial property insurance policy.

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

Every physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Certified Phlebotomy Technician business works in areas of high risk, like Florida or South Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where extreme cold snaps can cause damage to outer coverings of Certified Phlebotomy Technician business premises, there is a need for more extra cover than in warmer climes.

Because the level of cover depends completely 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 Certified Phlebotomy Technician insurance section below to give some indication of the average prices per million dollars of property insurance for your Certified Phlebotomy Technician business.

Temporary insurance by month, week or day for your Certified Phlebotomy Technician business

Is your Certified Phlebotomy Technician business working part-time or casually, or is the level of business fluctuating?

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

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

The important 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 larger business activity, get the existing cover raised.

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

Business Owners Policy BOP for your Certified Phlebotomy Technician business

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

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

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

It is mostly the right choice for small and medium-sized Certified Phlebotomy Technician businesses, such as yours.

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

BOPs will not cover your professional liability or commercial vehicle policies.

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

The normal business that can take out a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual sales.

As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Certified Phlebotomy Technician business employees

In many states, it is mandatory to have workers compensation insurance when your Certified Phlebotomy Technician business has one or more employees.

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

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

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

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

In these states, you cannot take out your workers compensation obligations from private insurance corporations.

Workers compensation charges 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 Certified Phlebotomy Technician insurance requirement is unique, there are enough examples of usual quotes from insurance companies for us to give approximate 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 gathered for the main types of insurance your Certified Phlebotomy Technician businesses needs.

Types of insurance Price range
Commercial vehicle insurance $1910 – $2555
Commercial insurance $1155 – $2330
Public liability insurance $320 – $750
Equipment insurance $475 – $1210
General liability insurance $650 – $955
Product liability insurance $205 – $810

Cost of insurance for your Certified Phlebotomy Technician operations depends on many different factors.

We have reckoned these figures for small freelance Certified Phlebotomy Technician businesses.

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

The location and size and type of your Certified Phlebotomy Technician business can have a big effect on the cost of different policies.

You should talk to professional insurance agents and brokers, or insurance company representatives.

As well 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 suburb.

FAQ

What is small business insurance for Certified Phlebotomy Technician operations?

This is a general term used to describe basic insurance policies designed to protect Certified Phlebotomy Technician business owners from risks like bodily injury, property damage, claims of negligence.

Does my Certified Phlebotomy Technician business have to have insurance?

Some of the types of insurance are not mandatory for you to operate 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 Certified Phlebotomy Technician business insurance policy cover?

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

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the most common policies for Certified Phlebotomy Technician insurance.

How much will Certified Phlebotomy Technician business insurance cost?

On top of the size of the business, some 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 Certified Phlebotomy Technician, in the search box below, and follow the relevant links.

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