Whenever you budget the expenses of your business, Diagnostic Imaging insurance must be included in the list because you can’t always know exactly what could happen in the future.
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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 unexpected happens.
Like any business owner, for your Diagnostic Imaging enterprise, you must consider how much financial risk you are taking on.
If your Diagnostic Imaging business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a total 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 growing businesses to explain 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 Diagnostic Imaging business?
What this means, for any Diagnostic Imaging business owner, is that if some customer claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Diagnostic Imaging 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 a court can award in any case against the state.
In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sort.
When you are running your Diagnostic Imaging operations, you can’t escape responsibility for the results of your actions.
Even more importantly, unless you have spent up-front the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.
What does Diagnostic Imaging insurance protect you from?
For your Diagnostic Imaging business, the most important sorts of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some official kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Diagnostic Imaging business owner should remember when negotiating the insurance needed.
The main types of insurance for your Diagnostic Imaging businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Diagnostic Imaging business is dealing directly with customers, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be damaged.
In such a case, they can sue you for compensation.
General liability insurance policy for your Diagnostic Imaging business protects you against claims coming from injury to customers or damage to their property.
It protects your Diagnostic Imaging business from the claims themselves and also to any follow-on court costs and legal fees of the lawsuits.
In many cases, it can also 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 Diagnostic Imaging business would be with a boundary 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 Diagnostic Imaging insurance operations.
Professional liability insurance for your Diagnostic Imaging business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Diagnostic Imaging business for them, you can quickly be involved in a law suit.
Even if the lawsuit against you is decided in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Every small Diagnostic Imaging business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Diagnostic Imaging insurance section below for average prices of professional liability insurance for your Diagnostic Imaging 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 they received didn’t meet your description of function, or that your advice was basically incorrect.
You need to be aware of the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Diagnostic Imaging
Only you can know exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Diagnostic Imaging business
Be careful! – most policies for private vehicle insurance do not cover any event 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 designated commercial vehicle insurance package.
Commercial van policies insure the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in a crash.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Diagnostic Imaging business needs specialized and expensive equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The tools may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Diagnostic Imaging business running.
It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Diagnostic Imaging business’ equipment.
Commercial Property insurance
Any Diagnostic Imaging business that owns or rents space in a building must have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.
Every 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 criminal damages like theft and vandalism.
In other states like Washington, where extreme cold snaps can cause damage to outer coverings of Diagnostic Imaging business premises, there is a need for more additional cover than in warmer climes.
Because the level of cover depends entirely 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 Diagnostic Imaging insurance section below to give some idea of the average prices per million dollars of property insurance for your Diagnostic Imaging business.
Temporary insurance by month, week or day for your Diagnostic Imaging business
Is your Diagnostic Imaging business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Diagnostic Imaging – 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 the same risk cover.
The important feature of short-term insurance is that you pay for the cover for a defined period – a specific 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 better 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 Diagnostic Imaging business
You have the option to combine a few 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 protect you if any claims of injury or property damage are made.
It is often the right choice for small and medium-sized Diagnostic Imaging businesses, such as yours.
There are some limits that will determine 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 allowed to take out BOP cover.
The usual business that can take out a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual revenue.
In addition, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Diagnostic Imaging business employees
In most states, it is mandatory to have workers compensation insurance when your Diagnostic Imaging 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 having to pay penalties levied by the states.
In these states, you cannot get your workers compensation obligations from private insurance companies.
Workers compensation charges are worked out based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Diagnostic Imaging insurance need 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 a broker what’s relevant for your business.
The list below is of annual premiums we have gathered for the main types of insurance your Diagnostic Imaging businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$204 – $859|
|Public liability insurance||$276 – $748|
|Commercial insurance||$943 – $2649|
|Commercial vehicle insurance||$1745 – $2570|
|General liability insurance||$714 – $869|
|Equipment insurance||$429 – $1265|
Cost of insurance for your Diagnostic Imaging operations depends on many different factors.
We have calculated these figures for small self-employed Diagnostic Imaging businesses.
The location and size and type of your Diagnostic Imaging business can have a big effect on the cost of different policies.
You should consult with professional insurance agents and brokers, or insurance company representatives.
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As well you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Diagnostic Imaging operations?
This is a wide term used to describe common insurance policies designed to protect Diagnostic Imaging business owners from risks like bodily injury, property damage, claims of negligence.
Does my Diagnostic Imaging 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.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Diagnostic Imaging 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 recommended policies for Diagnostic Imaging insurance.
How much will Diagnostic Imaging business insurance cost?
As well as the size of the business, several 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.