Medical Appliance Technicians insurance – cost and coverage

Whenever you budget the expenses of your business, Medical Appliance Technicians insurance must be high on the list because you can’t always know exactly what could happen in the future.

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With the protection provided by general insurance and all the other types 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 Medical Appliance Technicians enterprise, you must consider how much financial liability you are taking on.

If your Medical Appliance Technicians business runs without proper insurance, you are taking a tremendous 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 results of their actions. 

Medical Appliance Technicians Insurance

In this article, we are giving very general guidelines for small 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 Medical Appliance Technicians business?

What this means, for any Medical Appliance Technicians business owner, is that if some person 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 Medical Appliance Technicians business is not harbored 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 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 claimant more than they have sued for.

When you are running your Medical Appliance Technicians operations, you can’t deny responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.

What does Medical Appliance Technicians insurance protect you from?

For your Medical Appliance Technicians business, the most important kinds of insurance are intended 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 describe the most important points any Medical Appliance Technicians business owner should know when negotiating the insurance needed.

The main types of insurance for your Medical Appliance Technicians businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Medical Appliance Technicians business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them personally or else something of theirs can be damaged.

In such a case, they can demand compensation.

General liability insurance policy for your Medical Appliance Technicians business covers you against claims coming from injury to visitors or damage to their property.

It protects your Medical Appliance Technicians business from the claims themselves and in addition to any associated court costs and legal fees of the lawsuits.

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

The normal level of general liability insurance for your Medical Appliance Technicians business would be with a cap of $1 million for a single submission 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 Medical Appliance Technicians insurance operations.

Professional liability insurance for your Medical Appliance Technicians business

In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Medical Appliance Technicians business for them, you can quickly be involved in a law suit.

Even if the case 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 Medical Appliance Technicians 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 Medical Appliance Technicians insurance section below for average prices of professional liability insurance for your Medical Appliance Technicians 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 advice was basically incorrect.

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

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

To cover yourself against any likely lawsuit, you need Product liability insurance for Medical Appliance Technicians

Only you can estimate exactly how much insurance you need.

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

Commercial insurance

Commercial vehicle insurance for your Medical Appliance Technicians business

Beware! – practically all 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 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 truck policies cover 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 a collision.

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

The wanted value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

Since your Medical Appliance Technicians business needs specialized and costly equipment, you know 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 wipe-out your whole business in one stroke.

Unless you can afford to immediately replace such specific 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 Medical Appliance Technicians business running.

It is impossible to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Medical Appliance Technicians business’ equipment.

Commercial Property insurance

Any Medical Appliance Technicians business that owns or rents space in a building should have a commercial property insurance policy.

If you own the building, you probably have a substantial capital investment, as well as 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 unexpected occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Medical Appliance Technicians business deals in areas of high risk, like Florida or South Carolina, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where unlimited cold snaps can cause damage to outer coverings of Medical Appliance Technicians business premises, there is a need for more additional cover than in warmer climes.

Whereas 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 Medical Appliance Technicians insurance section below to give some idea of the average prices per million dollars of property insurance for your Medical Appliance Technicians business.

Temporary insurance by month, week or day for your Medical Appliance Technicians business

Is your Medical Appliance Technicians business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Medical Appliance Technicians – 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 lower premiums but still having adequate risk cover.

The essential feature of short-term insurance is that you purchase the cover for a defined period – a nominated 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 increased.

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

Business Owners Policy BOP for your Medical Appliance Technicians business

You have the chance 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 combines 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 Medical Appliance Technicians businesses, such as yours.

There are two 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 permitted to take out BOP cover.

The usual business that is eligible for a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual revenue.

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 Medical Appliance Technicians business employees

In many states, it is mandatory to have workers compensation insurance when your Medical Appliance Technicians business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if any hired hand 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 permit coverage from the government-run monopoly state funds.

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

Workers compensation rates 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 Medical Appliance Technicians insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give rough 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 collected for the main types of insurance your Medical Appliance Technicians businesses needs.

Types of insurance Price range
Commercial vehicle insurance $1898 – $2657
Public liability insurance $329 – $661
Commercial insurance $892 – $2700
Equipment insurance $366 – $1269
Product liability insurance $215 – $772
General liability insurance $659 – $1221

Cost of insurance for your Medical Appliance Technicians operations depends on many different factors.

We have reckoned these figures for small freelance Medical Appliance Technicians businesses.

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

The location and size and type of your Medical Appliance Technicians 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.

As well you can let the internet do the work for you by searching for insurance companies near where your business is located.

Another useful source of information is the local Better Business Bureau in your suburb.

FAQ

What is small business insurance for Medical Appliance Technicians operations?

This is an umbrella term used to describe standard insurance policies designed to protect Medical Appliance Technicians business owners from risks like bodily injury, property damage, claims of negligence.

Does my Medical Appliance Technicians business have to have insurance?

Some of the forms 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 Medical Appliance Technicians business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a third-party 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 best policies for Medical Appliance Technicians insurance.

How much will Medical Appliance Technicians business insurance cost?

On top of the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.

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

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