Medical Office Coordinator insurance – what kind and at what cost

Whenever you budget the expenses of your business, Medical Office Coordinator insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.

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

If your Medical Office Coordinator 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 Medical Office Coordinator business?

What this means, for any Medical Office Coordinator 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 Medical Office Coordinator 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 New Jersey, 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 right of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.

When you are running your Medical Office Coordinator operations, you can’t escape 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 corporation, all of that liability belongs to you as a person.

What does Medical Office Coordinator insurance protect you from?

For your Medical Office Coordinator business, the most important types of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

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

In the next few paragraphs, we will explain the most important points any Medical Office Coordinator business owner should know when negotiating the insurance needed.

The main headings of insurance for your Medical Office Coordinator businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Medical Office Coordinator business is dealing directly with members of the public, and that means you generally 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 sue you for compensation.

General liability insurance policy for your Medical Office Coordinator business covers you against claims coming from injury to customers or damage to their property.

It protects your Medical Office Coordinator business from the claims themselves and also to any associated 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 Medical Office Coordinator business would be with a upper limit 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 Medical Office Coordinator insurance operations.

Professional liability insurance for your Medical Office Coordinator business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Medical Office Coordinator business for them, you can quickly be involved in a monetary claim.

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

Most small Medical Office Coordinator 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 Medical Office Coordinator insurance section below for average prices of professional liability insurance for your Medical Office Coordinator 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 guidance 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 liable for results caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for Medical Office Coordinator

Only you can determine exactly how much insurance you need.

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

Commercial insurance

Commercial vehicle insurance for your Medical Office Coordinator business

Be careful! – practically all policies for private vehicle insurance do not cover any event 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.

Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in an accident.

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

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

Tools and Equipment insurance

Since your Medical Office Coordinator business needs unique and costly equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.

The equipment 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 destroy your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Medical Office Coordinator 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 Medical Office Coordinator business’ equipment.

Commercial Property insurance

Any Medical Office Coordinator business that owns or rents space in a building must have a commercial property insurance policy.

If you own the space, you probably have a substantial capital investment, in addition to 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 unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.

If your Medical Office Coordinator business deals in areas of high risk, like Texas or Georgia, 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 Medical Office Coordinator business premises, there is a need for more supplementary 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 Medical Office Coordinator insurance section below to give some indication of the average prices per million dollars of property insurance for your Medical Office Coordinator business.

Temporary insurance by month, week or day for your Medical Office Coordinator business

Is your Medical Office Coordinator 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 Office Coordinator – 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 adequate risk cover.

The essential 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 improved.

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

Business Owners Policy BOP for your Medical Office Coordinator business

You have the option 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 combines commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

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

It is often the right choice for small and medium-sized Medical Office Coordinator businesses, such as yours.

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

BOPs cannot cover your professional liability or commercial vehicle risks.

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

The normal business that is allowed to take a BOP policy must have less than one hundred employees, and maximum five million dollars in annual turnover.

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

Workers Compensation insurance for your Medical Office Coordinator business employees

In most states, it is mandatory to have workers compensation insurance when your Medical Office Coordinator business has one or more employees.

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

The benefits cover 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 obliged to pay penalties levied by the states.

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

In these states, you may not take out 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 Medical Office Coordinator insurance level is unique, there are enough examples of standard 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 insurance representative what’s relevant for your business.

The list below is of annual premiums we have gathered for the main types of insurance your Medical Office Coordinator businesses needs.

Cost of insurance for your Medical Office Coordinator operations depends on many different factors.

We have reckoned these figures for small self-employed Medical Office Coordinator businesses.

In larger states like New York, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they usually are about 20%-30% less.

The location and size and type of your Medical Office Coordinator 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.

Also 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 city.

FAQ

What is small business insurance for Medical Office Coordinator operations?

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

Does my Medical Office Coordinator business have to have insurance?

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

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

What does a small Medical Office Coordinator business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a customer 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 Medical Office Coordinator insurance.

How much will Medical Office Coordinator business insurance cost?

On top of the size of the business, certain 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.

You can search for more information insurance for Medical Office Coordinator, in the search box below, and follow the relevant links.

Related Industries:

Medical Office Receptionist Insurance – What Kind and at What Cost Medical Office Administrator insurance – what kind and at what cost Medical Office Specialist insurance – what kind and at what cost Medical Office Assistant insurance – cost and types of policies Front Office Coordinator Insurance – What Kind and at What Cost Office Coordinator Insurance – Cost and Types Of Policies Medical Law insurance – what kind and at what cost Medical courier service insurance – what kind and at what cost Certified Medical Assistant Insurance – What Kind and at What Cost Medical Administrative Assistant insurance – what kind and at what cost Medical Interpreter insurance – what kind and at what cost Medical Examiner Assistant Insurance – What Kind and at What Cost