Whenever you budget the expenses of your business, Medical Records Assistant insurance must be high on the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Medical Records Assistant
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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 unwanted happens.
Like any business owner, for your Medical Records Assistant enterprise, you must consider how much financial liability you are taking on.
If your Medical Records Assistant business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a final 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 Medical Records Assistant business?
What this means, for any Medical Records Assistant business owner, is that if some company 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 Medical Records Assistant business is not protected by laws in the same way as states are, where laws 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 court 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 claimed.
When you are running your Medical Records Assistant 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 a person.
What does Medical Records Assistant insurance protect you from?
For your Medical Records Assistant business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Medical Records Assistant business owner should know when negotiating the insurance needed.
The main categories of insurance for your Medical Records Assistant businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Medical Records Assistant business is dealing directly with other people, and that means you generally 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 Medical Records Assistant business insures you against claims coming from injury to clients or damage to their property.
It protects your Medical Records Assistant 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 insist on proper liability insurance.
The normal level of general liability insurance for your Medical Records Assistant business would be with a upper limit 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 Medical Records Assistant insurance operations.
Professional liability insurance for your Medical Records Assistant business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Medical Records Assistant 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.
Every small Medical Records Assistant 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 Records Assistant insurance section below for average prices of professional liability insurance for your Medical Records Assistant 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 recommendation 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 responsible for results caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Medical Records Assistant
Only you can know exactly how much insurance you need.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Medical Records Assistant business
Be careful! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the car 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 proper 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 guaranteed if your van 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 calculated on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Medical Records Assistant business needs specific and dedicated 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.
As well, 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Medical Records Assistant 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 Records Assistant business’ equipment.
Commercial Property insurance
Any Medical Records Assistant 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, in addition to 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 man-made damages like theft and vandalism.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Medical Records Assistant business premises, there is a need for more additional cover than in warmer climes.
Whereas 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 Medical Records Assistant insurance section below to give some estimate of the average prices per million dollars of property insurance for your Medical Records Assistant business.
Temporary insurance by month, week or day for your Medical Records Assistant business
Is your Medical Records Assistant 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 Medical Records Assistant – 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 identical risk cover.
The essential feature of short-term insurance is that you pay for 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 Medical Records Assistant 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 mostly the right choice for small and medium-sized Medical Records Assistant businesses, such as yours.
There are some limits that will rule whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine 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 under five million dollars in annual turnover.
Plus, 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 Records Assistant business employees
In many states, it is mandatory to have workers compensation insurance when your Medical Records Assistant business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if a worker 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 laws in this regard can leave you as the employer obliged to pay penalties levied by the states.
In these states, you cannot get your workers compensation obligations from private insurance providers.
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 refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every Medical Records Assistant insurance need is unique, there are enough examples of average quotes from insurance companies for us to give rough 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 researched for the main types of insurance your Medical Records Assistant businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$330 – $760|
|Equipment insurance||$435 – $1455|
|General liability insurance||$705 – $870|
|Commercial insurance||$800 – $2475|
|Product liability insurance||$205 – $820|
|Commercial vehicle insurance||$1555 – $2855|
Cost of insurance for your Medical Records Assistant operations depends on many different factors.
We have estimated these figures for small independent Medical Records Assistant businesses.
The location and size and type of your Medical Records Assistant 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.
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As well you can let the internet do the work for you by enquiring about 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 Medical Records Assistant operations?
This is a wide term used to describe basic insurance policies designed to protect Medical Records Assistant business owners from risks like bodily injury, property damage, claims of negligence.
Does my Medical Records Assistant business have to have insurance?
Some of the kinds 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 Medical Records Assistant 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 specific 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 Medical Records Assistant insurance.
How much will Medical Records Assistant 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 talk to professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Medical Records Assistant, in the search box below, and follow the relevant links.