Whenever you budget the expenses of your business, Occupational Therapists insurance must be included in the list because you can’t always know exactly what could happen in the future.
Need General Liability Insurance for Your Occupational Therapists
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With the protection provided by liability 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 Occupational Therapists enterprise, you must consider how much financial risk you are taking on.
If your Occupational Therapists business runs without proper insurance, you are taking a giant 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 growing 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 Occupational Therapists business?
What this means, for any Occupational Therapists 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 Occupational Therapists business is not harbored 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 judge can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sued for.
When you are running your Occupational Therapists 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 an LLC, all of that liability belongs to you as a person.
What does Occupational Therapists insurance protect you from?
For your Occupational Therapists business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Occupational Therapists business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Occupational Therapists businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Occupational Therapists business is dealing directly with customers, 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 demand compensation.
General liability insurance policy for your Occupational Therapists business covers you against claims coming from injury to customers or damage to their property.
It protects your Occupational Therapists business from the claims themselves and also to any resulting 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 average level of general liability insurance for your Occupational Therapists business would be with a cap 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 Occupational Therapists insurance operations.
Professional liability insurance for your Occupational Therapists business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Occupational Therapists business for them, you can quickly be involved in a court case.
Even if the lawsuit against you is judged in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small Occupational Therapists 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 Occupational Therapists insurance section below for average prices of professional liability insurance for your Occupational Therapists operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that buyers may claim that what they received didn’t meet your description of function, or that your recommendation 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 responsible for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Occupational Therapists
Only you can know exactly how much insurance you should get.
Best advice is to contact experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your Occupational Therapists business
Take care! – practically all policies for private vehicle insurance do not cover any happening 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 designated commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in an accident.
Most states, other than Virginia and New Hampshire, require this type of insurance.
The necessary value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Occupational Therapists business needs unique and dedicated equipment, you know 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 unexpected acts.
In addition, 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 unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy everything needed to keep your Occupational Therapists 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 Occupational Therapists business’ equipment.
Commercial Property insurance
Any Occupational Therapists business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you probably 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 accidental occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Occupational Therapists business operates in areas of high risk, like Texas or Georgia, extra 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 Occupational Therapists business premises, there is a need for more extra cover than in warmer climes.
Because the level of cover depends mainly 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 Occupational Therapists insurance section below to give some indication of the average prices per million dollars of property insurance for your Occupational Therapists business.
Temporary insurance by month, week or day for your Occupational Therapists business
Is your Occupational Therapists 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 Occupational Therapists – are special policies where you can cover a designated 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 essential feature of short-term insurance is that you buy 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 higher 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 Occupational Therapists business
You have the choice 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 shield you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Occupational Therapists 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 policies.
Also, the size of your business will determine whether you are eligible to take out BOP cover.
The normal business that is allowed to take a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual revenue.
Plus, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Occupational Therapists business employees
In almost all states, it is mandatory to have workers compensation insurance when your Occupational Therapists business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if an employee 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 may not get your workers compensation obligations from private insurance companies.
Workers compensation premiums are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Occupational Therapists insurance need 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 a broker what’s relevant for your business.
The list below is of annual premiums we have collected for the main types of insurance your Occupational Therapists businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1815 – $3050|
|Equipment insurance||$400 – $1220|
|General liability insurance||$755 – $930|
|Product liability insurance||$330 – $780|
|Public liability insurance||$255 – $655|
|Commercial insurance||$950 – $2075|
Cost of insurance for your Occupational Therapists operations depends on many different factors.
We have reckoned these figures for small independent Occupational Therapists businesses.
The location and size and type of your Occupational Therapists 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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Also you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your city.
What is small business insurance for Occupational Therapists operations?
This is an umbrella term used to describe common insurance policies designed to protect Occupational Therapists business owners from risks like bodily injury, property damage, claims of negligence.
Does my Occupational Therapists 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 Occupational Therapists business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a customer 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 best policies for Occupational Therapists insurance.
How much will Occupational Therapists 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 talk to professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Occupational Therapists, in the search box below, and follow the relevant links.