Whenever you budget the expenses of your business, Occupational Therapy Assistants 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 Therapy Assistants
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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 unforeseen happens.
Like any business owner, for your Occupational Therapy Assistants enterprise, you must consider how much financial risk you are taking on.
If your Occupational Therapy Assistants business runs without proper insurance, you are taking a giant 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 results of their actions.
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 Occupational Therapy Assistants business?
What this means, for any Occupational Therapy Assistants business owner, is that if some person 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 Therapy Assistants 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 Texas, 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 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 Therapy Assistants operations, you can’t deny responsibility for the consequences of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.
What does Occupational Therapy Assistants insurance protect you from?
For your Occupational Therapy Assistants business, the most important sorts of insurance are meant 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 outline the most important points any Occupational Therapy Assistants business owner should know when negotiating the insurance needed.
The main types of insurance for your Occupational Therapy Assistants businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Occupational Therapy Assistants 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 spoiled.
In such a case, they can require compensation.
General liability insurance policy for your Occupational Therapy Assistants business covers you against claims coming from injury to clients or damage to their property.
It protects your Occupational Therapy Assistants business from the claims themselves and as well to any resulting 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 Occupational Therapy Assistants business would be with a boundary 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 Therapy Assistants insurance operations.
Professional liability insurance for your Occupational Therapy Assistants business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Occupational Therapy Assistants 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 high, and the impact on your reputation can be damaging.
Most small Occupational Therapy Assistants 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 Occupational Therapy Assistants insurance section below for average prices of professional liability insurance for your Occupational Therapy Assistants 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 you delivered didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to be aware of the explicit 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 Occupational Therapy Assistants
Only you can estimate exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Occupational Therapy Assistants business
Take care! – most 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 designated commercial vehicle insurance package.
Commercial car policies insure 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 truck is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The required value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Occupational Therapy Assistants business needs unique and expensive equipment, you will realize 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.
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 must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Occupational Therapy Assistants business running.
It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Occupational Therapy Assistants business’ equipment.
Commercial Property insurance
Any Occupational Therapy Assistants business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you certainly have a substantial capital investment, along with 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 unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Occupational Therapy Assistants business works in areas of high risk, like Florida or North Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Occupational Therapy Assistants business premises, there is a need for more additional 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 Occupational Therapy Assistants insurance section below to give some indication of the average prices per million dollars of property insurance for your Occupational Therapy Assistants business.
Temporary insurance by month, week or day for your Occupational Therapy Assistants business
Is your Occupational Therapy Assistants business working part-time or casually, or is the level of business variable?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Occupational Therapy Assistants – 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 reduced 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 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 Occupational Therapy Assistants business
You have the choice to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP integrates commercial property and public liability insurance by incorporating 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 Therapy Assistants businesses, such as yours.
There are a few limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle policies.
Also, the size of your business will determine whether you are allowed to take out BOP cover.
The typical business that can take out a BOP policy must have less than one hundred employees, and maximum five million dollars in annual sales.
As well, 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 Therapy Assistants business employees
In many states, it is mandatory to have workers compensation insurance when your Occupational Therapy Assistants 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 regulations in this regard can leave you as the employer required 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 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 refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every Occupational Therapy Assistants insurance level is unique, there are enough examples of standard 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 Occupational Therapy Assistants businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$295 – $885|
|Equipment insurance||$335 – $1450|
|General liability insurance||$740 – $1075|
|Commercial vehicle insurance||$1745 – $3320|
|Public liability insurance||$360 – $740|
|Commercial insurance||$1055 – $2640|
Cost of insurance for your Occupational Therapy Assistants operations depends on many different factors.
We have calculated these figures for small independent Occupational Therapy Assistants businesses.
In larger states like New York, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like New Mexico, they usually are about 20%-30% lower.
The location and size and type of your Occupational Therapy Assistants 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 good source of information is the local Better Business Bureau in your city.
What is small business insurance for Occupational Therapy Assistants operations?
This is a general term used to describe basic insurance policies designed to protect Occupational Therapy Assistants business owners from risks like bodily injury, property damage, claims of negligence.
Does my Occupational Therapy Assistants 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.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Occupational Therapy Assistants business insurance policy cover?
Liability insurance provides protection 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 recommended policies for Occupational Therapy Assistants insurance.
How much will Occupational Therapy Assistants business insurance cost?
In addition to the size of the business, some 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.
You can search for more information insurance for Occupational Therapy Assistants, in the search box below, and follow the relevant links.