Patient Care Coordinator insurance – cost and types of policies

Whenever you budget the expenses of your business, Patient Care Coordinator insurance must be included in the list because you can’t always know exactly what can 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 unwanted happens.

Like any business owner, for your Patient Care Coordinator enterprise, you must consider how much financial danger you are taking on.

Business Insurance for Patient Care Coordinator

If your Patient Care Coordinator 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 consequences of their actions. 

In this article, we are giving very general guidelines for startup businesses to explain what the main kinds of insurance that you need are, and where possible, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your Patient Care Coordinator business?

What this means, for any Patient Care 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 Patient Care Coordinator business is not protected by laws in the same way as states are, where edicts 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 privilege 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 Patient Care Coordinator operations, you can’t deny responsibility for the results 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 alone.

What does Patient Care Coordinator insurance protect you from?

For your Patient Care 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.

In addition there are some official kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Patient Care Coordinator business owner should remember when negotiating the insurance needed.

The main categories of insurance for your Patient Care Coordinator businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Patient Care Coordinator business is dealing directly with members of the public, and that means you always 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 require compensation.

General liability insurance policy for your Patient Care Coordinator business protects you against claims coming from injury to visitors or damage to their property.

It protects your Patient Care Coordinator business from the claims themselves and also 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 demand proper liability insurance.

The normal level of general liability insurance for your Patient Care Coordinator 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 Patient Care Coordinator insurance operations.

Professional liability insurance for your Patient Care Coordinator business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Patient Care Coordinator business for them, you can quickly face a monetary claim.

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 Patient Care Coordinator business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of Patient Care Coordinator insurance section below for average prices of professional liability insurance for your Patient Care Coordinator 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 specific laws of product liability in your own state.

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

To cover yourself against any following lawsuit, you need Product liability insurance for Patient Care Coordinator

Only you can determine exactly how much insurance you must have.

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

Commercial insurance

Commercial vehicle insurance for your Patient Care Coordinator business

Take care! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van 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 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 covered if your van is involved in a collision.

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

The required value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents. 

Tools and Equipment insurance

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

The tools may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

As well, 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 whatever needed to keep your Patient Care 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 Patient Care Coordinator business’ equipment.

Commercial Property insurance

Any Patient Care Coordinator business that owns or rents space in a building needs 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.

Every physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.

If your Patient Care Coordinator business works in areas of high risk, like Florida or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Patient Care Coordinator business premises, there is a need for more supplementary 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 Patient Care Coordinator insurance section below to give some indication of the average prices per million dollars of property insurance for your Patient Care Coordinator business.

Temporary insurance by month, week or day for your Patient Care Coordinator business

Is your Patient Care Coordinator business working part-time or casually, or is the level of business fluctuating?

Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Patient Care Coordinator – 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 key feature of short-term insurance is that you purchase 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 increased.

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

Business Owners Policy BOP for your Patient Care Coordinator business

You have the chance 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 incorporating 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 often the right choice for small and medium-sized Patient Care Coordinator businesses, such as yours.

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

BOPs will not 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 eligible for a BOP policy must have no more than one hundred employees, and under five million dollars in annual turnover.

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 Patient Care Coordinator business employees

In many states, it is mandatory to have workers compensation insurance when your Patient Care Coordinator business has one or more employees.

Workers compensation insurance covers the operation 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 required 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 may not get your workers compensation obligations from private insurance companies.

Workers compensation charges 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 Patient Care Coordinator insurance requirement is unique, there are enough examples of usual 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 agent what’s relevant for your business.

The list below is of annual premiums we have collected for the main types of insurance your Patient Care Coordinator 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 Patient Care Coordinator operations depends on many different factors.

We have reckoned these figures for small self-employed Patient Care Coordinator businesses.

In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they usually are about 20%-30% lower.

The location and size and type of your Patient Care 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.

As well you can let the internet do the work for you by enquiring about 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 Patient Care Coordinator operations?

This is an umbrella term used to describe basic insurance policies designed to protect Patient Care Coordinator business owners from risks like bodily injury, property damage, claims of negligence.

Does my Patient Care Coordinator business have to have insurance?

Some of the forms of insurance are not mandatory for you to open 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 Patient Care Coordinator 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 most common policies for Patient Care Coordinator insurance.

How much will Patient Care Coordinator business insurance cost?

As well as the size of the business, some 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 Patient Care Coordinator, in the search box below, and follow the relevant links.

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