Patient Liaison insurance – cost and types of policies

Whenever you budget the expenses of your business, Patient Liaison insurance must be high on the list because you can’t always know exactly what is going to happen in the future.

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With the protection provided by general insurance and all the other kinds 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 Patient Liaison enterprise, you must consider how much financial risk you are taking on.

Business Insurance for Patient Liaison

If your Patient Liaison 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 highlight what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.

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

What this means, for any Patient Liaison 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 Liaison business is not sheltered 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 Montana, 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 claimant more than they have sort.

When you are running your Patient Liaison operations, you can’t escape responsibility for the outcomes 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 alone.

What does Patient Liaison insurance protect you from?

For your Patient Liaison business, the most important kinds of insurance are intended to cover the risks to your business from accidents, from unexpected events, and from mistakes.

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

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

The main headings of insurance for your Patient Liaison businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Patient Liaison business is dealing directly with members of the public, and that means you always have the danger that some accident can happen to them themselves or else something of theirs can be ruined.

In such a case, they can demand compensation.

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

It protects your Patient Liaison business from the claims themselves and in addition 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 insist on proper liability insurance.

The average level of general liability insurance for your Patient Liaison business would be with a boundary of $1 million for a single submission 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 Liaison insurance operations.

Professional liability insurance for your Patient Liaison business

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

Even if the lawsuit against you is decided in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Almost all small Patient Liaison 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 Liaison insurance section below for average prices of professional liability insurance for your Patient Liaison 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 the results didn’t meet your description of function, or that your guidance 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 liable for injuries caused by products claimed to be defective.

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

Only you can determine exactly how much insurance you should get.

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

Commercial insurance

Commercial vehicle insurance for your Patient Liaison business

Take care! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle 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 guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

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

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

The necessary 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 Patient Liaison business needs specialized and costly equipment, you know 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 unforeseen acts.

As well, 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 specialized 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 Patient Liaison business running.

It is hard to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Patient Liaison business’ equipment.

Commercial Property insurance

Any Patient Liaison business that owns or rents space in a building should have a commercial property insurance policy.

If you own the building, you may already 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 unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your Patient Liaison business deals in areas of high risk, like California or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where intense cold snaps can cause damage to outer coverings of Patient Liaison business premises, there is a need for more supplementary cover than in warmer climes.

Whereas 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 Patient Liaison insurance section below to give some indication of the average prices per million dollars of property insurance for your Patient Liaison business.

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

Is your Patient Liaison business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Patient Liaison – 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 reduced 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 improved.

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

Business Owners Policy BOP for your Patient Liaison 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 incorporating 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 often the right choice for small and medium-sized Patient Liaison businesses, such as yours.

There are two limits that will dictate 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 rule whether you are allowed to take out BOP cover.

The usual business that is allowed to take a BOP policy must have no more than one hundred employees, and maximum five million dollars in annual turnover.

As well, 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 Liaison business employees

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

Workers compensation insurance covers the operation against any costs that arise if any hired hand 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 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 cannot obtain your workers compensation obligations from private insurance corporations.

Workers compensation charges 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 Patient Liaison insurance level is unique, there are enough examples of average quotes from insurance companies for us to give appropriate 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 researched for the main types of insurance your Patient Liaison 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 Liaison operations depends on many different factors.

We have calculated these figures for small freelance Patient Liaison 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 will be about 20%-30% cheaper.

The location and size and type of your Patient Liaison 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.

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 suburb.

FAQ

What is small business insurance for Patient Liaison operations?

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

Does my Patient Liaison business have to have insurance?

Some of the forms 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 Patient Liaison business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The precise 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 Liaison insurance.

How much will Patient Liaison business insurance cost?

On top of the size of the business, several 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 Liaison, in the search box below, and follow the relevant links.

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