Whenever you budget the expenses of your business, Physician Assistants 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 Physician Assistants
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With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.
Like any business owner, for your Physician Assistants enterprise, you must consider how much financial danger you are taking on.
If your Physician Assistants business runs without proper insurance, you are taking a tremendous 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 explain 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 Physician Assistants business?
What this means, for any Physician Assistants business owner, is that if some customer 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 Physician Assistants 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 Montana, 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 Physician Assistants operations, you can’t escape responsibility for the outcomes of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.
What does Physician Assistants insurance protect you from?
For your Physician Assistants 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 mandatory kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Physician Assistants business owner should consider when negotiating the insurance needed.
The main categories of insurance for your Physician Assistants businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Physician Assistants business is dealing directly with customers, and that means you usually 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 demand compensation.
General liability insurance policy for your Physician Assistants business insures you against claims coming from injury to clients or damage to their property.
It protects your Physician Assistants business from the claims themselves and in addition to any associated court costs and legal fees of the lawsuits.
In many cases, it will even 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 Physician Assistants business would be with a upper limit 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 Physician Assistants insurance operations.
Professional liability insurance for your Physician Assistants business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Physician Assistants business for them, you can quickly have to fight a monetary claim.
Even if the lawsuit 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 Physician Assistants 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 Physician Assistants insurance section below for average prices of professional liability insurance for your Physician Assistants operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what you delivered didn’t meet your description of function, or that your advice 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 liable for results caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Physician Assistants
Only you can know exactly how much insurance you must have.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Physician Assistants business
Beware! – most 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 right 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 car policies guarantee 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 covered if your truck is involved in an accident.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The required value of the insurance is worked-out for the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Physician Assistants business needs specific and expensive equipment, you can appreciate 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 unpredicted 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 specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Physician Assistants 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 Physician Assistants business’ equipment.
Commercial Property insurance
Any Physician Assistants 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, along with a big liability if there’s a mortgage.
Your physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Physician Assistants business premises, there is a need for more supplementary 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 Physician Assistants insurance section below to give some estimate of the average prices per million dollars of property insurance for your Physician Assistants business.
Temporary insurance by month, week or day for your Physician Assistants business
Is your Physician Assistants 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 Physician Assistants – 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 lower premiums but still having adequate risk cover.
The essential feature of short-term insurance is that you buy 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 higher 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 Physician 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 protect you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Physician Assistants businesses, such as yours.
There are some 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 dictate whether you are permitted to take out BOP cover.
The normal business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual sales.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Physician Assistants business employees
In almost all states, it is mandatory to have workers compensation insurance when your Physician Assistants business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover 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 obliged to pay penalties levied by the states.
In these states, you may not obtain your workers compensation obligations from private insurance companies.
Workers compensation rates 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 Physician Assistants insurance requirement is unique, there are enough examples of standard quotes from insurance companies for us to give appropriate 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 Physician Assistants businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1670 – $3110|
|Commercial insurance||$1095 – $2780|
|Product liability insurance||$235 – $755|
|General liability insurance||$600 – $935|
|Public liability insurance||$365 – $680|
|Equipment insurance||$435 – $1155|
Cost of insurance for your Physician Assistants operations depends on many different factors.
We have calculated these figures for small self-employed Physician Assistants businesses.
The location and size and type of your Physician 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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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.
What is small business insurance for Physician Assistants operations?
This is an umbrella term used to describe basic insurance policies designed to protect Physician Assistants business owners from risks like bodily injury, property damage, claims of negligence.
Does my Physician Assistants 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.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Physician Assistants business insurance policy cover?
Liability insurance provides protection 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 recommended policies for Physician Assistants insurance.
How much will Physician Assistants 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 discuss with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Physician Assistants, in the search box below, and follow the relevant links.