Surgical Nurse Insurance – Cost and Coverage

Whenever you budget the expenses of your business, Surgical Nurse insurance must be high on the list because you can’t always know exactly what can happen in the future.

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 Surgical Nurse enterprise, you must consider how much financial risk you are taking on.

If your Surgical Nurse business runs without proper insurance, you are taking an enormous 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 small businesses to outline 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 Surgical Nurse business?

What this means, for any Surgical Nurse 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 Surgical Nurse 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 court can award in any case against the state.

In a court case, it’s purely the right of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have claimed.

When you are running your Surgical Nurse operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as an LLC, all of that liability belongs to you as a person.

What does Surgical Nurse insurance protect you from?

For your Surgical Nurse business, the most important sorts of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

Also there are some legal kinds of insurance that various states require.

In the next few paragraphs, we will outline the most important points any Surgical Nurse business owner should know when negotiating the insurance needed.

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

Liability insurance

General liability insurance

Any Surgical Nurse business is dealing directly with customers, and that means you generally 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 sue you for compensation.

General liability insurance policy for your Surgical Nurse business insures you against claims coming from injury to clients or damage to their property.

It protects your Surgical Nurse business from the claims themselves and also to any associated 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 normal level of general liability insurance for your Surgical Nurse 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 Surgical Nurse insurance operations.

Professional liability insurance for your Surgical Nurse business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Surgical Nurse business for them, you can quickly have to fight a monetary claim.

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

Every small Surgical Nurse 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 Surgical Nurse insurance section below for average prices of professional liability insurance for your Surgical Nurse 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 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 liable for results caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Surgical Nurse

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

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

Commercial insurance

Commercial vehicle insurance for your Surgical Nurse business

Beware! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle is being used for business purposes.

The best way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.

Commercial truck policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in a crash.

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 declared level of cover of contents. 

Tools and Equipment insurance

Since your Surgical Nurse business needs specialized and expensive equipment, you know 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 unexpected acts.

Also, 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 need full-level equipment insurance so that you can immediately buy any equipment needed to keep your Surgical Nurse business running.

It is difficult to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Surgical Nurse business’ equipment.

Commercial Property insurance

Any Surgical Nurse business that owns or rents space in a building must 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.

Any physical building location should 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.

If your Surgical Nurse business operates in areas of high risk, like California or North Carolina, extra 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 Surgical Nurse business premises, there is a need for more extra 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 Surgical Nurse insurance section below to give some indication of the average prices per million dollars of property insurance for your Surgical Nurse business.

Temporary insurance by month, week or day for your Surgical Nurse business

Is your Surgical Nurse 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 Surgical Nurse – 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 identical risk cover.

The important feature of short-term insurance is that you buy 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 Surgical Nurse business

You have the chance 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 combines commercial property and public liability insurance by packaging 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 Surgical Nurse businesses, such as yours.

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

BOPs will 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 eligible for a BOP policy must have less than one hundred employees, and under five million dollars in annual revenue.

Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your Surgical Nurse business employees

In almost all states, it is mandatory to have workers compensation insurance when your Surgical Nurse 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 include 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 cannot take out your workers compensation obligations from private insurance companies.

Workers compensation rates 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 Surgical Nurse insurance need 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 insurance representative what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your Surgical Nurse businesses needs.

Cost of insurance for your Surgical Nurse operations depends on many different factors.

We have estimated these figures for small freelance Surgical Nurse 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% cheaper.

The location and size and type of your Surgical Nurse business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

In addition you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your city.

FAQ

What is small business insurance for Surgical Nurse operations?

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

Does my Surgical Nurse business have to have insurance?

Some of the types of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.

Certain other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small Surgical Nurse business insurance policy cover?

Liability insurance provides insurance 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 Surgical Nurse insurance.

How much will Surgical Nurse business insurance cost?

As well as 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 Surgical Nurse, in the search box below, and follow the relevant links.

Related Industries:

Surgical Assistants Insurance – Cost and Coverage Surgical Technologists Insurance – Cost and Coverage Certified Surgical Technologist Insurance – What Kind and at What Cost Surgical Assistant Insurance – Cost and Types Of Policies Surgical Technician Insurance – What Kind and at What Cost Surgical Technologist Insurance – Cost and Types Of Policies Surgical Coordinator insurance – cost and types of policies Dialysis Nurse Insurance – Cost and Coverage Nurse Anesthetist Insurance – Cost and Coverage Psychiatric Nurse Practitioner Insurance – Cost and Coverage Nurse Supervisor insurance – cost and coverage Supervising Nurse Insurance – Cost and Coverage