Ultrasound Imaging Centers insurance – cost and types of policies

Whenever you budget the expenses of your business, Ultrasound Imaging Centers 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 insurance against accidents 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 Ultrasound Imaging Centers enterprise, you must consider how much financial danger you are taking on.

If your Ultrasound Imaging Centers 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. 

Ultrasound Imaging Centers Insurance

In this article, we are giving very general guidelines for small businesses to highlight 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 Ultrasound Imaging Centers business?

What this means, for any Ultrasound Imaging Centers 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 Ultrasound Imaging Centers 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 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 right of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sort.

When you are running your Ultrasound Imaging Centers operations, you can’t escape responsibility for the results of your actions.

Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.

What does Ultrasound Imaging Centers insurance protect you from?

For your Ultrasound Imaging Centers business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

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

In the next few paragraphs, we will describe the most important points any Ultrasound Imaging Centers business owner should know when negotiating the insurance needed.

The main headings of insurance for your Ultrasound Imaging Centers businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any Ultrasound Imaging Centers 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 Ultrasound Imaging Centers business insures you against claims coming from injury to clients or damage to their property.

It protects your Ultrasound Imaging Centers business from the claims themselves and also to any follow-on 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 Ultrasound Imaging Centers 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 Ultrasound Imaging Centers insurance operations.

Professional liability insurance for your Ultrasound Imaging Centers business

In the event where a client alleges some negligence, errors, or omissions in how you conducted your Ultrasound Imaging Centers business for them, you can quickly have to fight a law suit.

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

Every small Ultrasound Imaging Centers 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 Ultrasound Imaging Centers insurance section below for average prices of professional liability insurance for your Ultrasound Imaging Centers 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 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 liable for damages caused by products claimed to be defective.

To cover yourself against any possible lawsuit, you need Product liability insurance for Ultrasound Imaging Centers

Only you can know 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 Ultrasound Imaging Centers business

Beware! – almost all 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 truck policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.

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

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

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

Tools and Equipment insurance

Since your Ultrasound Imaging Centers business needs specialized 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.

In addition, 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 specialized gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy everything needed to keep your Ultrasound Imaging Centers 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 Ultrasound Imaging Centers business’ equipment.

Commercial Property insurance

Any Ultrasound Imaging Centers business that owns or rents space in a building needs a commercial property insurance policy.

If you own the property, you certainly have a substantial capital investment, in addition to a big liability if there’s a mortgage.

Any 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 man-made damages like theft and vandalism.

If your Ultrasound Imaging Centers 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 Washington, where unlimited cold snaps can cause damage to outer coverings of Ultrasound Imaging Centers business premises, there is a need for more extra 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 Ultrasound Imaging Centers insurance section below to give some idea of the average prices per million dollars of property insurance for your Ultrasound Imaging Centers business.

Temporary insurance by month, week or day for your Ultrasound Imaging Centers business

Is your Ultrasound Imaging Centers 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 Ultrasound Imaging Centers – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having less premiums but still having adequate risk cover.

The important feature of short-term insurance is that you buy the cover for a defined period – a nominated 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 Ultrasound Imaging Centers 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 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 Ultrasound Imaging Centers 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 determine whether you are allowed to take out BOP cover.

The normal business that can take out a BOP policy must have no more than one hundred employees, and under five million dollars in annual turnover.

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 Ultrasound Imaging Centers business employees

In many states, it is mandatory to have workers compensation insurance when your Ultrasound Imaging Centers business has one or more employees.

Workers compensation insurance covers the business against any costs that arise if a worker 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 regulations in this regard can leave you as the employer having to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize 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 see the relevant authorities in your state.

Average costs of these types of insurance

Although every Ultrasound Imaging Centers insurance need 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 gathered for the main types of insurance your Ultrasound Imaging Centers businesses needs.

Types of insurance Price range
Product liability insurance $270 – $601
Commercial vehicle insurance $1910 – $2760
Public liability insurance $334 – $762
General liability insurance $615 – $956
Equipment insurance $395 – $1479
Commercial insurance $843 – $2587

Cost of insurance for your Ultrasound Imaging Centers operations depends on many different factors.

We have estimated these figures for small independent Ultrasound Imaging Centers businesses.

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

The location and size and type of your Ultrasound Imaging Centers 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 searching for insurance companies near where your business is located.

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

FAQ

What is small business insurance for Ultrasound Imaging Centers operations?

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

Does my Ultrasound Imaging Centers business have to have insurance?

Some of the kinds of insurance are not mandatory for you to open 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 Ultrasound Imaging Centers business insurance policy cover?

Liability insurance provides coverage 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 Ultrasound Imaging Centers insurance.

How much will Ultrasound Imaging Centers 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 discuss with professional insurance agents and brokers, or insurance company representatives.

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