Alaska Substance Abuse Counseling Insurance Policy Information
Alaska Substance Abuse Counseling Insurance. As an addiction counselor, you are going to deal with all types of people. Some who've been addicts for years, others who simply took a wrong turn and need help getting clean in recent years. Regardless of the type of addiction (drugs or alcohol), level of addiction, and the type of addictive behaviors the individual suffers from, when treating these addictions as a counselor, you will find more than one method in helping them treat that addiction.
Like a doctor possesses insurance for malpractice claims, it is also important to ensure you have a Alaska substance abuse counseling insurance policy in place to protect yourself from such malpractice liability claims. Apart from this, there are other forms of insurance you can add onto your substance abuse counseling insurance policy, to further protect yourself from liability, lawsuits, and potentially losing your business/license, because of a few disgruntled former patients you might have treated.
Alaska substance abuse counseling insurance protects your practice from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Substance Abuse Counselors Need Business Insurance?
Anyone who provides a service to others runs the risk of personal injury or financial loss to others; the field of substance abuse counseling is not exempt. In fact, it may even be more risky for substance abuse counselors. Carrying a Alaska substance abuse counseling insurance policy is a smart way of protecting your practice from claims related to your services.
How Does Substance Abuse Counselors Insurance Protects My Practice?
Protect From Malpractice Claims - If you are helping one person who simply can't get clean, relapses, or deals with addictive issues again in the future, they are going to try to sue you for improperly diagnosing or assisting them. This is where a malpractice claim can hinder your practice, or can ruin your reputation as a licensed counselor.
With malpractice insurance in place (commonly know as professional liability and errors and omissions (E&O)), you can shield yourself from these frivolous claims. There is no way to help each person who suffers with addiction. And, even with the best guidance and counseling, some will relapse, and turn back to a life of drugs and addiction. With professional liability insurance in place, you shield your practice from such liability claims.
Libel/Slander Claims - If a patient (or former patient) is unhappy with treatment, relapses, or has issues in the future, they might speak negatively against your practice. They might make false claims or accusations. With this addition to your liability insurance policy, you can shield your practice from these accusations, false claims, and protect your good name as a counselor or therapist. Not only to ensure your practice doesn't have problems getting new patients in the future, but also to avoid financial loss typically tied to slander claims.
General Liability - General liability coverage is also available when choosing a Alaska substance abuse counseling insurance policy. Bodily injury, property damage, or other claims which arise during the course of practice, can all be protected. This means if a patient gets hurt on the premises, or if other issues arise in your office/building, you are protected, and won't have to pay these out of pocket expenses which can be rather costly in certain instances.
Defense Costs - If you are sued, certain Alaska substance abuse counseling insurance policies will pay for defense cases in the event you need to hire a AK lawyer. Not only for the work they perform, but also in the event the case goes to trial, you are going to be protected for a certain amount (depending on your policy limits), if you are sued by a former patient, and must go to court, mediation, or other hearings, and need to hire a lawyer to defend your practice.
Damage To Business Property - Keep in mind that when it comes to addiction, you have certain patients who might be dangerous, or hostile. If they damage property, your office, equipment, or other items (or if a supplier or visitor damages property), you can also purchase an insurance policy which will pay for AK property damage. When comparing insurance providers, as well as the levels of coverage you can choose from, many insurers are going to offer this form of coverage for Alaska substance abuse counseling insurance policies, which you can add on to your general liability coverage as a counselor.
AK Substance Abuse Counseling Insurance
There are several different options as it pertains to your Alaska substance abuse counseling insurance policy as a counselor. And, when dealing with certain types of patients, who suffer from drug or alcohol addiction, you never know what you will come across, or what the individual might be thinking when they visit your offices for help. For this reason you need to shield yourself and practice from liability. When choosing your substance abuse counseling insurance policy, these are a few options to consider, and some of the best ways in which you can protect your name, your practice, and protect yourself from financial distress in the event of a lawsuit.
Alaska Economic Data, Regulations And Limits On Commercial Insurance
If you're an entrepreneur who is thinking about starting a business in Alaska, it's important to have a basic understanding of the state's overall economy before you set up shop. Regardless of how high-quality the products and services you are planning on offering may be, if the location where you open your organization doesn't offer a target market that your products and services will appeal to, chances of success are slim. Furthermore, if a workforce isn't available to support your business, you'll have a hard time staying afloat.
With that said, it's important for business-minded individuals who are thinking about starting a company in Alaska to familiarize themselves with the state's economy; it's also a good idea to have an understanding of the commercial insurance requirements.
Following is an overview of economic trends and commercial insurance policies that business owners are required to carry in The Last Frontier.
Economic Trends For Business Owners In Alaska
According to the Bureau of Labor Statistics, the unemployment rate in Alaska was 6.1% in December of 2019. While that's significantly higher than the national unemployment rate, which was 3.4% in December, 2019, it's lower than it was one year prior, when the rate of unemployment was 6.5% in December of 2018. Though the workforce is growing slower than it is in other states, economists do predict that the rate will continue to decline in the coming years.
Despite Alaska's remoteness and cold climate, it's actually a great start to start a business. According to the Tax Foundation, Alaska is the second most tax-friendly state for business owners in the United States, as there's no individual income tax or state sales tax. Additionally, Alaska has the second highest rate of new business owners, as well as the second highest percentage of available employees (as per 2016).
As in most states, the best spots to start a business in Alaska are the state's biggest cities and the surrounding areas. This includes Anchorage, Juneau, and Fairbanks. Other key areas that are seeing a boost in business development in recent years include Homer, Sitka, Prudhoe Bay, and Ketchikan.
While there are several industries that are experiencing growth in The Last Frontier, specific sectors thrive more than others. Businesses that are related to the following industries are booming in AK:
- Fishing, which is also one of the largest contributors to the state's economy.
- Mining, which provides more than 4,500 jobs in Alaska.
- Petroleum, which is responsible for 34% of jobs in the state. In fact, Prudhoe Bay is North America's largest oil field.
- Tourism is the second largest private sector employer in the state. Each year, millions of people from around the globe travel to Alaska to marvel at the numerous natural wonders that can be found here.
Commercial Insurance Requirements In Alaska
The Alaska Division of Insurance regulates insurance in AK. Alaska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alaska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alaska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Health Maintenance Organizations
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business Insurance
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
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Also find Alaska insurance agents & brokers, AK local small businesses by General Liability Class Code and learn about Alaska small business insurance requirements for general liability, business property, commercial auto & workers compensation including AK business insurance costs. Call us (907) 531-9001.