Arizona Audiology Insurance Policy Information
Arizona Audiology Insurance. As an audiologist, you use your expertise to determine the health of your patients' hearing. Your equipment measures the volume at which a person begins to hear sounds and their ability to discern the sounds they hear. If a patient suffers from hearing loss or vestibular abnormality, you employ your assessment skills to find the appropriate treatment options. You may even counsel patients on how to cope with profound hearing loss.
And while your clinical experience and education help you to successfully treat your patients, dealing with one of the fundamental human senses means you are more vulnerable to the threat of malpractice claims against you. Even a minor misstep can be devastating to your reputation, career and pocketbook. Defense costs and legal fees alone cost thousands. That is why you need a Arizona audiology insurance policy.
Arizona audiology insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Audiology Business Insurance
Some audiologists may not see the need to purchase Arizona audiology insurance before opening their practice, but it important here because of the potential of large claims for malpractice.
Professional Liability Insurance
As an AZ audiologist you face many challenges in providing quality hearing care. Many changes in the healthcare industry have increased your personal exposure to an allegation of negligence. And, whether or not the allegation is valid, you need to be able to protect yourself, your license and your family from the financial consequences of a lawsuit. Professional liability insurance, also know as malpractice or errors and omissions insurance (E and O), is designed to cover your expenses when a malpractice suit is brought against you. Arizona audiology insurance includes coverage for:
- Legal Expenses - Provides coverage for complaints including professional misconduct, sexual abuse or sexual harassment filed with the provincial regulatory boards.
- Criminal Defense Costs Reimbursement - Covers you for a court case filed under the criminal code. You will be reimbursed provided you are found not guilty of the criminal charge.
Key Exposures For Audiologists:
- Use of inappropriate methods for recovery.
- Negligence in providing plans for hearing loss compensation, business noise reduction, or coordinate with other health care professionals.
- Incorrect advice provided to patients.
- Upset clients who feel they have suffered additional expense or stress and/or consider your performance was below professional standards.
How Much Does Professional Liability Cost?
The cost of your professional indemnity coverage will depend on the exact nature of the work you undertake, how much work you undertake annually, your previous experience and whether you have previously had any claims made against you. Generally speaking, the cost of Arizona audiology insurance has gone down in recent years as a result of greater competition and a greater awareness of the risks faced by audiologists.
Why Do Audiologists Need Malpractice Insurance?
Like all those providing professional services, audiologists provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong the audiologist may well be held to account for any financial losses with legal action and Arizona audiology insurance is designed to mitigate the effects of such actions.
Other Coverages For Audiologists
Business Owner's policy (BOP) - A business owner policy packages most of the Arizona audiology insurance coverage you would need. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your specific practice's needs, you can alter what is included in a BOP. Typically, you will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage's.
Commercial General Liability - General liability provides coverage for third party liability suits including allegations of property damage, advertising injuries, and personal injuries (libel or slander). When someone sues you for these claims, GLI covers the costs of attorney fees, settlements, and other court costs.
Business Interruption Insurance - Business interruption insurance covers lost income and expenses resulting from AZ property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
Workers Compensation - Once the first employee has been hired, workers' compensation insurance should be added to your audiology insurance policy. In many states, it is mandated for any non-owner employees. AZ workers comp will cover medical treatment, disability and death benefits in the event an employee is injured or dies as a result of his work with you. Even though your employees are performing seemingly low-risk work, slip-and-fall injuries or medical conditions such as carpal tunnel syndrome could result in a pricey claim.
Umbrella - An umbrella policy is an excess liability policy for claims that exceed the limits of the underlying liability policies.
AZ Audiology Insurance
As an Audiologist, you've dedicated your career to helping others, and you should be free to focus on your clients without worrying about a threat to your livelihood. With Arizona audiology insurance, you can have peace of mind knowing you're protected in the event of a claim or suit, a grievance from a regulatory board, plus many other coverage benefits.
Arizona Economic Data, Regulations And Limits On Commercial Insurance
Anyone who is thinking about starting a business knows that choosing the right location for their operations is essential. The right market and a demographic that will benefit from and be interested in purchasing the products and services a business offers is crucial for the success of an organization. If you're considering Arizona as the location for your company's headquarters or a new division of your business, it's imperative that you make sure the state offers a climate that will allow your operation to thrive.
By analyzing the employment rate and the key industries that are thriving in the state, you can determine if Arizona will be a suitable location for your business. It's also important to be aware of the forms of commercial insurance coverage business owners are required to carry. Below, we look at all three areas to help you decide if the Grand Canyon State is the right place for you to establish a business.
Economic Trends for Business Owners In Arizona
The unemployment rate in Arizona is higher than the national average; as of May, 2019, the rate was 4.9 percent, while the national average as 3.6 percent. However, compared to 2009, when the rate was 10.9 percent, there has certainly been a decrease in the rate of unemployment.
Urban areas are the ideal locations for businesses in the Grand Canyon State, such as Phoenix, Tempe, Scottsdale, and Chandler; but, smaller areas offer promise, too. Payson, Snowflake, Flowing Wells, and Cottonwood are just some of the smaller locations that are seeing economic growth in Arizona.
There are several key industries that are thriving within the state, including:
- Aerospace and defense
- Bioscience and health care
- Film and digital media productions
- Professional and business services
- Technology and innovation
- Trade, transportation, and utilities
Commercial Insurance Regulations In AZ
The Arizona Department of Insurance regulates insurance in Arizona. Commercial insurance is vital for a business, as it protects the interests of all who are involved with the organization; owners, employees, customers, and vendors. Like any other state, certain forms of commercial insurance are mandated in Arizona, meaning business owners are legally required to carry these policies.
All employers are required to carry workers' compensation insurance, as it provides coverage for work-related accidents and illnesses that employees sustain. Commercial liability insurance, which covers third-party personal injury and property damage liability claims, might also required for certain licenses.
For establishments that sell alcohol, liquor liability insurance is a legal requirement. Lastly, companies that rely on vehicles for business-related purposes (truckers, etc.) must carry a commercial auto insurance policy to protect the drivers of their commercial vehicles, as well as other drivers on the road.
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
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
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.
Request a free Arizona Audiology insurance quote in Anthem, Apache Junction, Arizona City, Avondale, Avra Valley, Benson, Bisbee, Buckeye, Bullhead City, Camp Verde, Casa Grande, Casas Adobes, Catalina, Catalina Foothills, Cave Creek, Chandler, Chinle, Chino Valley, Citrus Park, Coolidge, Corona de Tucson, Cottonwood city, Doney Park, Douglas, Drexel Heights, El Mirage, Eloy, Flagstaff, Florence, Flowing Wells, Fort Mohave, Fortuna Foothills, Fountain Hills, Gilbert, Glendale, Globe, Gold Canyon, Golden Valley, Goodyear, Green Valley, Guadalupe, Holbrook, Kingman, Lake Havasu City, Lake Montezuma, Litchfield Park, Marana, Maricopa, Mesa, New Kingman-Butler, New River, Nogales, Oro Valley, Page, Paradise Valley, Paulden, Payson, Peoria, Phoenix, Picture Rocks, Prescott, Prescott Valley, Queen Creek, Rincon Valley, Rio Rico, Saddlebrooke, Safford, Sahuarita, San Luis, San Tan Valley, Scottsdale, Sedona, Show Low, Sierra Vista, Sierra Vista Southeast, Snowflake, Somerton, South Tucson, Summit, Sun City, Sun City West, Sun Lakes, Surprise, Tanque Verde, Tempe, Thatcher, Three Points, Tolleson, Tuba City, Tucson, Tucson Estates, Vail, Valencia West, Verde Village, Village of Oak Creek, Wickenburg, Williamson, Winslow, Youngtown, Yuma and all other cities in AZ - The Grand Canyon State.
Also learn about Arizona small business insurance requirements for general liability, business property, commercial auto & workers compensation including AZ business insurance costs. Call us (480) 937-2697.