Arizona Medical Billing Insurance Policy Information
Arizona Medical Billing Insurance. Medical billing is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered by a healthcare provider. The responsibility of the medical biller in a healthcare facility is to follow the claim to ensure the practice receives reimbursement for the work the providers perform.
Medical billing companies are open to a variety of risks including professional liabilities as well as general business risks. Protect yourself against these risks with Arizona medical billing insurance.
Arizona medical billing insurance protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Medical Billers
Below is a list of the most commonly purchased Arizona medical billing insurance policies by AZ medical billers:
Professional Liability Coverage - Also know as errors and omissions, this Arizona medical billing insurance policy will protect your medical billing business from claims of negligence related your services. It provides protection when you are sued for negligence because your work doesn't meet a client's expectations. Professional liability insurance offers a variety of coverages:
- Alleged or actual negligence
- Legal defense costs
- Copyright infringement
Commercial General Liability - General liability is coverage for injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the costs of defending and resolving the suit would be covered by your Arizona medical billing insurance policy. If a client comes to your office and slips and fall - this coverage way pay for their injuries and your legal costs. The injuries or damages must actually be an inadvertent error, and not merely poor judgment or intentional acts.
AZ Commercial Auto Coverage - Commercial auto insurance protects your medical billing company's vehicles. With commercial auto insurance you can insure your cars, SUVs, vans and trucks from damage and collisions. A commercial auto policy includes both auto liability and physical damage coverages.
Auto liability insurance also protects your firm against suits filed by third parties who seek damages for bodily injury or property damage caused by an auto accident. Physical damage insurance includes both comprehensive and collision coverages. Additional Arizona medical billing insurance coverages may be added to a commercial auto policy by an endorsement. Examples are uninsured and underinsured motorist coverage and auto medical payments coverage.
If you do not have company vehicles, but employees drive their own cars you should have non-owned auto liability to protect your medical billing company in case the employee does not have insurance or has inadequate coverage.
Workers' Compensation - Workers comp is not a luxury, but a necessity for your medical billing business. In fact, most states require that you have this policy in case you have hired any employees on a standard taxable wage, and not without reason. In the event that any of your employees get hurt or have an accident, workers' compensation will cover the cost of medical expenses, benefits, and wage replacements.
Business Property Coverage - Your own workplace needs to be protected from natural disasters, accidents and criminal activity. Disasters happen: sometimes they're unpredictable. If your office catches fire, you could lose everything. If your business building is damaged and everything is lost inside, you can use this policy to cover the costs of your loss.
AZ property insurance policies comes in two basic forms:
- All-Risk policies covering a wide-range of incidents and perils except those noted in the policy;
- Peril-Specific policies that cover losses from only those perils listed in the Arizona medical billing insurance policy. Examples of peril-specific policies include fire, flood, crime and business interruption insurance.
Business interruption coverage - If a disaster or catastrophic event does occur, your operations will likely be interrupted. During this time, your AZ medical billing business will suffer from lost income due to your staff's inability to work in the office. Business interruption insurance compensates your business for its lost income during these events.
Business Owner's Policy (BOP) - A business owner's policy, or BOP, will bundle many different types of insurance into one policy to provide comprehensive coverage. These types of policies typically include:
- Business interruption
- Property insurance
- Vehicle insurance
- Crime insurance
Depending on what your company's needs are, you can customize the policy to your own specific needs. A BOP is typically the most cost-effective insurance option as this bundled policy costs less than purchasing each policy individually.
How Much Does Medical Billing Insurance Cost?
The cost of your cover will depend upon a few key factors including how much work you undertake annually, included policies, your previous experience and whether you have previously had claims made against you. Generally speaking the cost of insurance for a medical biller has reduced in recent years as a result of greater competition and a greater awareness of the risks faced in the medical billing industry.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Armored Car
- Attorney Lawyer
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
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- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Temporary Staffing
- Tax Preparer
- Title Abstractors
- Valet Parking
- Specialty Consultants
- Specialty Service Business
The professional services industry, which includes occupations such as lawyers, doctors, accountants, and architects, often deals with sensitive and complex issues that carry a high risk of liability. These professionals are expected to provide their clients with expert advice and guidance, and any mistakes or oversights can result in significant financial consequences for both the client and the professional. This is where insurance comes into play.
Business insurance provides protection against the financial repercussions of potential mistakes or accidents that may occur while providing professional services. For example, a lawyer may make an error in their legal representation that leads to a financial loss for their client. Without insurance, the lawyer would be personally responsible for covering the cost of this loss. Insurance helps to protect professionals from these types of financial burdens and allows them to focus on providing high-quality services to their clients.
In addition to protecting against financial losses, commercial insurance can also provide legal defense for professionals facing legal action as a result of their work. This can be especially important for professionals in high-stress or high-risk fields, such as doctors or architects, who may be at a higher risk of being sued for professional negligence.
Overall, the professional services industry needs insurance to protect against financial losses and legal action, ensuring that professionals can continue to provide high-quality services to their clients without the added stress and burden of potential financial consequences.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
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Also find AZ local small businesses by General Liability Class Code and 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.