Arkansas Medical Billing Insurance Policy Information
Arkansas 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 Arkansas medical billing insurance.
Arkansas 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 Arkansas medical billing insurance policies by AR medical billers:
Professional Liability Coverage - Also know as errors and omissions, this Arkansas 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 Arkansas 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.
AR 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 Arkansas 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.
AR 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 Arkansas 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 AR 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.
Arkansas Economic Data, Regulations And Limits On Commercial Insurance
If you're a business-minded individual who has your sights set on Arkansas for their operations need to take several factors into consideration before they actually start a business. Specifically, they should determine is the conditions are favorable for entrepreneurs in general, and if the conditions are favorable for their specific industries.
No matter how high-quality the goods and services you offer are, if the specific location isn't favorable for businesses - and your specific sector - your corporation is going to have a hard time succeeding.
In this guide, we provide a brief overview of key factors that indicate whether or not Arkansas is a suitable location for your operations. We also cover some of the key commercial insurance policies that business owners are required to carry.
Economic Trends For Business Owners In Arkansas
Unemployment rate is a key factor in determining whether or not a state offers favorable conditions for those who are thinking about starting a business. According to most recent statistics issued by the Bureau of Labor Statistics, as of December, 2019, Arkansas' unemployment rate was 3.6%, 0.2% higher than the national unemployment rate, and 0.2% higher than it was in July of 2019.
However, it is 0.1% more people are employed now than they were in December, 2018, when the rate of unemployment was 3.7%. Despite the marginal increase, economists do predict that the workforce will increase or at the very least remain stable in upcoming years.
As with most states, the best places to start a business in Arkansas are the largest metropolitan areas. This includes Little Rock, Fayetteville, Fort Smith, and Hot Springs. The suburban areas that surround these cities are also good spots to establish a business. Some lesser-known cities are also experiencing economic and employment growth, such as Arkadelphia, Batesville, and Conway.
AR offers ample opportunities for business of all sizes and in a variety of industries. Some of the key sectors include:
- Aerospace and defense
- Forestry and timber
- Information technology
- Transportation and logistics
Commercial Insurance Requirements In Arkansas
The Arkansas Department of Insurance regulates insurance in AR. Arkansas mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Arkansas requires you to have worker's compensation insurance if you have 3 or more employees. In the construction industry, businesses with fewer than three employees must provide workers' compensation. 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.
Arkansas 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 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
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
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.
Request a free Arkansas Medical Billing insurance quote in Alexander and Pottsville, Alma, Arkadelphia, Ashdown, Austin, Barling, Batesville, Beebe, Bella Vista, Benton, Bentonville, Berryville, Blytheville, Booneville, Brookland, Bryant, Cabot, Camden, Cave Springs, Centerton, Clarksville, Conway, Crossett, Dardanelle, De Queen, Dumas, East End, El Dorado, Elkins, Farmington, Fayetteville, Fordyce, Forrest City, Fort Smith, Gentry, Gibson, Gosnell, Gravette, Greenbrier, Greenwood, Harrison, Haskell and Cherokee Village, Heber Springs, Helena-West Helena, Hope, Hot Springs, Hot Springs Village, Jacksonville, Johnson, Jonesboro, Landmark, Little Rock, Lonoke, Lowell, Magnolia, Malvern, Manila, Marianna, Marion, Maumelle, McGehee, Mena, Monticello, Morrilton and Pocahontas, Mountain Home, Nashville, Newport, North Little Rock, Osceola, Ozark, Paragould, Paris, Pea Ridge, Piggott, Pine Bluff, Piney, Prairie Grove, Rockwell, Rogers, Russellville, Searcy, Shannon Hills, Sheridan, Sherwood, Siloam Springs, Southside, Springdale, Stuttgart, Texarkana, Tontitown, Trumann, Van Buren, Vilonia, Waldron, Walnut Ridge, Ward, Warren, West Memphis, White Hall, Wynne and all other cities near me in AR - The Natural State.
Also find Arkansas insurance agents & brokers and learn about Arkansas small business insurance requirements for general liability, business property, commercial auto & workers compensation including AR business insurance costs. Call us (501) 261-6101.