Diagnostic Imaging Centers Insurance New Mexico Policy Information
Diagnostic Imaging Centers Insurance New Mexico Diagnostic imaging centers work closely with doctors, surgeons, and other medical professionals and specialists. Images produced not only help doctors diagnose patients, but learn new ways to treat them for different conditions, ailments, and conditions as well.
With the type of imaging taken in these facilities, it is extremely important to have a diagnostic imaging centers insurance New Mexico policy in place. So what will the diagnostic imaging centers insurance policy protect? Of course this depends on the extent and policy options added; these are some of the basics as it pertains to coverage for a diagnostic imaging center or facility.
Diagnostic imaging centers insurance New Mexico protects your facility from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Types Of Diagnostic Imaging Centers Policies
Below are some examples of diagnostic imaging centers insurance New Mexico policies:
Professional Liability: Also know as professional liability or malpractice. If a client believes they've suffered some kind of loss due to error, mistake, or misdiagnosis, this diagnostic imaging centers insurance New Mexico coverage will shield you from liability and lawsuits falling under this category.
As an imaging center, working with medical professionals, mistakes do occur. Therefore, shielding your business from the liabilities and possible conflicts of interests with doctors and medical professionals, is in your best interest. This policy protection will cover the NM imaging center from claims which stem from errors or mistakes made from imaging results.
General Liability: Your diagnostic imaging centers insurance New Mexico policy should also contain a general liability protection plan. Third party claims of bodily injury (such as slip and fall or injured by equipment) would be covered. In addition to protecting your business from costly lawsuits, this policy is also required with many imaging facility leases in different buildings/properties, simply to shield the property owner from claims and lawsuits of this nature.
Commercial Property: The physical assets are protected under this policy prong in your diagnostic imaging centers insurance New Mexico policy. This policy however only protects "covered events." So depending on where in NM the imaging facility is, if fire, earthquakes, or other natural events occur regularly in the area, these should be specifically stated in the policy protection coverage.
Business Owners Policy (BOP): A BOP policy packages combines business property and business liability insurance in one policy.
Worker's Compensation: In most states, workers comp is required for any non-owner employees. When you have employees in a facility, injuries occur. If faulty equipment is the reason, if another employee injures a co-worker, if they slip and fall, or if other workplace accidents occur, this policy protection will shield the imaging facility from liability. NM workers comp also shield against false claims or lawsuits, if a disgruntled former employee is simply trying to take something from the employer.
Commercial Umbrella: This is an excess liability policy, which is going to protect your business in the event of an extremely large claim. The umbrella policy is going to cover the additional costs and expenses which are typically tied to lawsuits, medical claims, or other injuries which might take place in the imaging facility. For a business which faces a variety of risks, or one which is earning extremely high profit margins, it is worth investing in this additional protection, simply as a back up resource to protect your business from liabilities it faces.
NM Diagnostic Imaging Centers Insurance
There is no single way to determine what might go wrong, when it is going to go wrong, or how to prevent things from going on; this is especially the case when dealing with medicine, doctors, imaging, and other medical results/testing. Therefore, any medical imaging facility which hopes to shield itself and protect itself from constant liabilities, lawsuits, and threats, must invest in a commercial insurance policy.
New Mexico Economic Data, Regulations And Limits On Commercial Insurance
Owning and operating a business can prove to be financially and personally rewarding. However, if you want to have as much success as possible, it's essential that you choose the best possible location for your company.
After all, it doesn't matter how exceptional your products are and how top-notch your products and/or services are, if the location isn't favorable for your specific business, chances are you won't reap the success you are hoping for.
When considering where to start a business, it's important to consider the economic trends of a state. These trends provide insight into the health of a state's economy, which can help prospective business owners determine whether or not a specific location is favorable for their particular operation. Additionally, it's important to understand what type of commercial insurance policies you'll need to invest in to properly protect your business.
If you're thinking about starting a business in the state of New Mexico, read on to find an overview of the economy and the commercial insurance requirements of the Land of Enchantment.
Economic Trends For Business Owners In New Mexico
A state's unemployment rate is an important factor to consider when assessing the economy, as it illustrates whether or not the area offers a favorable environment for businesses.
According to the Bureau of Labor Statistics, as of December, 2019, the unemployment rate in New Mexico was 4.7%, which is 1.2% higher than the national average. However, the rate has fallen; in July of 2019, for example, the unemployment rate was 4.9% and in November of the same year, it was 4.8%.
This rapid decrease shows promise for the Land of Enchantment. Furthermore, economists predict that the jobless rate of the state will continue to decrease moving forward.
New Mexico is a large state with varied topography and demographics. As such, the best locations prospective business owners can expect to see the most success include urban areas and the surrounding regions. Examples include:
- Las Cruces
- Rio Rancho
- Santa Fe
The industries that are seeing the most economic growth in the Land of Enchantment include:
- Administrative and federal government
- Advanced manufacturing
- Aerospace and defense
- Digital media and film production
- Distribution, logistics, and transportation
- Hospitality and tourism
Commercial Insurance Requirements In New Mexico
The New Mexico Office of Superintendent of Insurance regulates insurance in NM. New Mexico mandates very few forms of insurance coverage by law. They enforce worker's compensation.
New Mexico requires you to have worker's compensation insurance if you hire 3 or employees on a regular basis in the construction industry, businesses with even one employee must provide workers compensation insurance. 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.
New Mexico 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 NM local small businesses by General Liability Class Code and learn about New Mexico small business insurance requirements for general liability, business property, commercial auto & workers compensation including NM business insurance costs. Call us (505) 349-0657.