Diagnostic Imaging Centers Insurance Ohio Policy Information
Diagnostic Imaging Centers Insurance Ohio 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 Ohio 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 Ohio 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 Ohio 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 Ohio 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 OH imaging center from claims which stem from errors or mistakes made from imaging results.
General Liability: Your diagnostic imaging centers insurance Ohio 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 Ohio policy. This policy however only protects "covered events." So depending on where in OH 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. OH 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.
OH 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.
Ohio Economic Data, Regulations & Commercial Insurance Minimum Requirements
If you're an entrepreneur, you know how important it is to research the location where you plan on setting up shop. No matter how how-quality and valuable the products and/or services your business offers may be, if you're situated in an area that isn't suitable for your operation (the wrong target demographic, a poor market, etc.), you just aren't going to achieve the success that you're hoping for.
If you're considering Ohio for your headquarters or for a new branch of your business, you definitely want to take the time to research the area before you set up shop. Below, we'll take a look at the economic trends of the Buckeye State, including employment rates and key industries that are thriving in the area. We'll also highlight some of the key forms of commercial insurance business owners need to carry when operating in Ohio.
Economic Trends for Business Owners In Ohio
The Buckeye State has seen a marked increase in job growth, which is indicated by the record low unemployment rate. According to the Ohio Department of Job and Family Services, as of April, 2020, the rate of unemployment was 4.3 percent; the lowest it's been in more than 18 years. In April the previous year, the rate was 4.6 percent, a difference of .03 percent in 1 year; however, and more notably, the rate has dropped .01 percent in just one month, as it was 4.4 percent in March, 2020. July, 2001 was the last time Ohio saw such a low level of unemployment, when the rate was 4.2 percent.
In January, 2010, the rate was an astounding 11.1 percent, so it's safe to say that there has been a definite decrease in the number of jobless people in the Buckeye State, which is a strong indication of the overall economy of the state.
The greater Cincinnati area is one of the best places for businesses in Ohio, where smaller cities are seeing the largest growth. Examples include Blue Ash, Beachwood, Independence, Sharonville, and Springdale. Industries that are thriving in Ohio include:
- Advanced Energy and Environmental Technologies
- Aerospace and Aviation
- Information Technology
- Logistics and Distribution
- Oil and Gas
Business Insurance Regulations In OH
The Ohio Department of Insurance regulates insurance in Ohio. Certain policies are mandated in Ohio, meaning business owners must carry specific types of coverage. Business owners can protect themselves, the customers they serve, the vendors they work with, and their workers from various risks by investing in the right type of insurance coverage. Coverages that are required include:
Workers Compensation - Most Ohio businesses with employees are required to pay for workers comp. If your OH business has just one employee, you're probably required to carry workers' compensation insurance. In Ohio, workers' compensation insurance is provided through the state - rather than through private insurance companies.
Other forms of insurance that business owners may be required by contract or municipality. The amount of coverage business owners need to carry for each policy vary and depend on a variety of factors, including the size of the operation, the number of employees, and the nature of operations.
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
- Medical, Surgical & Hospital Supply Store
- 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.
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Also find Ohio insurance agents & brokers and learn about Ohio small business insurance requirements for general liability, business property, commercial auto & workers compensation including OH business insurance costs. Call us (614) 407-1774.