Diagnostic Imaging Centers Insurance South Carolina Policy Information
Diagnostic Imaging Centers Insurance South Carolina 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 South Carolina 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 South Carolina 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 South Carolina 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 South Carolina 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 SC imaging center from claims which stem from errors or mistakes made from imaging results.
General Liability: Your diagnostic imaging centers insurance South Carolina 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 South Carolina policy. This policy however only protects "covered events." So depending on where in SC 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. SC 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.
SC 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.
South Carolina Economic Data, Regulations And Limits On Commercial Insurance
If you are an entrepreneur and you are either thinking about starting a new business or you are considering expanding an existing company to a new location, you know how important it is to choose the right area for your operation. In order to achieve as much success as possible, the location must offer favorable conditions and a market that will benefit from your products and services, and that those products and services will appeal to.
There are several aspects that indicate whether or not a specific state offers favorable conditions for business operations. Two of the most crucial aspects include the unemployment rate of the state, as well as the industries that are seeing the most activity in the state.
Additionally, it's also vital for prospective business owners to be aware of the different types of commercial insurance policies they will need to carry within a particular state to ensure that they are properly covered and complaint with the law.
If you're thinking about conducting business operations in South Carolina, read on for an overview of the economic trends and commercial insurance requirements in the Palmetto State.
Economic Trends For Business Owners In South Carolina
Unemployment rate is a telltale indicator of the economy of a state. The lower the rate, the healthier the economy is, and in turn, the more opportunities there are for businesses. As per the Bureau of Labor Statistics, the unemployment rate in the state of South Carolina was 2.3% in December, 2019.
Compared to the national average of 3.5% during the same time period, the economy of SC is booming. The health of the economy is further illustrated by the steady decline in the state's unemployment rate, which was 3.4% in July, 2019 and fell steadily until reaching the above-mentioned 2.3% in the last month of the year.
As in most states, large metropolitan areas are the best places to start a business in South Carolina; however, there are also several smaller cities and suburban locals that are also seeing an uptick in business ventures. Some of the destinations that companies might consider include:
- Fort Mill
- Hilton Head Island
- Myrtle Beach
The industries that are seeing the most activity in SC include:
- Aerospace and aviation
- Alternative energy
- Automotive manufacturing
- Biotechnology and life sciences
- Hospitality and tourism
- Logistics, transportation, and distribution
Commercial Insurance Requirements In South Carolina
The South Carolina Department of Insurance regulates insurance in SC. South Carolina mandates very few forms of insurance coverage by law. They enforce worker's compensation.
South Carolina requires you to have worker's compensation insurance if you hire four or more employees on a regular basis. 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.
South Carolina 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
- 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.
Request a free Diagnostic Imaging Centers Insurance South Carolina quote in Abbeville, Aiken, Anderson, Batesburg-Leesville, Beaufort, Belvedere, Bennettsville, Berea, Bluffton, Boiling Springs, Burton, Camden, Cayce, Centerville, Central, Charleston, Cheraw, Chester, Clemson, Clinton, Clover, Columbia, Conway, Darlington, Dentsville, Dillon, Easley, Edgefield, Five Forks, Florence, Forest Acres, Forestbrook, Fort Mill, Fountain Inn, Gaffney, Gantt, Garden City, Georgetown, Goose Creek, Greenville, Greenwood, Greer, Hanahan, Hardeeville, Hartsville, Hilton Head Island, Hollywood, Homeland Park, Irmo, James Island, Ladson, Lake City, Lake Murray of Richland, Lake Wylie, Lancaster, Laurel Bay, Laurens, Lexington, Little River, Lugoff, Marion, Mauldin, Moncks Corner, Mount Pleasant, Murrells Inlet, Myrtle Beach, Newberry, North Augusta, North Charleston, North Myrtle Beach, Oak Grove, Orangeburg, Parker, Piedmont, Port Royal, Powdersville, Red Bank, Red Hill, Rock Hill, Sangaree, Sans Souci, Seneca, Seven Oaks, Simpsonville, Socastee, Spartanburg, St. Andrews, Summerville, Sumter, Taylors, Tega Cay, Travelers Rest, Union, Valley Falls, Wade Hampton, Walterboro, Welcome, West Columbia, Woodfield, York and all other cities near me in SC - The Palmetto State.
Also find South Carolina insurance agents & brokers and learn about South Carolina small business insurance requirements for general liability, business property, commercial auto & workers compensation including SC business insurance costs. Call us (803) 500-9096.