Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Florida Ophthalmologist Insurance
Florida Ophthalmologist Insurance. Ophthalmologists are licensed medical doctors who specialize in the diagnosis, treatment, and prevention of disease, injury, damage, or loss to the eye. They may prescribe corrective lenses or medications. Ophthalmologists perform eye surgery needed to correct farsightedness or nearsightedness using laser or refractive surgery. Other surgical procedures include cataract removal, corneal transplants, vitreous or retinal repair, or enucleation. While most ophthalmologists work from their own private offices, some are employed by hospitals or clinics.
Following is important information you should know about Florida ophthalmologist insurance as you look for the right coverage for your practice.
Florida ophthalmologist insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
The Risk Exposures Ophthalmologists Should Consider
Following are some of the more common risks that Florida ophthalmologist insurance can help protect against:
Professional Exposure: Professional exposures are of great concern. All employees and ophthalmologists working directly on patients must be trained, experienced, and licensed. A more varied procedure has a higher risk of professional loss compared to a less varied procedure. Equipment like needles should be sterilized and sanitized to prevent the spread of infestations such as HIV & AIDS and hepatitis.
On-site surgery should be closely monitored by an experienced, trained individual. A trained individual should also monitor the administering of anesthetics. Safety equipment needs to be in place to prevent exposure to radiations when performing an X-ray.
There are so many areas where professional (malpractice) Florida ophthalmologist insurance can help protect your practice.
Premises Liability: This is where slip and fall claims happen. Although the exposure is minimal, the Florida ophthalmologist insurance general liability offers protection.
Customer areas should be neat and free from obstructions. It should also be well-light when patients are traveling to and from the examination section. Overhead equipment must be moved before the patients exiting examination chairs. Further, if surgery is performed, the area should be sterilized very carefully. On the other hand, the patient's area should be designed for patients that are visually impaired after the surgery. Escort procedures need to be clear for every personnel.
Workers Compensation Insurance: This insurance pays benefits to the workers if injured while on the job. Mainly, it covers death benefits, vocational rehabilitation, a portion of lost wages and medical bills for your employees. Almost each state requires employers to carry some form of employee's compensation insurance.
FL Workers comp is a type of Florida ophthalmologist insurance that is required for any non-owner or partner employees in most states. When an employee suffers an injury, the incidence is immediately reported to the workers compensation insurance carrier. The employee then seeks proper medical attention, while the insurance company caters for the bills. However, if an employee misses work due to the injury, the insurance company pays the worker limited benefits to cover the lost time.
If an employee is not able to return to work because of a permanent injury, the insurer compensates to re-train the worker for a different line of work.
Property Exposure: Property exposure is for crime and fire and weather damage. A majority of the asset items are covered with the surgeons and physicians inland marine floater. However, business interruption exposure can be minimized if the ophthalmologists have arranged for temporary facilities with other FL ophthalmologists.
Inland Marine Exposure: Inland marine exposure is the surgeons and physicians floater items. This coverage includes items that the Ophthalmologist might take off site to address emergencies. This Florida ophthalmologist insurance can be extended to cover all office furnishings.
An Ophthalmologist office will include a sophisticated computer as well as medical equipment. The electrical wiring should be up to code and the equipment properly maintained. However, a small fire, which produces smoke, can cause lots of damage due to the need for sterile equipment. Additional exposures that Florida ophthalmologist insurance can cover may include accounts receivable, valuable papers and records which include patient's records plus medical research books.
Crime Exposure: Crime exposure can occur due to dishonest workers who might steal money and inventory. Different individuals should handle the ordering, billing and disbursement processes. These processes should be monitored constantly.
Other Ophthalmologist Insurance To Consider
Apart from the coverage mentioned above, other common insurances that Ophthalmologists should consider include commercial property, Money and Securities, Employee Dishonesty, Accounts Receivable, Surgeons and Physicians Floater, Computers, Valuable Papers & Records, General Liability, Professional, Umbrella, Commercial Auto and Employee Benefits.
Florida Ophthalmologist's Risks & Exposures
Premises liability exposure is moderate due to patients' access to the premises. To prevent trips, slips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure Steps should have handrails, be illuminated, marked, and in good repair.
Parking lots should be maintained free of ice and snow. Housekeeping should be excellent and spills must be cleaned up promptly. Overhead equipment should be moved before patients exit examination chairs. If surgery is performed, the area must be kept sterile at all times and carefully controlled. The patients' area must be designed for patients who are visually impaired following eye surgery.
Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical. Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's' confidential information.
Professional exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more varied procedures that the ophthalmologist performs, the more chance of professional loss. A patient's medical history must be checked prior to prescribing medications. Very serious losses may result from failure to secure patient approval before performing procedures.
Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic.
Workers compensation exposure is due to the possible transmission of disease from a patient. Gloves and masks should be worn at all times when working around any bodily fluids. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Since patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Property exposure is moderate due to the use of expensive diagnostic and ophthalmological equipment. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained. A small fire which produces smoke can cause considerable damage when sterile equipment and environments are compromised.
Most property items are better covered on inland marine forms such as a computer form or a physicians and surgeons floater. The business income and extra expense exposure can be minimized if the ophthalmologist has arranged for temporary facilities with another ophthalmologist.
Equipment breakdown exposures are high as operations are dependent on diagnostic equipment being available. All equipment should be maintained on an ongoing basis.
Crime exposure is from employee dishonesty. The potential for identity theft is great. Background checks should be conducted on all employees handling money. All ordering, billing, and disbursement must be handled by separate individuals. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposure includes accounts receivable if the ophthalmologist bills for services, computers, physicians and surgeons floater (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information. Computers are used for patients' records and other office purposes, but some diagnostic equipment is now also computerized. Physicians and surgeons equipment includes items that the ophthalmologist may take off site to handle emergencies. Duplicates of all records and programs should be kept off site.
Business auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.
FL Ophthalmologist Insurance
When binding any Florida ophthalmologist insurance, it's important to carefully define your practice's needs, the required limits and any extra protections that reflect your specific circumstances.
Florida Economic Data And Commercial Insurance Requirements
If you are thinking about starting up a business in the state of Florida, it's important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding FL commercial insurance.
With this information, you will be able to determine if Florida is the right place for your business, and if so, what type of insurance you will need to carry to protect yourself, your employees, and the people that you serve.
Economic Trends For Businesses In FL
Florida is known as the sunshine state, and the economic outlook for this state is just as bright as the weather. It is estimated that the economy in Florida will reach $1 trillion by the end of the 2019 calendar year. However, while financially, the economy is expected to boom, it is forecasted that job growth will decline.
The reason for the economic boom? While businesses do certainly contribute to the economy, industry isn't the reason why Florida's economy is expected to soar; the residents that move to the state are largely responsible for its economic growth. Approximately 898 people move to Florida every day, and those new residents bring a tremendous amount of income for the state.
In terms of job growth, the rate of new jobs has been its highest since 2007; however, it is forecasted to slow during 2018. Approximately 180,000 new jobs will be added in 2018, which is slightly less than the new jobs that were added in 2017.
The industries that contribute the most to Florida's economy include:
- Aviation & Aerospace
- Financial Services
- International Trade
- Life Sciences
Commercial Insurance: Regulations & Limits In Florida
The Florida Office of Insurance Regulation regulates insurance in FL. The only type of coverage that business owners must carry is workers' compensation. Organizations in any industry must carry this type of coverage if they employ a staff of hourly or salaried workers. But, organizations that employ three or less people are not legally required to carry this type of coverage.
Business owners are also required to carry commercial auto insurance if they use any vehicles for their operations, such as making deliveries or transporting goods. Commercial liability insurance is another type of coverage that Florida business owners should consider carrying, though they are not legally required to have this type of insurance.
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
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- 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.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.