Hawaii Medical Billing Insurance Policy Information
Hawaii 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 Hawaii medical billing insurance.
Hawaii 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 Hawaii medical billing insurance policies by HI medical billers:
Professional Liability Coverage - Also know as errors and omissions, this Hawaii 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 Hawaii 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.
HI 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 Hawaii 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.
HI 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 Hawaii 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 HI 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.
Hawaii Economic Data, Regulations And Limits On Commercial Insurance
Location is one of the most vital factors that prospective business owners need to take into consideration when they are thinking about establishing an operation. You can have the best possible products and offer the most exceptional services, but if the location doesn't offer a market that can benefit from those goods and services, your business will have difficulty thriving.
As such, if you are an entrepreneur who has set your sights on Hawaii for the headquarters of your business or a new division of an already existing corporation, it's a good idea to familiarize yourself with the state's economic data. It's also important to understand what type of commercial insurance you will need to invest in to protect yourself, your employees, your vendors, and the clients you serve.
Below, we provide a brief overview of important economic data and the commercial insurance requirements for business owners in the Aloha State.
Economic Trends For Business Owners In Hawaii
A state's unemployment rate is a good indicator of the overall economy of the region. It indicates that there are enough jobs available to support the economy, which is a direct reflection of the success of businesses in the state. As of 2019, the Bureau of Labor Statistics indicated that the unemployment rate in Hawaii was 2.6%, 0.8% lower than the national average of 3.4% from the same timeframe. This rate has also decreased throughout 2019, as it was 2.8% in July of 2019.
As with most states, the best locations to start a business in the state of Hawaii include urban areas and the suburban regions that surround them. The top cities for business owners in HI include:
- Pearl City
While several industries do well in Hawaii, certain sectors thrive. Tourism has long been the leading industry in the state, as people from around the globe flock to Hawaii each year.
Agriculture is also a booming industry here; the state is the second largest producer of sugar can in the U.S. Defense is also a key sector here, as all branches off the armed forces have bases located in the state. Another industry that also thrives here is manufacturing; specifically the manufacturing of cotton-based goods, such as clothing.
Commercial Insurance Requirements In Hawaii
The Hawaii Department of Commerce and Consumer Affairs regulates insurance in HI. Hawaii mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Hawaii requires you to have worker's compensation insurance if you hire even one employee 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.
Hawaii 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.
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Also find Hawaii insurance agents & brokers and learn about Hawaii small business insurance requirements for general liability, business property, commercial auto & workers compensation including HI business insurance costs. Call us (808) 300-0578.