Iowa Home Medical Equipment Dealers Insurance

Get Your Quote

Or call for your free quote:

Get the best IA small business insurance quotes online & info on cost, coverage, minimum requirements, certificates & more.

Iowa Home Medical Equipment Dealers Insurance Policy Information

IA Home Medical Equipment Dealers Insurance

Iowa Home Medical Equipment Dealers Insurance. Medical and surgical supply stores offer a variety of surgical, medical, and dental instruments and supplies. Some also offer equipment rental, such as wheelchairs, crutches, portable oxygen, or breathing equipment. They may also offer sterilization of equipment services to physicians, surgeons, or dentists.

.

As a home medical equipment supplier, you provide an invaluable service. You help those who are suffering from various types of illnesses get the care medical care that they require - right in the comfort of their own home. You truly are making a difference in the lives of so many people.

However, though your service is so important and is highly respected, you do face certain legal risks, and these risks are quite unique. For example, a product could malfunction, or you could accidentally supply the wrong product. In events like these, you could be looking at serious and costly legal issues.

In order to safeguard yourself and your company from any mishaps that could occur, it is important that you have the right Iowa home medical equipment dealers insurance coverage.

Iowa home medical equipment dealers insurance protects your DME business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.

What Is IA Home Medical Equipment Suppliers Insurance?

Home medical equipment & DME equipment dealers provide medical equipment directly to the patient, and can rent, deliver, assemble, maintain and instruct the patient's how to use it. This insurance is a customized policy that is designed specifically for organizations that supply medical equipment. This type of policy provides coverage for the various risks that home medical equipment and DME suppliers face.

The most notable risk is products liability. If a product that you supply is faulty and ends up causing harm to a client, you could be looking at a serious lawsuit, which would likely cause major financial distress. Without Iowa home medical equipment dealers insurance, you could end up having to pay for legal defense fees, court fees, and any settlement fees that may be awarded.

Additionally this IA DME insurance also provides you with coverage in the event that you are sued for providing the wrong supplies, or if you do not provide your client with adequate information regarding how the product works. In these instances, you could also be facing serious legal troubles that would have the same ramifications as listed above.

How Much Does Home Medical Equipment Suppliers Insurance Cost?

The cost of this type of IA home medical equipment dealers insurance policy depends on several factors. The insurance provider you choose is one of those factors, as different providers do charge different rates. Also, the type of equipment you offer and the size of your business will also be considered when determining the cost of your insurance.

In order to find out exactly how much it will cost you to carry such DME coverage you should speak to a reputable insurance provider that specializes in this specific type of business insurance. He or she will be able to tell you exactly how much coverage you need and assess your unique needs to determine how much your policy will cost.

Other Types of Insurance Coverage for Home Medical Equipment Suppliers

In addition to having a dedicated home medical equipment policy, there are other types of insurance coverage that you may be worth your while to invest in. Some additional coverage options to consider include:

  • Commercial General Liability - In the event that you damage someone else's property or cause an injury that isn't related to the equipment you supply, a general liability insurance policy will safeguard you from any legal action that the party may take against you. It can cover medical expenses, the cost of repairing or replacing damaged property, legal fees, and any other compensation that may be awarded.
  • Workers Compensation - If you have a staff of employees that work under you, it is important that you carry a workers' compensation policy. In fact, your state may require you to carry one. With this type of insurance, your employees are protected from any work-related accidents or injuries. It will cover the cost of medical expenses, lost wages, and even pain and suffering.
  • Commercial Property - If you own a building, commercial property will cover most damage and also you business property inside - including inventory, furniture, computers and more.

Iowa DME Dealer's Risks & Exposures

Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris with flooring in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked with backup lighting systems in case of power failure. All goods should be kept on easily reached shelves so that customers do not pull down items on themselves.

Extra care must be taken to provide adequate aisle space and waiting areas as some customers may be sick or have impaired mobility. The rental of medical equipment can result in additional injuries to customers who already have health problems. Equipment must be inspected and maintained after each use.

Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area.

Personal injury exposure can arise from invasion of customers' privacy should confidential medical information be released to unauthorized sources. It also is from apprehending and detaining suspected shoplifters. Employees must be trained to deal with such delicate situations properly.

Products liability exposure is normally low if no rental or sterilization operations are involved. If either is done, exposure increases significantly as customers may be injured by improperly sterilized or maintained equipment.

Workers compensation exposures are from lifting which can cause back injury, hernia, sprains and strains, and from slips and falls. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Shelves should be easily accessible for storage. Stepladders should be available. Housekeeping in storage areas is vital to prevent trips and falls.

In any retail business, hold-ups are possible. Employees should be trained to respond in a prescribed manner. With repair and rental reconditioning there may be exposure to machinery and welding which can result in cuts and bruises. Delivery of oxygen tanks and other equipment can result in injuries from overturn and collision. Sterilization operations can result in employees being exposed to contaminants.

Property exposures are low if ignition sources are limited to electrical wiring, heating and cooling equipment. Should a fire occur, substantial fire and water damage may result due to the sterile condition required of the supplies. In addition, the large amount of plastic items will add to the fire load.

If oxygen is kept on premises, tanks can explode. Proper storage and handling techniques must be observed. As medical equipment may be high in value, appropriate security measures must be taken, including physical barriers to prevent entrance after hours and an alarm system that reports directly to a central station or the police department.

Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank statements. Receipting, inventory monitoring, and regular auditing are important.

Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made regularly to prevent a buildup of cash on the premises.

Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, and valuable papers and records due to customers' vendors' records. Backup copies of all records, including computer records, should be made and stored off premises. If items are delivered to customers, goods in transit coverage will be needed.

Business auto exposure may be limited to hired and non-owned liability due to employees running errands. If delivery services are provided, all employees driving vehicles must have valid licenses and acceptable MVRs. Vehicles must be regularly maintained with records kept. The transportation of oxygen tanks requires special loading and unloading. Tanks must be property secured during transport.

Why Insurance Is Important For Home Medical Equipment Suppliers

No matter what industry you work in, it is always in your best interest to make sure that you are properly protected from certain perils. As a IA home medical equipment supplier, commercial insurance can provide you with the protection and peace of mind that you need.

Iowa Economic Data, Regulations & Limits On Business Insurance

Business-minded individuals who are thinking about starting up a new venture need to ensure that they choose a location for their operation that will allow them to achieve success. It's vital that the place you select for your organization offers a market that will respond to the products and services you offer, otherwise your efforts will be for naught.

Made In Iowa

If you are considering the state of Iowa as the home base for your business or as a new location for a branch of your company, being aware of the economic trends in the state are crucial. Furthermore, knowing what type of commercial insurance you need to carry is also vital for your success. Below, we offer a brief overview of both the economic trends for the state of IA, as well as what type of commercial insurance business owners need to carry in the state.

Economic Trends For Businesses In Iowa

The state of Iowa has experienced positive economic growth in the past few years. As of January, 2019, the unemployment rate in the state was 2.4 percent, a 0.4 decrease from the previous year, when the unemployment rate was 2.8 percent in January of 2018. Compared to the national unemployment rate, which rose to 4.0 percent in January of 2019, it's clear to see that Iowa offers promise for the workforce, as well as business owners. According to the state's Workforce Development, more residents of Iowa are working now than ever before.

While locations throughout the state offer promising opportunities for business owners, Des Moines, in particular, seems to show the most promise, as, according to economists, it's the third best city to start a business in the United States. Economists also suggest that areas surrounding the city of Des Moines also offer great potential for business development.

Several industries are seeing growth in The Hawkeye State, and are expected to continue to see growth throughout the 2019 calendar year. These industries include:

  • Agriculture and food production
  • Information and communication technology
  • Manufacturing
  • Renewable energy and fuels
  • Warehousing and distribution
IA Commercial Insurance Regulations And Limits

The Iowa Insurance Division regulates insurance in the IA. As with every other state in the country, business owners in Iowa are legally required to have certain types of commercial insurance.

In IA, any business that has one or more employees must carry workers' compensation insurance, which provides coverage for workplace-related injuries and illnesses that employees may sustain.

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.


Medical And Dental 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.


Request a free Iowa Home Medical Equipment Dealers Insurance quote in Adel, Algona, Altoona, Ames, Anamosa, Ankeny, Asbury, Atlantic, Bettendorf, Bondurant, Boone, Burlington, Camanche, Carlisle, Carroll, Cedar Falls, Cedar Rapids, Centerville, Chariton, Charles City, Cherokee, Clarinda, Clear Lake, Clinton, Clive, Coralville, Council Bluffs, Creston, Davenport, DeWitt, Decorah, Denison, Des Moines, Dubuque, Dyersville, Eldridge, Estherville, Evansdale, Fairfield, Forest City, Fort Dodge, Fort Madison, Glenwood, Grimes, Grinnell, Hampton, Harlan, Hiawatha, Humboldt, Independence, Indianola, Iowa City, Iowa Falls, Jefferson, Johnston, Keokuk, Knoxville, Le Claire, Le Mars, Manchester, Maquoketa, Marion, Marshalltown, Mason City, Monticello, Mount Pleasant, Mount Vernon, Muscatine, Nevada, Newton, North Liberty, Norwalk, Oelwein, Orange City, Osceola, Oskaloosa, Ottumwa, Pella, Perry, Pleasant Hill, Polk City, Red Oak, Sergeant Bluff, Sheldon, Shenandoah, Sioux Center, Sioux City, Spencer, Spirit Lake, Storm Lake, Urbandale, Vinton, Washington, Waterloo, Waukee, Waverly, Webster City, West Des Moines, Windsor Heights, Winterset and all other cities in IA - The Hawkeye State.

Also learn about Iowa small business insurance requirements for general liability, business property, commercial auto & workers compensation including IA business insurance costs. Call us (515) 207-7253.

Home Medical Equipment Dealers Insurance
Rated 4.8/5 based on 115 reviews
Free Business Insurance Quote Click Here