Kansas Audiology Insurance Policy Information
Kansas Audiology Insurance. As an audiologist, you use your expertise to determine the health of your patients' hearing. Your equipment measures the volume at which a person begins to hear sounds and their ability to discern the sounds they hear. If a patient suffers from hearing loss or vestibular abnormality, you employ your assessment skills to find the appropriate treatment options. You may even counsel patients on how to cope with profound hearing loss.
And while your clinical experience and education help you to successfully treat your patients, dealing with one of the fundamental human senses means you are more vulnerable to the threat of malpractice claims against you. Even a minor misstep can be devastating to your reputation, career and pocketbook. Defense costs and legal fees alone cost thousands. That is why you need a Kansas audiology insurance policy.
Kansas audiology insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Audiology Business Insurance
Some audiologists may not see the need to purchase Kansas audiology insurance before opening their practice, but it important here because of the potential of large claims for malpractice.
Professional Liability Insurance
As an KS audiologist you face many challenges in providing quality hearing care. Many changes in the healthcare industry have increased your personal exposure to an allegation of negligence. And, whether or not the allegation is valid, you need to be able to protect yourself, your license and your family from the financial consequences of a lawsuit. Professional liability insurance, also know as malpractice or errors and omissions insurance (E and O), is designed to cover your expenses when a malpractice suit is brought against you. Kansas audiology insurance includes coverage for:
- Legal Expenses - Provides coverage for complaints including professional misconduct, sexual abuse or sexual harassment filed with the provincial regulatory boards.
- Criminal Defense Costs Reimbursement - Covers you for a court case filed under the criminal code. You will be reimbursed provided you are found not guilty of the criminal charge.
Key Exposures For Audiologists:
- Use of inappropriate methods for recovery.
- Negligence in providing plans for hearing loss compensation, business noise reduction, or coordinate with other health care professionals.
- Incorrect advice provided to patients.
- Upset clients who feel they have suffered additional expense or stress and/or consider your performance was below professional standards.
How Much Does Professional Liability Cost?
The cost of your professional indemnity coverage will depend on the exact nature of the work you undertake, how much work you undertake annually, your previous experience and whether you have previously had any claims made against you. Generally speaking, the cost of Kansas audiology insurance has gone down in recent years as a result of greater competition and a greater awareness of the risks faced by audiologists.
Why Do Audiologists Need Malpractice Insurance?
Like all those providing professional services, audiologists provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong the audiologist may well be held to account for any financial losses with legal action and Kansas audiology insurance is designed to mitigate the effects of such actions.
Other Coverages For Audiologists
Business Owner's policy (BOP) - A business owner policy packages most of the Kansas audiology insurance coverage you would need. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance. Based on your specific practice's needs, you can alter what is included in a BOP. Typically, you will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage's.
Commercial General Liability - General liability provides coverage for third party liability suits including allegations of property damage, advertising injuries, and personal injuries (libel or slander). When someone sues you for these claims, GLI covers the costs of attorney fees, settlements, and other court costs.
Business Interruption Insurance - Business interruption insurance covers lost income and expenses resulting from KS property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.
Workers Compensation - Once the first employee has been hired, workers' compensation insurance should be added to your audiology insurance policy. In many states, it is mandated for any non-owner employees. KS workers comp will cover medical treatment, disability and death benefits in the event an employee is injured or dies as a result of his work with you. Even though your employees are performing seemingly low-risk work, slip-and-fall injuries or medical conditions such as carpal tunnel syndrome could result in a pricey claim.
Umbrella - An umbrella policy is an excess liability policy for claims that exceed the limits of the underlying liability policies.
KS Audiology Insurance
As an Audiologist, you've dedicated your career to helping others, and you should be free to focus on your clients without worrying about a threat to your livelihood. With Kansas audiology insurance, you can have peace of mind knowing you're protected in the event of a claim or suit, a grievance from a regulatory board, plus many other coverage benefits.
Kansas Economic Data, Regulations And Limits On Commercial Insurance
Whether you're an experienced business owner who has successfully started several companies or you're a novice who is looking to establish your first startup, selecting the right location for your operations is extremely important.
It doesn't matter how stellar the products and services you offer are, if the location where your business is located doesn't offer a favorable climate, it's more than likely you aren't going to succeed.
With that said, if you're thinking about starting a new business or opening a division of your existing company in the state of Kansas, having an understanding of the economic data of the state is crucial.
Additionally, you it's also a good idea to know what type of commercial insurance policies you'll need to invest in if you operate a business in the state. Below, we provide an overview of this information so you can determine if the Sunflower State is the right place for your business endeavor.
Economic Trends For Business Owners In Kansas
In regard to job growth, the state of Kansas exceeds the national average. As of December, 2019, the unemployment rate was 3.2%, reports the Bureau of Labor Statistics; that's 0.3% lower than the national unemployment rate, which was 3.5% at the same time.
The rate has remained relatively steady, as it was 3.3% in December of 2018 and 3.5% in January of 2018; in fact, it has slightly improved. As per economists, the workforce and the economy is considered to improve or at the very least, remain steady, in upcoming years.
The state of Kansas, overall, is considered a good location for business owners; however, there are specific areas that provide better opportunities than others. Generally, these areas are the state's largest metropolitan regions and the suburbs that surround them, including:
- Kansas City
- Overland Park
Not only are these cities seeing an increase in the number of new businesses, but they also have an ample workforce, as well as a higher median income, than other areas in the state.
While there are several industries that thrive in KS, there are particular sectors that tend to do better than others. These include:
- Advanced manufacturing
- Aerospace engineering
- Biosciences and health
- Cattle production
- Food processing
- Logistics and distribution
- Non-fuel industrial minerals
Commercial Insurance Requirements In Kansas
The Kansas Insurance Department regulates insurance in KS. Kansas mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Kansas requires you to have worker's compensation insurance if you hire even one employee on a regular basis unless your business is involved in certain agricultural areas or has a gross annual payroll of less than $20,000. 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.
Kansas 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 Kansas Audiology insurance quote in Abilene, Andover, Arkansas City, Atchison, Augusta, Baldwin City, Basehor, Baxter Springs, Bel Aire, Beloit, Bonner Springs, Burlington, Chanute, Clay Center, Coffeyville, Colby, Columbus, Concordia, De Soto, Derby, Dodge City, Edwardsville, El Dorado, Ellsworth, Emporia, Eudora, Fairway, Fort Riley, Fort Scott, Frontenac, Galena, Garden City, Gardner, Garnett, Girard, Goddard, Goodland, Great Bend, Hays, Haysville, Hesston, Hiawatha, Hillsboro, Holton, Hugoton, Hutchinson, Independence, Iola, Junction City, Kansas City, Kingman, Lansing, Larned, Lawrence, Leavenworth, Leawood, Lenexa, Liberal, Lindsborg, Louisburg, Lyons, Maize, Manhattan, Marysville, McPherson, Merriam, Mission, Mission Hills, Mulvane, Newton, Norton, Oaklawn-Sunview, Olathe, Osage City, Osawatomie, Ottawa, Overland Park, Paola, Park City, Parsons, Pittsburg, Prairie Village, Pratt, Roeland Park, Rose Hill, Russell, Sabetha, Salina, Scott City, Shawnee, Spring Hill, St. Marys, Tonganoxie, Topeka, Ulysses, Valley Center, Wamego, Wellington, Wichita, Winfield and all other cities near me in KS - The Sunflower State.
Also find Kansasa insurance agents & brokers and learn about Kansas small business insurance requirements for general liability, business property, commercial auto & workers compensation including KS business insurance costs. Call us (620) 205-2115.