Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial 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.
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.
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.
Kentucky Dental Lab Insurance
Kentucky Dental Lab Insurance. Dental laboratories manufacture artificial bridges, crowns, dentures, and implants to replace patients' natural teeth, plus orthodontic devices such as retainers. They generally receive molds of patients' mouths from dentists and build prostheses using plastics, precious and non-precious alloys, porcelain, or steel. Completed prostheses are delivered to dentists for final fitting. Some dental laboratories work directly with the general public.
If you own a dental lab, then you must ensure you have the right protection for your business. Dental labs are necessary for the making of customized dentures, crowns, bridges and other equipment to be used by their customers. In the daily operation of your dental lab, there may be different accidents that happen. For this reason the protection of you business by having the correct insurance is important. The way to do this is to get the right Kentucky dental lab insurance for your business.
Kentucky dental lab insurance protects your laboratory from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Common Risks Involved With Dental Labs
While operating, some things could go wrong such as dental equipment causing pain or injuring a patient. Injury can also be caused by an employee. Having the right Kentucky dental lab insurance coverage is the way for you to keep your laboratory protected.
Dental Labs Basic Coverage Plan
The first step to covering your business from the potential risks it faces is to know the different policy coverages and to choose the right ones for your business. Here are some of the different insurance plans you could get to protect your KY detnal laboratory:
Dental Lab Professional Liability Insurance: Professional liability insurance is an important policy to have as a part of your business. If the equipment you sell to a dental professional does not perform the way it's supposed to or causes damage for their business, you could be held liable. Problems like this could lead to lawsuits against your business.
As a dental lab owner your business will be exposed to lawsuits if something goes wrong. Having professional liability insurance protects you against negligence lawsuits if your product has defects and causes harm. This type of insurance helps to pay for legal defense fees, court costs, attorney fees, etc. You could end up spending lots of money if you do not have this level of coverage in your business.
Commercial Property Insurance: Having this type of insurance helps to protect against physical damage to equipment while on the job. If there is ever a fire, smoke, inclement weather, theft or anything that destroys your building and its contents, then having this insurance reimburses you for the cost you incur. If you are renting a place for your dental lab then having this type of insurance is good too.
Commercial property insurance also offers coverage for business interruption. If there is ever a time where you won't be operating your business for some time, then commercial coverage helps with the expenses of that period. Whether it's to relocate because of damage to the property where your lab was operating or the building was destroyed this insurance keeps you covered.
Commercial General Liability: If you want your business fully covered, then this is the insurance you need. If you or an employee destroys another person's property or causes injury to a third party, this protection will keep you covered. Also if there is a lawsuit against your company this insurance helps with the costs associated. This Kentucky dental lab insurance covers legal defense fees, court costs, and settlements.
KY Business Auto Insurance: As a part of your business, you'll be required to use vehicles. There is always the possibility of getting in an accident while on the job. If your employees are using their vehicles for job purposes, then you may need to get non owned or hired auto liability insurance to keep them covered.
Commercial Umbrella Insurance: The underlying limits of your general liability policy might be too low. If this is the case, then you can purchase additional protection for your business. With umbrella insurance, it is possible for you to purchase excess liability insurance.
Workers Compensation: To work in most states, you must have this coverage as a part of your business insurance fro any non-owner employees. This type of coverage helps when an employee is injured while on the job and needs medical attention. If there are medical costs associated with the injury then this insurance helps with it. If the accident results in a fatality, then this coverage pays benefits to the surviving family.
Kentucky Dental Laboratories' Risks & Exposures
Premises liability exposure is extremely limited since few customers visit the premises. In the event, that the laboratory deals directly with the public, waiting and examination areas must be kept clean. Hallways should have appropriate signage and lighting.
Products liability exposure is high since finished prostheses are used in patients' mouths. The exposure increases if the dental lab fails to conduct thorough background checks to verify employees' credentials, education, and licensing when required by the state. An improperly secured tooth could result in choking.
As patients may have allergic reactions to some of the materials used in the dental prosthesis, the laboratory should advise the dentist of all materials used. Molds of patients' mouths may contain small quantities of blood-borne pathogens so should be kept strictly separate from one another. Equipment used should be sanitized between orders. Quality control is needed to ensure that firing time has been appropriate and that the artificial teeth in dentures are adequately secured.
Environmental impairment exposure is significant due to the potential for contaminating air, ground, or water by improperly disposing of medical waste or waste from materials used in making prostheses. Disposal must be documented and meet all FDA and EPA standards.
Workers compensation exposure can be high. Workers can pick up blood-borne pathogens from contaminated molds. Gloves, eye, and ear protection should be worn at all times while handling molds and prostheses. Common injuries include arm and hand vibrations from machines, back strains from working in awkward positions, burns from chemicals or molten metals, contact dermatitis, foreign objects in the eye, and hearing impairment from noise.
Ergonomically designed workstations can prevent repetitive motion injury. Exposure to dust and gases, including those from toxic chemicals such as beryllium or silica, can result in long-term occupational disease. Ventilation systems should be functioning properly. Workers must be made aware of warning symptoms so they can obtain treatment as early as possible.
Property exposure is high due to the specialized types of equipment used to make dental prostheses. Ignition sources include electrical wiring, heating, and cooling equipment, as well as overheating of production machinery. Electrical wiring must be grounded and meet all current codes. Due to the sterile conditions that must be maintained throughout the facility, even a small fire can result in a large loss due to smoke contamination requiring re-sterilization. Smoking should be prohibited.
Molten metal is necessary to work with the various dental appliances. Small furnaces or kilns, which may generate heat up to 2,000 degrees, are needed to heat the porcelain teeth. There is even a vulcanizing process involved. Upkeep of the equipment is vital. There should be automatic shut-off devices to prevent overheating. Flammable chemicals should be kept in separate storage areas away from ignition sources. Raw materials, including gold, are expensive and may be targeted by thieves.
Appropriate security controls should be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department. Business income and extra expense can be significant due to the high cost of equipment and the time it may take to repair or replace a damaged item.
Equipment breakdown exposure is due to the specialized equipment used in making bridges, crowns, and dentures. A breakdown could be costly due to the time to install replacement parts or the lack of appropriate backup facilities.
Crime exposure is from employee dishonesty as gold and other materials used in making dental prostheses may be expensive. Background checks, including criminal history, should be conducted on all employees prior to hiring. Ordering and billing must be handled by two different employees. Gold must be kept in a protected area, such as a safe, to prevent unauthorized access.
Inland marine exposure is from accounts receivable if the laboratory bills for services, bailees customers for work on existing plates or dentures, computers and valuable papers and records for patients' and suppliers' information. All items belonging to customers must be properly labeled so they can be returned to their rightful owners. Records should be duplicated and stored in an off-site facility.
Commercial auto exposure is generally limited to hired and non-owned for employees running errands. If the laboratory has owned vehicles and offers pickup or delivery services to dentists, drivers must be licensed with acceptable MVRs. Vehicles must be well maintained with documentation kept in a central location.
KY Dental Laboratory Coverage
Protection when operating your business is important, especially when running a dental lab. You can lose a lot in your business if you don't have the right protection. Take the time to speak with an insurance professional and work to find the right insurance for you.
Kentucky Economic Data And Business Insurance Requirements
In order for a business to succeed, it's important to have a firm understanding about the economic status of the state that the organization is going to be established in . It is also important for business owners to know what type of commercial insurance they are required to carry in KY.
If you are thinking about opening or moving a business in Kentucky, keep on reading to find out some key information about the economic status of the state, as well as the KY commercial insurance requirements.
Business Economic Trends In The Commonwealth Of Kentucky
As per recent reports from leading economists, the economic outlook for Kentucky is looking bright. More jobs have been added in recent years, which is evidenced by the declining unemployment rate, and it is expected that more jobs will be added in the year 2019.
The goods and services industries are the two areas that are really expected to add significant gains to the economy of Kentucky. Industries in this sector are flourishing, with new companies being added during the 2019 calendar year. It is also expected that more jobs will be created in this sector in the upcoming years.
While technology is taking over the manufacturing sector in many other parts of the nation, in Kentucky, this industry is growing; but, it is growing at a slower rate than usual, as technology is also having an impact in KY. It is also predicted that the healthcare firms will continue to be added in Kentucky and will provide ample opportunities for employment, creating more jobs than manufacturing.
There three key areas in the Kentucky that are contributing the most to the economy, and these include Lexington, Northern Kentucky, and Louisville.
Commercial Insurance Requirements In KY
The Kentucky Department of Insurance regulates insurance in KY. Like most other states, business owners are required to carry workers comp insurance in Kentucky. In the Commonwealth, if you employ a staff of hourly or salaried employees, you must carry this type of coverage, even if your staff only consists of one person.
Commercial auto insurance is also mandate in Kentucky, so if you use a vehicle for business-related reasons, you must have this type of coverage.
You are not required to carry commercial liability insurance; however, it is a wise idea to invest in a policy. It will protect you from any legal issues that might arise, such as slips and falls or property damages.
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
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.
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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