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 Psychiatrists Insurance
Kentucky Psychiatrists Insurance. Psychiatrists are licensed medical doctors who specialize in the prevention, diagnosis, and treatment of mental illness by determining its possible cause, whether emotional, physical or some combination of both. They may use medical diagnostic procedures, such as blood tests or an MRI, to determine the root cause. Specialty areas include forensics, geriatrics, pain management, pediatrics, posttraumatic stress disorder (PTSD), or substance abuse.
They may work in individual or group practices, and provide treatment on an individual basis or in group settings. Some patients may be treated in institutional settings. As a medical doctor, psychiatrists can prescribe medications (generally antidepressants, psychotropics, or sedatives) and perform surgery, although most refer surgical procedures to neurologists. Unlike psychologists, psychiatrists are not trained to administer or interpret psychological tests. The two disciplines may work together to help some patients overcome problems.
As a KY psychiatrist, you provide an invaluable service to your patients. However, given the nature of your work and the fact that we live in a very litigious society, there are a number of risks that are associated with your profession. In order to protect yourself, your practice, your patients, and any employees that may work for you, it,s important that you carry the right type of Kentucky psychiatrists insurance.
Kentucky psychiatrists insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Do Psychiatrists Need Business Insurance?
You see a number of patients on a regular basis. These people share personal information with you in confidence. You make diagnoses and offer treatments, which can include prescription medications. In the event that a patient files a claim against you stating that you shared his or her personal information without permission, or that you prescribed a medication with listing the possible side effects, for example - even if the claim is false - you could be looking at serious financial trouble. Legal fees can be exorbitant, and unless you have Kentucky psychiatrists insurance, you would have to pay those fees out of your own pocket.
Other risks that could put you in danger include third party injuries occurring in your office, damage to your property, stolen or damaged equipment, and employee injuries and illness. These risks could also put you financial peril.
Carrying the right Kentucky psychiatrists insurance policies will safeguard you from the number of risks that are associated with your psychiatric practice. Insurance will offer the financial protection you need in the event that a lawsuit does arise or if your property is damaged, vandalized, or stolen for example.
What Type Of Insurance Should A Psychiatrists Buy?
There are several types of insurance policies that KY psychiatrists should have. Depending on the location of your practice, you will be legally required to carry some of these policies; however, it,s also a wise idea to invest in policies that you are not legally obligated to carry. Examples of Kentucky psychiatrists insurance coverage include:
Malpractice or Professional Liability: In today's litigious society, it doesn't take much for a patient to turn to lawsuits to resolve an issue. As a medical professional, KY psychiatry malpractice insurance is a must. This type of coverage will protect you from any malpractice claims that may be filed against you. For instance, if a client claims that you prescribed a medication that has caused adverse side effects, or that you shared confident information, professional liability insurance will help to cover the cost of legal fees, as well as any damages that may be awarded and that you are required to pay.
Commercial General Liability: Should a third party - a patient, a delivery person, or anyone else (other than an employee) become injured on your property or files a claim stating that you damaged his or her property, general liability insurance will protect you. For example, if a patient slips in your office and breaks a bone, this Kentucky psychiatrists insurance coverage will help to pay for any medical care that the patient requires, as well as any legal fees that may arise if the individual files a lawsuit against you.
Workers Compensation: Depending on where your practice is located, workers, compensation insurance may be required if you employ a staff. Even if it's not required, it,s still a wise idea to carry. Workers comp will cover any injuries employees may sustain while they are on the job, covering the cost of medical care, lost wages, and more.
Commercial Property: This type of insurance will protect the physical location of your practice; your office and it's contents. Should your office be damaged in a fire, storm, vandalized, or if any equipment is stolen, for example, business property insurance will help to cover the cost of repairing or replacing the damaged or stolen items.
Cyber Liability: In the event that confidential patient information is lost, stolen, or otherwise compromised from the computer program that your practice uses, data breach insurance will protect you from the damages.
Kentucky Psychiatrist's Risks & Exposures
Premises liability exposures are moderate due to patients' access to the premises. Patient areas should be neat with no obstructions. 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. Patients, areas must be designed to include those who are physically impaired. Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical. Consultation 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 liability exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. A patient's medical history must be checked prior to prescribing medications. Unless ordered by a court, very serious losses may result from failure to secure patient approval before admitting to any type of institution. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposures are due to the possible transmission of diseases from patients to staff members. Unruly or unpredictable patients can cause injury or harm including bites, strains, back injuries, and contusions. Because 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 exposures for fire and crime are minor. Ignition sources are generally limited to electrical wiring, heating, and air conditioning systems. If pharmaceuticals are kept on premises, theft is a concern. These items should be inaccessible for unauthorized use and stored in a protected area after hours. Business income and extra expense exposures can be minimized if the psychiatrist has arranged for temporary facilities with another doctor.
Crime exposure is from employee dishonesty of both money and inventory, which may include pharmaceuticals. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. Rigid controls must be maintained including inventory control and limited access to storage areas. 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 exposures are from accounts receivable if the psychiatrist bills for services, computers, and valuable papers and records for patients, records and medical Research books. Duplicates of all records and programs should be made and kept off-site.
Business auto exposures are generally limited to hired and non-owned liability for employees who use their own vehicles to run 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.
KY Psychiatry Insurance
Speak to a reputable insurance broker that specializes in the above-mentioned insurance coverages. Insurance is an integral part of ensuring that a practice as well as the practitioner are protected against claims and lawsuits as they continue to do business. Without it, a psychiatrist's career could very well be put at serious risk. Knowing that they have the right policy in place in case of an emergency situation with a client gives the practitioner peace of mind and the confidence they need to continue to help their patients every day.
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.
Request a free Kentucky Psychiatrists insurance quote in Alexandria, Ashland, Barbourville, Bardstown, Beaver Dam, Bellevue, Benton, Berea, Bowling Green, Brandenburg, Cadiz, Calvert, Campbellsville, Carrollton, Central, Cold Spring, Columbia, Corbin, Covington, Crescent Springs, Crestview Hills, Crestwood, Crittenden, Cynthiana, Danville, Dawson Springs, Dayton, Douglass Hills, Eddyville, Edgewood, Elizabethtown, Elsmere, Eminence, Erlanger, Flatwoods, Flemingsburg, Florence, Fort Mitchell, Fort Thomas, Fort Wright, Frankfort, Franklin, Georgetown, Glasgow, Graymoor-Devondale, Grayson, Greenville, Harrodsburg, Hartford, Hazard, Henderson, Highland Heights, Hillview, Hodgenville, Hopkinsville, Hurstbourne, Independence, Indian Hills, Irvine, Jeffersontown, La Grange, Lakeside Park, Lancaster, Lawrenceburg, Lebanon, Leitchfield, Lexington-Fayette, London, Louisville, Ludlow, Lyndon, Madisonville, Marion, Mayfield, Maysville, Middlesborough, Middletown, Monticello, Morehead, Morganfield, Mount Sterling, Mount Washington, Murray, Newport, Nicholasville, Oak Grove, Owensboro, Paducah, Paintsville, Paris, Park Hills, Pikeville, Prestonsburg, Princeton, Prospect, Providence, Radcliff, Richmond, Russell, Russellville, Scottsville, Shelbyville, Shepherdsville, Shively, Simpsonville, Somerset, Southgate, Springfield, St. Matthews, Stanford, Stanton, Taylor Mill, Union, Versailles, Villa Hills, Vine Grove, Walton, West Liberty, Wilder, Williamsburg, Williamstown, Wilmore, Winchester and all other cities in KY - The Bluegrass State.
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.