Louisiana Speech Therapy Insurance Policy Information
Louisiana Speech Therapy Insurance. "Communication is key", as the saying goes. But for people with speech impairments, communicating can be a real challenge. That's where you come in. Your expertise as a speech therapist, in helping individuals overcome those challenges by improving their speech, is highly regarded.
But when your work involves close contact with members of the public, there are always certain risks involved. Just one claim against you can mean thousands of dollars out-of-pocket, threaten your career and take significant time away from work to defend.
Luckily, Louisiana speech therapy insurance can save the day if you're named in a lawsuit accusing you of wrongdoing. In fact, with adequate insurance in place, you can rest assured knowing that even the steepest legal bills can be covered by your insurance carrier so you can continue focusing on doing your work.
Louisiana speech therapy insurance protects your practice from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Speech Therapists Need Business Insurance?
As a speech therapist, 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 Louisiana speech therapy 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.
What Coverages Do Speech Therapists Need?
The Louisiana speech therapy insurance coverage you need depends on the details of your business and the risks you want to cover, but these are some of the insurance covers you may find useful:
Professional Liability - Also know as errors and omissions (E&O), this insurance covers negligence claims and allegations made against you by clients and third parties, because of negligence and mistakes you've made and things you've failed to do. Specifically (but depending on the policy language) it covers:
- Intellectual property infringement
- Loss of documents or data
- Negligent misrepresentation or misstatement
- Employee dishonesty
- Breach of confidentiality
- Failure of third-party equipment
Professional liability insurance is integral because no amount of training and experience can prepare you for the unexpected. Unavoidable mistakes occur or a client may simply be displeased with your work and seek to recover damages. These errors can threaten your career, as well as and result in time away from the office and costly settlements.
Commercial General Liability - This Louisiana speech therapy insurance protects your firm if you cause injury or property damage to a third party. If a client falls and suffers an injury at your LA office, your CGL insurance covers direct costs related to the claim (e.g., medical bills) as well as lawsuit-related costs if you are sued. CGL insurance also pays for claims related to advertising liability, slander, libel and copyright infringement.
Workers Compensation - Required by law in most states for an non-owner employees, workers comp insurance pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury. When a worker dies as a result of injuries sustained while working, the insurance provides compensation to the employee's family.
Business Property - LA business property coverage protects your property in and around your place of business. Many people refer to business property as contents coverage, for it responds when the furniture, computer equipment, inventory and equipment within your office, warehouse or location listed on your policy suffers a covered loss. It is important to maintain enough coverage to replace everything in your location, should you experience a total loss.
Umbrella Insurance - This type of Louisiana speech therapy insurance policy doesn't cover everything as many people tend to think. Rather, it is an extension of other insurance policies you have already purchased. It is excess liability above the underlying liability policies and thus extends their coverage. It's mainly used for third party claims to ensure a lawsuit does not put you out of business.
LA Speech Therapy Insurance
The financial and emotional cost of work-related lawsuits is high. Having insurance for speech therapists provides you with a defense team that works on your behalf to safeguard your livelihood. Being able to turn the burden of your lawsuit over to a team of experts, means that you can continue to care for your patients, and maintain your practice and your personal life with minimum disruption.
Louisiana Economic Data, Regulations And Limits On Commercial Insurance
If you are a business-minded individual who is either thinking about starting a new business or who wants to expand an existing business by opening a division in a new state, it's important to choose a location that offers favorable conditions.
In business, it doesn't matter how high-quality the products and services you offer are, if the products and services don't appeal to the market, you likely aren't going to succeed. With that said, if you are interested in starting a business in the state of Louisiana, having a basic understanding of the economic trends is important.
It's also a good idea to know what type of insurance you'll need to carry, as certain commercial policies are compulsory in the state.
Below, we provide an overview of economic trends of the Creole State to determine if it's the right location for your operation.
Economic Trends For Business Owners In Louisiana
Unemployment rate is a good indicator of a state's economy. The lower the unemployment rate, the more advantageous the environment will be for prospective business owners. Unfortunately, the unemployment rate of Louisiana is higher than the national average; as of December, 2019, the rate was 4.9%, which was 1.5% higher than the national average of 3.5% at the same time.
Additionally, the unemployment rate has increased; it was 4.3% in July of 2019, 4.5% in October, and 4.7% in November of the same year. However, despite this, the unemployment rate has decreased in recent years, which does show promise for entrepreneurs who are thinking about starting a business in the state.
The best spots to start a business in LA are large cities and the suburban areas that surround them. The following cities have seen the most significant industrial growth:
- Baton Rouge
- Lake Charles
- New Orleans
Businesses in various industries do well in the state of Louisiana; however, there are specific sectors that are seeing substantial growth. Those industries include:
- Advanced manufacturing
- Commercial fishing
- Crude oil
- Natural gas production
- Software development
- Water management
Commercial Insurance Requirements In Louisiana
The Louisiana Department of Insurance regulates insurance in LA. Louisiana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Louisiana requires you to have worker's compensation insurance if you hire even one employee on a regular basis or must be approved for self-insurance. 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.
Louisiana 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 Louisiana Speech Therapy insurance quote in Abbeville, Alexandria, Baker, Bastrop, Baton Rouge, Bayou Blue, Bayou Cane, Belle Chasse, Bogalusa, Bossier City, Breaux Bridge, Bridge City, Broussard, Carencro, Central, Chackbay, Chalmette, Claiborne, Covington, Crowley, DeRidder, Denham Springs, Destrehan, Donaldsonville, Eden Isle, Estelle, Eunice, Fort Polk South, Franklin, Galliano, Gardere, Gonzales, Gray, Gretna, Hammond, Harahan, Harvey, Houma, Inniswold, Jefferson, Jennings, Kenner, Lacombe, Lafayette, Lake Charles, Laplace, Larose, Leesville, Luling, Mandeville, Marrero, Meraux, Merrydale, Metairie, Minden, Monroe, Morgan City, Moss Bluff, Natchitoches, New Iberia, New Orleans, Oak Hills Place, Oakdale, Old Jefferson, Opelousas, Patterson, Pineville, Plaquemine, Ponchatoula, Prairieville, Prien, Raceland, Rayne, Red Chute, Reserve, River Ridge, Ruston, Schriever, Scott, Shenandoah, Shreveport, Slidell, St. Gabriel, St. Martinville, St. Rose, Sulphur, Tallulah, Terrytown, Thibodaux, Timberlane, Village St. George, Ville Platte, Violet, Waggaman, Walker, West Monroe, Westwego, Woodmere, Youngsville, Zachary and all other cities near me in LA - The Pelican State.
Also find Louisiana insurance agents & brokers and learn about Louisiana small business insurance requirements for general liability, business property, commercial auto & workers compensation including LA business insurance costs. Call us (318) 232-4100.