Medical Laboratories Insurance Hawaii Policy Information
Medical Laboratories Insurance Hawaii Medical laboratories analyze test samples for physicians, clinics, hospitals, and other health care providers. While some collect the samples themselves from patients visiting their premises, the laboratory generally picks up samples gathered by health care providers, brings them to the laboratory for testing and analysis, and delivers results to the referring medical professional. Some laboratories are located in other medical facilities, such as a hospital. Some perform diagnostic tests, such as X-rays, CT scans, or MRIs.
In a medical laboratory setting more often than not, things go in the manner as they should. Results are accurately given to patients, lab tests are completed in a timely fashion, and patients/employers typically receive the information they require when it is needed.
In some cases however this isn't always the end result. And in those instances, medical labs require a medical laboratories insurance policy to protect themselves. From misdiagnosis to improper testing being conducted, or even slip and fall accidents or injuries which occur on the premises, you need to choose the right medical laboratories insurance Hawaii policy and insurer to protect yourself from liability.
Medical laboratories insurance Hawaii protects your facility from lawsuits with rates as low as $97/mo. Get a fast quote and your certificate of insurance now.
Types Of Medical Laboratory Policies
When deciding on medical laboratories insurance Hawaii policies, it is important to know what options are available to your business to shield you from liability. Some of the options you can tag onto your policy are:
Malpractice - Working with doctors, surgeons, and other health care professionals, a medical laboratory must have this medical laboratories insurance Hawaii policy in place. It protects from inaccurate testing results, improper testing being conducted (if doctors order the wrong lab tests), and other issues or misdiagnosis which may occur, in a medical setting.
Malpractice can also be known as errors and omissions or professional liability.
Commercial General Liability - General liability protects you if you or an employee damages another person's property or injures a third party - suck as a patient or vendor that slips and falls on your premises. It covers the costs associated with lawsuits, including your legal defense, court costs, settlements and judgments.
Worker's Compensation - Workers comp is required in most states for any non-owner employees or partners. Injuries happen on the job, especially in medical facilities where technicians deal with blood, with needles, and other equipment. It is best to protect your practice from these claims, if an employee is injured on the job.
Business Property - This medical laboratories insurance Hawaii will shield assets, your buildings, medical equipment, and other costly supplies used in this type of work environment. Even small HI medical labs should consider adding this onto their policy when considering a medical laboratories insurance policy to invest in.
"Special Coverage" - Although limited in nature, this is the type of medical laboratories insurance Hawaii policy protection laboratories should consider if they are using chemicals. In the event of a spill, contamination, or other toxicity issues, gases, or even explosions, this will protect your medical lab, employees, and the practice, if these issues do arise during testing, or during off hours.
What Laboratory Coverage Should You Select?
The answer is it depends. It depends on personal preference for each laboratory, and their budget. It also depends on the size of the lab, the number of patients it deals with, the types of medical professionals which order testing, and other circumstances may come into play as well.
No two labs are alike, but there are many similarities in place with testing labs. So at a minimum, medical, property, and liability coverage, should be added onto even a minimum policy protection plan, in order to shield the laboratory, employees, and medical professionals, in the event problems arise during the normal course of business.
Which Insurer Should We Use?
Again, the answer will vary in each situation. It is however important to choose medical laboratories insurance Hawaii policies from a reputable, well known insurer. If possible, a lab should also consider going through an insurer which specializes in this type of coverage, and has several different policies, or can custom tailor a policy for the specific lab's needs.
Not only does this ensure full coverage is afforded, but is also the best way to know you are fully protected, no matter what issues might arise, or accidents may occur when in the dangerous lab setting, and dealing with medical results/testing.
Hawaii Medical Laboratories Risks & Exposures
Premises liability exposure is low as samples are generally collected by health care providers. If samples are collected on premises, all areas accessible to the public 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. Good housekeeping is a must to reduce the exposure to slips, trips, and falls. Confidentiality of patient records is critical as the unauthorized release of information relating to a patient's medical and social history could result in personal injury.
Environmental impairment exposure is significant due to the potential for contaminating the air, ground, or water from improperly disposing of medical waste, including contaminants such as hepatitis B or the AIDS virus. Disposal must be documented and meet all FDA and EPA standards.
Professional / Errors and Omissions exposure is extremely high. The exposure increases if the blood bank fails to conduct thorough background checks to verify employees' credentials, education, and licensing. Many medical decisions are made based on the results of diagnostic testing provided by laboratories. Incorrect interpretation of test results may delay diagnosis or treatment, or cause undue emotional distress to a client. Exact protocols must be followed. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS. Sterile environments must be maintained in order to prevent contamination.
Workers compensation exposure can be very high as workers routinely handle test samples that may carry blood-borne pathogens. Gloves and masks must be worn at all times when working around any bodily fluids. Employees should have access to vaccinations to prevent diseases. Employees may receive puncture wounds from needles. Constant cleansing with disinfectants can result in dermatitis to exposed skin.
Back injuries, sprains, and strains can occur when assisting or lifting patients. Slips and falls can occur from tripping over objects or slick floors. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Since 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. If the laboratory picks up samples from health care providers, drivers may be injured in automobile accidents or suffer back injuries from lifting.
Property exposures can be high as laboratories rely on sophisticated high-value equipment for analyzing samples. Ignition sources include electrical wiring, heating, and air conditioning systems, and overheating of equipment. Wiring must be grounded, adequate for peak demands, and meet all current codes. Smoking should be prohibited. All laboratories require sterile conditions. A small fire could cause a total loss due to smoke contamination requiring re-sterilization.
Laboratories will commonly work with a variety of flammable and combustible chemicals. These should be stored in approved storage cabinets away from ignition sources and flammable materials. Business interruption and extra expense is significant due to the high cost of diagnostic equipment and the time it may take to repair or replace a damaged item.
Equipment breakdown exposure is high as operations are dependent on the equipment used in processing test samples. A breakdown could be costly due to the time to install replacement parts or the lack of appropriate backup facilities. All equipment should be maintained on an ongoing basis.
Crime exposures include employee dishonesty in the taking of inventory and false billings. Background checks, including criminal history, should be obtained on each employee prior to hiring. Ordering and billing must be handled by two different employees.
Inland marine exposure consists of accounts receivable if the laboratory bills for services, computers and valuable papers and records for patients' and suppliers' information as well as analysis reports. Analytical equipment may be computerized. Records should be duplicated and stored in an off-site facility.
Commercial auto exposure may be limited to hired and nonownership liability for employees running errands. All drivers should be licensed with acceptable MVRs. Vehicle maintenance should be ongoing and documented in a central location. If the lab picks up samples from health care providers, a spill could have an adverse impact on the environment or others with whom the sample comes into contact.
HI Medical Laboratories Insurance
Of course there are several different policy additions to consider when deciding on insurance for your HI medical laboratory. For this reason it is important to understand what is covered, what isn't, and what additional or optional policy protections should be added when choosing a medical lab insurance policy.
Hawaii Economic Data, Regulations And Limits On Commercial Insurance
Location is one of the most vital factors that prospective business owners need to take into consideration when they are thinking about establishing an operation. You can have the best possible products and offer the most exceptional services, but if the location doesn't offer a market that can benefit from those goods and services, your business will have difficulty thriving.
As such, if you are an entrepreneur who has set your sights on Hawaii for the headquarters of your business or a new division of an already existing corporation, it's a good idea to familiarize yourself with the state's economic data. It's also important to understand what type of commercial insurance you will need to invest in to protect yourself, your employees, your vendors, and the clients you serve.
Below, we provide a brief overview of important economic data and the commercial insurance requirements for business owners in the Aloha State.
Economic Trends For Business Owners In Hawaii
A state's unemployment rate is a good indicator of the overall economy of the region. It indicates that there are enough jobs available to support the economy, which is a direct reflection of the success of businesses in the state. As of 2019, the Bureau of Labor Statistics indicated that the unemployment rate in Hawaii was 2.6%, 0.8% lower than the national average of 3.4% from the same timeframe. This rate has also decreased throughout 2019, as it was 2.8% in July of 2019.
As with most states, the best locations to start a business in the state of Hawaii include urban areas and the suburban regions that surround them. The top cities for business owners in HI include:
- Pearl City
While several industries do well in Hawaii, certain sectors thrive. Tourism has long been the leading industry in the state, as people from around the globe flock to Hawaii each year.
Agriculture is also a booming industry here; the state is the second largest producer of sugar can in the U.S. Defense is also a key sector here, as all branches off the armed forces have bases located in the state. Another industry that also thrives here is manufacturing; specifically the manufacturing of cotton-based goods, such as clothing.
Commercial Insurance Requirements In Hawaii
The Hawaii Department of Commerce and Consumer Affairs regulates insurance in HI. Hawaii mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Hawaii requires you to have worker's compensation insurance if you hire even one employee on a regular basis. 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.
Hawaii 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
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Health Maintenance Organizations
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business 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.
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Also find HI local small businesses by General Liability Class Code and learn about Hawaii small business insurance requirements for general liability, business property, commercial auto & workers compensation including HI business insurance costs. Call us (808) 300-0578.