Medical Practice Insurance Arizona Policy Information
Medical Practice Insurance Arizona. The vast majority of medical and healthcare practices have business owner's (BOP) policies. This type of policy protects the business or the facility in many of the same ways that homeowner's insurance coverage protects the home and its contents. If your medical practice does not have a BOP policy in place, now is the time to consider one.
A medical practice insurance Arizona business owner's policy can provide you with protection if you find yourself on the receiving end of a lawsuit.
Medical practice insurance Arizona protects your practice from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
What Is An Medical Practice Insurance Arizona Business Owner's Policy?
This medical practice insurance Arizona is a policy that is crucial to most small businesses, especially healthcare-related businesses. A BOP policy can help your practice save money on your overall insurance costs while also protecting the practice that you've worked hard to establish. By bundling the coverage types available in a BOP policy, you can save a substantial amount on your insurance needs.
A BOP policy generally affords three types of coverage, including:
- Business liability insurance. Business liability policies protect medical and healthcare practices from potential lawsuits from patients and others. This includes lawsuits where the plaintiffs allege property damage or physical injury that results from the operation on your business. For example, if you operate a healthcare facility, and a patient falls or becomes injured inside your facility, then this insurance can kick in and pay. This medical practice insurance Arizona policy also covers claims of libel and slander in some instances. This type of policy should not be mistaken for a liability policy covering any malpractice liability. This is a different policy altogether.
- Business property insurance. This insurance covers the actual property where your facility is located. It protects your business and the tools you use to conduct it, including any therapy tools, computer equipment, furnishings, and medical equipment.
- Business income insurance. If your business is forced to close due to some sort of unforeseeable yet covered event, then the income you lose during the interim is covered under a business income insurance policy. For example, if your business shuts down after a hurricane blows through town, you can be reimbursed for lost income while repairs are being made to your facility.
Additional Medical Practice Insurance Arizona Coverages
Although a BOP policy for medical practices is a good start to covering your insurance needs, there are other insurance types that you should consider to fully protect your business. Many medical clinics go for:
- Accounts receivable coverage. Working with an insurance company oftentimes means waiting for reimbursement for many medical providers. Because receivable income makes up a high percentage of your practice's total assets, if your accounts receivable records become destroyed during a covered event, it can be catastrophic. With accounts receivable policies, you can be reimbursed for costs incurred in replacing these valuable payment records.
- Off-premises utility services coverage, or OPUS. OPUS coverage is an essential for medical practices, since they depend on power and on communication services in order to operate. With an OPUS policy, your business is covered from loss of income that results from utility services interruptions. For example, if a storm causes downed power lines, and your business suffers as a result, you can be compensated.
- Interruption of practice coverage. If an electrical service disruption or other utility disruption causes your business to be unable to open, then this type of coverage provides up to 12 months of lost income for your business while repairs are underway. In some instances, you can elect to be paid a particular amount for the first 15 days of outage.
- Data breach coverage. You've seen plenty of press in the past few years about data breaches and how many people they can affect. With data breach coverage, you protect your medical practice from liability if a data breach occurs.
- Legal expenses insurance. If a patient of yours makes a complaint against a state review board, this coverage kicks in to pay for legal expenses to defend you in front of the board or in court. This can be valuable medical practice insurance Arizona coverage if the unexpected happens.
In addition to these insurance types, you should also consider bundling worker's compensation and commercial auto insurance along with your BOP policy for medical practices. These coverages prove invaluable if a worker is hurt or becomes ill due to a work-related cause. If you have vehicles that you use in your business activities, it's important to carry commercial auto insurance to cover these vehicles, since most personal policies will not pay for accidents and resulting claims when the vehicle is used for work.
Where To Get Help
Discussing your particular situation with your licensed agent is the best way to find the right business owner's policy for your medical practice. Your agent can help you compare rates with multiple insurers to find the best possible rate for you and your budget. Your agent can also help you find the right level and policy limits to ensure that your medical practice is covered from a 360-degree angle.
Arizona Economic Data, Regulations And Limits On Commercial Insurance
Anyone who is thinking about starting a business knows that choosing the right location for their operations is essential. The right market and a demographic that will benefit from and be interested in purchasing the products and services a business offers is crucial for the success of an organization. If you're considering Arizona as the location for your company's headquarters or a new division of your business, it's imperative that you make sure the state offers a climate that will allow your operation to thrive.
By analyzing the employment rate and the key industries that are thriving in the state, you can determine if Arizona will be a suitable location for your business. It's also important to be aware of the forms of commercial insurance coverage business owners are required to carry. Below, we look at all three areas to help you decide if the Grand Canyon State is the right place for you to establish a business.
Economic Trends for Business Owners In Arizona
The unemployment rate in Arizona is higher than the national average; as of May, 2022, the rate was 4.9 percent, while the national average as 3.6 percent. However, compared to 2009, when the rate was 10.9 percent, there has certainly been a decrease in the rate of unemployment.
Urban areas are the ideal locations for businesses in the Grand Canyon State, such as Phoenix, Tempe, Scottsdale, and Chandler; but, smaller areas offer promise, too. Payson, Snowflake, Flowing Wells, and Cottonwood are just some of the smaller locations that are seeing economic growth in Arizona.
There are several key industries that are thriving within the state, including:
- Aerospace and defense
- Bioscience and health care
- Film and digital media productions
- Professional and business services
- Technology and innovation
- Trade, transportation, and utilities
Commercial Insurance Regulations In AZ
The Arizona Department of Insurance regulates insurance in Arizona. Commercial insurance is vital for a business, as it protects the interests of all who are involved with the organization; owners, employees, customers, and vendors. Like any other state, certain forms of commercial insurance are mandated in Arizona, meaning business owners are legally required to carry these policies.
All employers are required to carry workers' compensation insurance, as it provides coverage for work-related accidents and illnesses that employees sustain. Commercial liability insurance, which covers third-party personal injury and property damage liability claims, might also required for certain licenses.
For establishments that sell alcohol, liquor liability insurance is a legal requirement. Lastly, companies that rely on vehicles for business-related purposes (truckers, etc.) must carry a commercial auto insurance policy to protect the drivers of their commercial vehicles, as well as other drivers on the road.
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.
Request a free Medical Practice Insurance Arizona quote in Anthem, Apache Junction, Arizona City, Avondale, Avra Valley, Benson, Bisbee, Buckeye, Bullhead City, Camp Verde, Casa Grande, Casas Adobes, Catalina, Catalina Foothills, Cave Creek, Chandler, Chinle, Chino Valley, Citrus Park, Coolidge, Corona de Tucson, Cottonwood city, Doney Park, Douglas, Drexel Heights, El Mirage, Eloy, Flagstaff, Florence, Flowing Wells, Fort Mohave, Fortuna Foothills, Fountain Hills, Gilbert, Glendale, Globe, Gold Canyon, Golden Valley, Goodyear, Green Valley, Guadalupe, Holbrook, Kingman, Lake Havasu City, Lake Montezuma, Litchfield Park, Marana, Maricopa, Mesa, New Kingman-Butler, New River, Nogales, Oro Valley, Page, Paradise Valley, Paulden, Payson, Peoria, Phoenix, Picture Rocks, Prescott, Prescott Valley, Queen Creek, Rincon Valley, Rio Rico, Saddlebrooke, Safford, Sahuarita, San Luis, San Tan Valley, Scottsdale, Sedona, Show Low, Sierra Vista, Sierra Vista Southeast, Snowflake, Somerton, South Tucson, Summit, Sun City, Sun City West, Sun Lakes, Surprise, Tanque Verde, Tempe, Thatcher, Three Points, Tolleson, Tuba City, Tucson, Tucson Estates, Vail, Valencia West, Verde Village, Village of Oak Creek, Wickenburg, Williamson, Winslow, Youngtown, Yuma and all other AZ cities & Arizona counties near me in The Grand Canyon State.
Also find AZ local small businesses by General Liability Class Code and learn about Arizona small business insurance requirements for general liability, business property, commercial auto & workers compensation including AZ business insurance costs. Call us (480) 937-2697.