Montana Podiatrists Insurance Policy Information
Montana Podiatrists Insurance. Podiatrists are medical doctors educated and licensed to deal with conditions, diseases, or injuries to the foot and ankle. They diagnose problems, remove calluses and ingrown toenails, prescribe medicines, prepare foot supports, refer patients for physical therapy, set fractures, and perform surgeries. Specialties include diabetic care, pediatrics, and sports medicine. While most podiatrists work from their own private offices, some are employed by hospitals or clinics.
Though running a podiatrist practice is one of the most sought after medical practices, it also comes with its own risks that can ruin your business in the event you are required to pay huge sums of money in compensation claims and legal fees.
The best way to protect your foot and ankle practice is to take up a Montana podiatrists insurance policy that protects your business from unforeseen risks. Having business insurance coverage will allow you to concentrate on treating your patients, knowing that any unforeseen risks will be handled by your insurer. Any basic podiatrist insurance policy should be able to protect your practice against the following:
Montana podiatrists insurance protects your foot and ankle practice from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Types Of Podiatry Insurance
Here are some of the different types of insurance claims that MT podiatrists can face in their practice:
Malpractice Claims: As a healthcare professional, a single mistake or even a small oversight in diagnosis and treatment can lead to complications, further injury and even permanent disability to your patients. No matter how experienced you are, there is always a risk that you or your staff can misdiagnose a patient. Your patient can sue you for malpractice by alleging that your diagnosis, treatment or medical advice resulted in further illness, injury or even financial loss.
Many malpractice lawsuits end in patients awarded huge sums of money as compensation that can financially ruin your practice. This is however not the case as your Montana podiatrists insurance policy protects you against malpractice claims.
If your patients sue you for malpractice, your insurance company will cover all legal fees you incur during the process and any compensation that you will be required to pay. Depending on your Montana podiatrists insurance policy, you may also be eligible to receive compensation on any lost revenue during the litigation process.
Bodily Injury Claims: No matter the precautions you take, accidents can happen anytime. A patient entering your office can slip and fall resulting in injury. In some instances, the patient may sue your business for all medical expenses related to their injury. Bodily injury claims are one of the most costly liabilities especially when you consider related legal fees.
Having a commercial general liaiblity policy will give your practice a peace of mind as your insurer will provide funds to cover legal fees and settlement costs. In the event the third party injury or illness results in death, your insurer will provide funds for related medical costs, funeral expenses and any awarded compensation.
Workers' Compensation Claims: If you have employees in your practice, workers comp is required in most states. If your staff is injured while undertaking their routine duties or are accidentally exposed to infections by either coming into contact with hazardous materials, they can file a compensation claim.
Having a MT workers comp policy is an effective way to minimize risks related to workers suing your practice for compensation. Your insurer will provide you necessary funds to pay all related medical costs incurred by your staff during treatment and also compensate your employee for any lost income they could have otherwise earned while they recover.
Protection against Property / Equipment Damage or Loss: As a podiatrist, there are specialized equipment that you use for diagnosis and treatment of your patients. In the event this equipment break down, are damaged or even stolen, it means that you may not work effectively leading to loss of income.
With a Montana podiatrists insurance policy that covers your property or equipment, you will quickly get back to work as your insurance will be able to provide you with funds to replace you damaged, stolen or broken down equipment. You can also protect your business premise against fire, theft, vandalism and even natural calamities.
Montana Podiatrist's Risks & Exposures
Premises liability exposure is moderate due to patients' access to the premises. Due to the nature of foot diseases and injuries, podiatry patients often have difficulty walking and may be dependent on canes, crutches, foot supports, or walkers. To prevent slips, trips, 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. If surgery is performed on site, the area must be kept sterile at all times and carefully controlled. Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical.
Examination 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 / Malpractice exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of procedures that the podiatrist performs, the more chance of professional loss. A patient's medical history must be checked prior to prescribing medications.
Very serious losses may result from failure to secure patient approval before performing procedures. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS.
Surgery should be performed in a sterile environment with trained individuals administering and monitoring the use of anesthetics.
Workers compensation exposure is due to possible transmission of disease from a patient. Gloves and masks should be worn at all times when working around any bodily fluids. Because of the mobility limitations of many podiatry patients, back strains, or sprains may occur due to lifting or supporting patients. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
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.
Property exposure is moderate due to the use of expensive diagnostic and medical equipment. Ignition sources include electrical wiring, heating and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained. A small fire which produces smoke can cause considerable damage when sterile equipment and environments are compromised.
Most property items are better covered on inland marine forms such as a computer form or a physicians and surgeons floater. The business income and extra expense exposure can be minimized if the podiatrist has arranged for temporary facilities with another podiatrist.
Equipment breakdown exposures are high as operations are dependent on diagnostic equipment being available. All equipment should be maintained on an ongoing basis.
Crime exposure is from employee dishonesty. The potential for theft by means of identity theft is great. Background checks should be conducted on all employees handling money. 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 exposure includes accounts receivable if the podiatrist bills for services, computers, physicians and surgeons equipment floater (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information. Computers are used for patients' records and other office purposes, but some diagnostic equipment is now also computerized.
Physicians and surgeons equipment includes items that the podiatrist may take off site when working at nursing homes and other locations. Duplicates of all records and programs should be kept off site.
Automobile exposure is generally limited to hired and non-owned liability for employees running 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.
MT Podiatrists InsuranceWhen shopping for the insure to provide you with podiatrist insurance for your practice, here are the two important considerations to take into account;
- Reliability & Reputation Of The Insurer - You should only select and MT insurance provider who is credible and has a good reputation.
- Premium - It is important to find out how much premium you will be paying on your policy. It is always advisable to select a policy with is cost effective and offers you flexible payment methods.
Montana Economic Data, Regulations And Limits On Commercial Insurance
Thinking about starting a new business? Already own a successful business and want to expand your operations? Whatever the case may be, if you want to experience as much success as possible, you are going to want to ensure you choose the best possible location for your specific industry.
No matter how outstanding your goods and services may be, if the area where your business is located doesn't offer a healthy climate that will support your company, chances are you'll struggle to succeed.
If you are thinking about opening up a business in Montana, being familiar with the state's economic trends can help you determine if it's a good location for you. It's also wise to know what type of insurance you'll need to invest in so that you can plan ahead.
With that said, below, we provide an overview of the economic trends in the state of Montana, as well as the commercial insurance requirements for business owners in the Treasure State.
Economic Trends For Business Owners In Montana
As of December, 2019, the Bureau of Labor Statistics reported that the unemployment rate in the state of Montana was 3.4%; that's 0.1% lower than the national average, which was 3.5% at the same time. This rate remained steady throughout the entire 2019 fiscal year, and it is expected to either continue remaining steady or improve in coming years, according to economists.
Unemployment rate is a vital statistic for business owners, as it indicates the job market of a location, which is a strong determining factor in the success of businesses in the region.
There are several areas throughout the state of Montana that are seeing economic booms and where businesses are flourishing. Among those locations include the following cities and the areas that surround them:
- Great Falls
Several industries are seeing substantial growth in MT; however, there are particular sectors that are really thriving in Montana. Among those sectors include:
- Advanced manufacturing
- Hospitality and tourism
- Information technology
- Oil and gas production
- Retail development
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Montana are favorable.
Commercial Insurance Requirements In Montana
The Office of the Montana State Auditor, Commissioner of Securities and Insurance regulates insurance in MT. Montana mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Montana 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.
Montana 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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