Nevada Medical Billing Insurance Policy Information
Nevada Medical Billing Insurance. Medical billing is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered by a healthcare provider. The responsibility of the medical biller in a healthcare facility is to follow the claim to ensure the practice receives reimbursement for the work the providers perform.
Medical billing companies are open to a variety of risks including professional liabilities as well as general business risks. Protect yourself against these risks with Nevada medical billing insurance.
Nevada medical billing insurance protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Medical Billers
Below is a list of the most commonly purchased Nevada medical billing insurance policies by NV medical billers:
Professional Liability Coverage - Also know as errors and omissions, this Nevada medical billing insurance policy will protect your medical billing business from claims of negligence related your services. It provides protection when you are sued for negligence because your work doesn't meet a client's expectations. Professional liability insurance offers a variety of coverages:
- Alleged or actual negligence
- Legal defense costs
- Copyright infringement
Commercial General Liability - General liability is coverage for injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the costs of defending and resolving the suit would be covered by your Nevada medical billing insurance policy. If a client comes to your office and slips and fall - this coverage way pay for their injuries and your legal costs. The injuries or damages must actually be an inadvertent error, and not merely poor judgment or intentional acts.
NV Commercial Auto Coverage - Commercial auto insurance protects your medical billing company's vehicles. With commercial auto insurance you can insure your cars, SUVs, vans and trucks from damage and collisions. A commercial auto policy includes both auto liability and physical damage coverages.
Auto liability insurance also protects your firm against suits filed by third parties who seek damages for bodily injury or property damage caused by an auto accident. Physical damage insurance includes both comprehensive and collision coverages. Additional Nevada medical billing insurance coverages may be added to a commercial auto policy by an endorsement. Examples are uninsured and underinsured motorist coverage and auto medical payments coverage.
If you do not have company vehicles, but employees drive their own cars you should have non-owned auto liability to protect your medical billing company in case the employee does not have insurance or has inadequate coverage.
Workers' Compensation - Workers comp is not a luxury, but a necessity for your medical billing business. In fact, most states require that you have this policy in case you have hired any employees on a standard taxable wage, and not without reason. In the event that any of your employees get hurt or have an accident, workers' compensation will cover the cost of medical expenses, benefits, and wage replacements.
Business Property Coverage - Your own workplace needs to be protected from natural disasters, accidents and criminal activity. Disasters happen: sometimes they're unpredictable. If your office catches fire, you could lose everything. If your business building is damaged and everything is lost inside, you can use this policy to cover the costs of your loss.
NV property insurance policies comes in two basic forms:
- All-Risk policies covering a wide-range of incidents and perils except those noted in the policy;
- Peril-Specific policies that cover losses from only those perils listed in the Nevada medical billing insurance policy. Examples of peril-specific policies include fire, flood, crime and business interruption insurance.
Business interruption coverage - If a disaster or catastrophic event does occur, your operations will likely be interrupted. During this time, your NV medical billing business will suffer from lost income due to your staff's inability to work in the office. Business interruption insurance compensates your business for its lost income during these events.
Business Owner's Policy (BOP) - A business owner's policy, or BOP, will bundle many different types of insurance into one policy to provide comprehensive coverage. These types of policies typically include:
- Business interruption
- Property insurance
- Vehicle insurance
- Crime insurance
Depending on what your company's needs are, you can customize the policy to your own specific needs. A BOP is typically the most cost-effective insurance option as this bundled policy costs less than purchasing each policy individually.
How Much Does Medical Billing Insurance Cost?
The cost of your cover will depend upon a few key factors including how much work you undertake annually, included policies, your previous experience and whether you have previously had claims made against you. Generally speaking the cost of insurance for a medical biller has reduced in recent years as a result of greater competition and a greater awareness of the risks faced in the medical billing industry.
Nevada Economic Data, Regulations And Limits On Commercial Insurance
Nevada is home to one of the most famous cities in the world: Las Vegas; it's also home to numerous businesses and provides great opportunities for entrepreneurs who are thinking about setting up shop in the state.
However, before you set your sights on Nevada, it's important to determine if the state offers an environment that is favorable for your specific industry. In order for a business to thrive, the area it's located in has to offer a target market that will benefit from the goods and services the company offers; it also has to have access to a reliable workforce.
If you are thinking about doing business in the Silver State, it's important to determine if it is a suitable location for your operations.
Below, we provide an overview of two key pieces of information that are vital for the success of a business: economic trends and business insurance requirements.
Economic Trends For Business Owners In Nevada
The unemployment rate of a state is important for prospective business owners, as it provides an overview of the workforce and indicates whether or not businesses are flourishing in the area.
In December of 2019, the Bureau of Labor Statistics reported that the unemployment rate in Nevada was 3.8%. While that's slightly higher than the national average of 3.5% that was also reported in December, 2019, the rate has fallen steadily. For example, in July, 2019, the rate was 4.1% and in November, 2019, it was 4.0%.
There are several industries that are seeing significant gains in NV. Among the most notable sectors include:
- Architecture and engineering
- Arts and culture
- Commercial real estate
- Film and entertainment
- Healthcare and bioscience
- Human resources
- Tax planning and accounting
If you are interested in starting a company in any of these industries, Nevada will offer you ample opportunities.
If you want to see the most success possible, it goes without saying that you'll want to choose a location for your business that offers the most favorable conditions within NV. The following locations are where businesses are experiencing the most success:
- Boulder City
- Carson City
- Las Vegas
- North Las Vegas
Commercial Insurance Requirements In Nevada
The Nevada Division of Insurance regulates insurance in NV. Nevada mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Nevada 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.
Nevada 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 Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Armored Car
- Attorney Lawyer
- Business Consulting
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Nevada Medical Billing insurance quote in Alamo, Battle Mountain, Beatty, Blue Diamond, Boulder City, Bunkerville, Caliente, Carlin, Carson City, Carter Springs, Cold Springs, Crescent Valley, Dayton, Double Spring, Dyer, East Valley, Elko, Ely, Enterprise, Eureka, Fallon, Fallon Station, Fernley, Fish Springs, Fort McDermitt, Gardnerville, Gardnerville Ranchos, Genoa, Gerlach, Glenbrook, Golconda, Golden Valley, Goldfield, Grass Valley, Hawthorne, Henderson, Imlay, Incline Village, Indian Hills, Indian Springs, Jackpot, Johnson Lane, Kingsbury, Kingston, Skyland, and Humboldt River Ranch, Lakeridge, Lamoille, Las Vegas, Laughlin, Lemmon Valley, Lovelock, McGill, Mesquite, Minden, Moapa Town, Moapa Valley, Mogul, Mount Charleston, Walker Lake, and Zephyr Cove, Nellis AFB, Nixon, North Las Vegas, Orovada, Osino, Owyhee, Pahrump, Panaca, Paradise, Pioche, Reno, Round Hill Village, Ruhenstroth, Ruth, Sandy Valley, Schurz, Searchlight, Silver City, Silver Springs, Smith Valley, Spanish Springs, Sparks, Spring Creek, Spring Valley, Stagecoach, Stateline, Summerlin South, Sun Valley, Sunrise Manor, Sutcliffe, Tonopah, Topaz Lake, Topaz Ranch Estates, Verdi, Virginia City, Wadsworth, Washoe Valley, Wells, West Wendover, Whitney, Winchester, Winnemucca, Yerington and all other cities near me in NV - The Silver State.
Also find Nevada insurance agents & brokers and learn about Nevada small business insurance requirements for general liability, business property, commercial auto & workers compensation including NV business insurance costs. Call us (702) 693-4277.