North Carolina Physicians Office Insurance Policy Information
North Carolina Physicians Office Insurance. Doctors and physicians are educated and licensed to deal with the overall physical health of their patients. Some are general practitioners, working with patients of all ages on routine health matters such as preventive medicine. These often act as primary care doctors who pre-screen patients according to their symptoms, prescribe medication for common ailments, and refer patients in need of more focused medical attention to specialists.
Doctors may have advanced education and training in a particular medical field, such as cardiology, gastroenterology, or neurology. While most doctors work from their own private offices, some are employed by hospitals or clinics.
Odds are, you entered the medical profession so you could focus on keeping your patients healthy and safe through professional health care services. As an independent physician, you also need to keep the business side of your office running safely and soundly. One of the most important ways to do that is to purchase insurance to cover your risks.
Don't let the unknown destroy what you've built. North Carolina physicians office insurance is tailored to your particular needs, and it could be the difference between a dream-come-true and a nightmare.
North Carolina physicians office insurance protects your practice from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
What Coverages Does Physicians Office Insurance Provide?
From fires and water damage to health data breaches, unexpected business interruptions put patients and income at risk. North Carolina physicians office insurance helps you focus on your patients by providing the following coverage options:
Medical Liability: Between medical school and residency, physicians work a lot of long hours to get where they are today. An investment in NC malpractice insurance ensures lawsuits and unexpected legal expense don't ruin all their hard work and bankrupt their practice. Medical malpractice, sometime called errors and omissions insurance, protects your practice from claims of negligence. The following two types of coverage are available:
- Claims Made - Designed to provide protection only during the active policy period, usually one year.
- Extended Reporting Endorsement (tail coverage) - Tail coverage continues insurance protection under your claims made policy for claims arising in the future, but that occurred when your policy was in force.
General Liability Insurance: This covers your premises' liability for patients and guests that may have a bodily injury or property damage claim when at your NC office. Coverage usually includes automatic medical payments, which provides immediate coverage for injury without the requirement to prove negligence.
Papers & Records Insurance: All physician offices rely on the paperwork, files and records of patients. These are vital to having a successful office. If something occurs that destroys your records and paperwork, it could mean a significant loss. Protect your physician office from losing records, patient medical information, or damage to important papers by getting a valuable paper and records insurance policy as a critical part of your doctors' office insurance.
Business Property: This key North Carolina physicians office insurance coverage helps protect not just your office building if you own it - but it also covers the items you keep in your office, such as waiting room furniture and art;, exam room equipment and furnishings, office and reception area furnishings or computers. Typically, it will cover the building and the contents of your office against certain covered losses, such as fire or vandalism, up to the limits in your policy.
There are many different types of property insurance policies and they all give you different levels of protection. Make sure you have the correct North Carolina physicians office insurance for your situation.
Cyber Liability: The theft of valuable patient information is so pervasive that cyber liability insurance is now as important for physicians' offices as property and liability insurance. A data breach can damage your practice far more than it damages a big business because there are fewer resources and employees to handle the fallout. It can put you out of business. And with patient privacy and HIPAA, you need this insurance protect yourself cyber-attacks that may arise because you have a website, use social media or store your customers' personal records in your computer.
Spoilage: Coverage for accidental physical loss to perishable goods, such as vaccines, caused by power outage, mechanical breakdown, or refrigerant contamination.
Pollution: You need to be cautious about creating any type of pollution. On top of implementing a program to minimize the risk, you need pollution insurance to cover pollution events such as when you discard chemicals or pollutants from medical procedures.
Office Overhead Expense: If a disabling illness or injury temporarily stops your your income, how do you keep your office running? If you are a practicing physician responsible for your office overhead expenses, you should have a solution in place. The office overhead expense insurance covers rent, employee salaries, and any other expenses. This way your business will keep going, even when you're unable to.
NC Commercial Auto:
This is important if you provide any patient transportation. Typical coverages include:
- Bodily Injury - pays for bodily injuries or death resulting from accidents for which you were at fault and provides legal defense.
- Property Damage - provides protection if your vehicle accidentally damages another person's property.
- Medical Payments - pays for the medical expenses of the passengers and driver incurred as a result of covered accidents regardless of fault.
Umbrella Liability: Umbrella or "Excess Liability" insurance provides you with an extra layer of protection in the event you have large or multiple claims that exceed your general liability, and other liability policies.
Why Is Doctor's Office Insurance Important?
You are well aware of the importance of proper MD / DO North Carolina physicians office insurance protection. For example, you likely deal with a specialized malpractice insurer who can provide customized coverage for your errors and omissions.
But what about your other business insurance needs? Consider if your patient records were destroyed by fire, your computer equipment stolen, or your medical equipment was to break down. Would you be insulated from the financial repercussions and interruption of business? Wouldn't it be great to have a single source to turn to for your basic small business insurance package? With North Carolina physicians office insurance, you get the protection you need to cover a wide range of risks.
North Carolina Doctor's And Physician's Risks & Exposures
Premises liability exposure is moderate due to patients' access to the premises. To prevent slips, trips, or 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 with spills cleaned up promptly. If surgery is performed, the area must be kept sterile at all times and carefully controlled. The patients’ area must be designed for patients who are physically impaired following the surgery.
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.
Malpractice / Professional 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 doctor 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, including vaccinations.
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. On-site surgery must be closely monitored, with an experienced trained individual administering and monitoring the use of the anesthetic. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposure is due to the possible transmission of disease from a patient. Gloves and masks should be worn at all times when working around bodily fluids. Employees should have access to vaccinations to prevent diseases. 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.
Because 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 employees travel to patients’ residences there should be monitoring procedures in place that include emergency backup.
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.
If pharmaceuticals are kept on premises, theft is a concern. These items should be inaccessible for unauthorized use and stored in a protected area after hours. Most property items are better covered on inland marine forms such as a computer form or the physicians and surgeons floater. The business income and extra expense exposure can be minimized if the doctor has arranged for temporary facilities with another doctor.
Equipment breakdown exposures may be high if operations are dependent on expensive medical equipment being available on the premises, particularly if the doctor specializes in a particular field. All equipment should be maintained on an ongoing basis.
Crime exposure is from employee dishonesty of both money and inventory, including pharmaceuticals. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. Rigid controls must be maintained including inventory control and limited access to storage areas. 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 physician 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 medical equipment, such as video equipment and X-ray machines, is now also computerized. Physicians and surgeons floater includes items that the doctor may take off site to handle emergencies. Duplicates of all records and programs should be kept off site.
Business auto 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.
NC Physicians Office Insurance
As a physician, you examine patients, assess their medical histories, prescribe medications, and order and interpret diagnostic tests, thereby help your patients manage or recover from their ailments. You've built your medical practice, patient base, and staff from scratch. Don't leave your hard work vulnerable to the unpredictability of human nature and accidents. Instead, get Ca doctors office policy and give yourself the security you need to run your practice and welcome new patients.
North Carolina Economic Data, Regulations & Limits On Commercial Insurance
For business-savvy individuals who are looking to establish operations for their corporation in North Carolina, having a firm understanding of the economic status of the state is essential. It's also crucial that business owners understand what the regulations and limitations for commercial insurance in the state. Below, we offer an overview of the economy and insurance requirements in the Tar Heel State.
For any business owner who is thinking about establishing a NC based organization, it's essential to first understand if the state is considered a healthy location for your enterprise. Before you set up shop, understanding key details that are related to the economy of the state, in addition to what type of commercial insurance is mandated is essential.
Economic Trends for Businesses In North Carolina
Job growth is promising in NC. Between 2017 and 2026, it is estimated that 389,000 jobs will be created within the state. In 2017, the unemployment rate within the state continued to fall at a steady rate; however, as of March, 2019, the state's unemployment rate rose 0.1 percent, a slight increase. Though the unemployment rate in North Carolina is slightly higher than the national average (0.2 percent higher), the forecast is positive, with rates holding steady in the coming years.
As of January, 2019, the unemployment rate did increase in all 100 North Carolina Counties; however, the rate is still lower than it was during the early 2000s. With an unemployment rate of 3.6 percent, Asheville had the best labor market in January, 2019, while in Rocky Mount, the rate was 6.0 percent, the highest in the state.
It is predicted that the following industries will contribute the most to NC's labor market through the year 2026:
- Aerospace and Defense
- Biotechnology and Pharmaceuticals
- Business and Financial Services
- Computer- and Mathematics-related occupations
- Food Processing and Manufacturing
- Furniture Production and Sales
- Health Care and Social Assistance
- Outdoor Recreation
- Plastics and Chemicals
- Professional, Scientific, and Technical Services
Commercial Insurance Regulations and Limits in North Carolina
Every industry is required to comply with state-mandated commercial insurance regulations in the state of North Carolina. According to state law, all businesses that employ three or more workers must carry workers' compensation insurance. Businesses that rely on vehicles for their operations must also carry commercial automobile coverage. Organizations that operate in areas that are prone to flooding must also carry commercial flood insurance. Additional forms of coverage may be required, as well, depending on the specific industry that a business operates under.
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 North Carolina Physicians Office insurance quote in Albemarle, Apex, Archdale, Asheboro, Asheville, Belmont, Boone, Burlington, Carrboro, Cary, Chapel Hill, Charlotte, Clayton, Clemmons, Clinton, Concord, Cornelius, Davidson, Dunn, Durham, Eden, Elizabeth City, Elon, Fayetteville, Fuquay-Varina, Garner, Gastonia, Goldsboro, Graham, Greensboro, Greenville, Harrisburg, Havelock, Henderson, Hendersonville, Hickory, High Point, Holly Springs, Hope Mills, Huntersville, Indian Trail, Jacksonville, Kannapolis, Kernersville, Kings Grant, Kings Mountain, Kinston, Knightdale, Laurinburg, Leland, Lenoir, Lewisville, Lexington, Lincolnton, Lumberton, Matthews, Mebane, Mint Hill, Monroe, Mooresville, Morehead City, Morganton, Morrisville, Mount Airy, Mount Holly, Murraysville, Myrtle Grove, New Bern, Newton, Oxford, Pinehurst, Piney Green, Raleigh, Reidsville, Roanoke Rapids, Rockingham, Rocky Mount, Salisbury, Sanford, Shelby, Smithfield, Southern Pines, Spring Lake, St. Stephens, Stallings, Statesville, Summerfield, Tarboro, Thomasville, Wake Forest, Washington, Waxhaw, Waynesville, Weddington, Wesley Chapel, Wilmington, Wilson, Winston-Salem, Winterville and all other NC cities & North Carolina counties near me in The Tar Heel State.
Also find NC local small businesses by General Liability Class Code and learn about North Carolina small business insurance requirements for general liability, business property, commercial auto & workers compensation including NC business insurance costs. Call us (704) 703-1413.