Occupational Therapy Insurance Hawaii Policy Information
Occupational Therapy Insurance Hawaii. As an occupational therapist, your job involves working with patients to treat physical and mental developmental conditions in an effort to improve quality of life and in particular their daily living and working skills. Through your guidance, patients with chronic disabilities are able to incorporate adaptive equipment (wheelchairs, eating aids, leg and knee braces, etc.) into their daily routine and gain some measure of control over their lives and become productive people.
But even with the best training and experience, it is possible for occupational therapists to make mistakes with diagnosis or treatment of developmental problems and because their advice carries such weight in determining the patient's daily life, the issue of insurance cannot be ignored. If for instance, a patient has an accident because you recommended the wrong equipment; your practice may be sued for malpractice. Without sufficient occupational therapy insurance Hawaii coverage, a successful case could be devastating to your business.
Occupational therapy insurance Hawaii protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Occupational Therapists
With the right business protection plan, you won't have to dig into your own finances to cover the cost of a lawsuit. As an HI occupational therapist, the following occupational therapy insurance Hawaii packages will prove vital for the fortification and sustenance and of your practice - particularly when faced with a lawsuit:
Commercial General Liability Insurance: General liability can provide occupational therapy insurance Hawaii coverage for the following:
- Bodily Injury Claims: A claim may be filed by a client that slips and falls in your office.
- Property Damage Claim: This provides coverage for property belonging to a third party (such as one of your clients) if damaged.
- Personal and Advertising Injury Claims: If your business causes indirect harm to a person or another business by means of promotional content, or if you are accused of libel, slander, or copyright infringement, this package provides coverage.
- Medical Expenses Claims: If any of your workers or clients undergoes treatment for injuries suffered at your premises, then the business will have to clear the medical bills. General Liability policies provide coverage for immediate medical bills as well as any additional medical expenses.
Worker's Compensation Insurance: Aside from the typical work-related accident, your business could use coverage for employee ailments, lost wages, attorney fees, court expenses, settlements, etc.
The majority of states require businesses to carry worker's compensation insurance for any non-owner employees and HI workers comp is often contractually required.
Business Property Insurance: Your business needs coverage for expensive medical equipment, office space, supplies, etc. This occupational therapy insurance Hawaii policy offers coverage against incidents of theft, vandalism, fire, and a range of scenarios that pose a threat to your business. Other items that may be covered include computers, phone systems, video systems, office furniture, etc.
Cyber Liability Insurance: Since much of your office data is saved on hard drives and online storage services, there should be a plan to handle security vulnerabilities in the IT infrastructure. Cyber Liability Insurance protects your business from the cost of lawsuits when your systems are compromised. This occupational therapy insurance Hawaii policy can cover the following:
- Cyber extortion
- Customer notification
- Credit-monitoring service
- Good-faith advertising
Malpractice Insurance: Patients are not always satisfied by the level of treatment offered by qualified medical personnel. Because of this, your business may face a lawsuit for medical advice or treatment that may have contributed to additional pain or discomfort for the patient.
Malpractice insurance for OTs is also known as professional liability and errors and omissions insurance (E and O), and it covers occupational therapists from negligence such as; if a patient suffers significant burns from hot packs and electrical stimulation during treatment. Keep in mind that relying on occupational therapy insurance Hawaii does not indicate that a health professional made the wrong diagnosis; it could be filed simply because a patient fails to improve under your care. HI malpractice provides coverage for:
- Professional negligence
- Provision of substandard services
- Failure to meet industry standards
- Misrepresentation of your services
HI Occupational Therapy Insurance
All these scenarios demand significant funds to clear outstanding lawsuit costs and compensation of workers, clients, or other parties. Purchase HI occupational therapy insurance to protect your practice.
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.