Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number. (read more)
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it. (read more)
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Occupational Therapy Insurance Illinois
Occupational Therapy Insurance Illinois. 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 Illinois coverage, a successful case could be devastating to your business.
Occupational therapy insurance Illinois 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 IL occupational therapist, the following occupational therapy insurance Illinois 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 Illinois 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 IL 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 Illinois 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 Illinois 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 Illinois 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. IL malpractice provides coverage for:
- Professional negligence
- Provision of substandard services
- Failure to meet industry standards
- Misrepresentation of your services
IL Occupational Therapy Insurance
All these scenarios demand significant funds to clear outstanding lawsuit costs and compensation of workers, clients, or other parties. Purchase IL occupational therapy insurance to protect your practice.
Illinois Economic Data & Business Insurance Requirements
For moguls who are thinking about conducting business-related affairs in Illinois, it's important to have an understanding of the state's economic outlook. It's also a wise idea to familiarize yourself with the regulations regarding IL commercial insurance.
Here we provide some insight regarding the data that pertains to economy of Illinois. We also provide a brief overview about the types of commercial insurance coverage business owners are required to invest in, or should invest in, even if it isn't mandatory.
Business Economic Trends In The State Of Illinois
According to several reports that compile the economic data for each of the 50 states and compare that information to the national average, Illinois isn't in the best position. While there has been some improvement, the gains have only been slight. Income and employment rates have risen, and the housing market has increases; however, the gains in these areas have been minimal, especially when compared to the gains that other states have experienced.
While the unemployment rate has improved, falling to 4.8 percent in 2017 after it was stuck at a rate of almost 6 percent in 2016 and 2015, it appears that in reality, the IL labor force and employment gains are contradicting. In 2019, tens of thousands of people fell out of the state's labor force.
Looking to the future, it is predicted that while the employment rate in Illinois will grow, the rate at which it will grow will be much lower than the national average. Currently the projected annual job growth of the state is .5 percent. Following are some of the largest industries in IL.
- Service Industries
Illinois Commercial Insurance Regulations
The Illinois Department of Insurance regulates insurance in IL. Businesses are required to carry workers compensation insurance. Workers comp is mandatory for any business that employs either an hourly or a salaried workforce, even if that workforce is just one person. Organizations are also required to carry IL commercial auto insurance if they use vehicles for any business-related reasons, such as deliveries, transport, or client visits.
General liability insurance is not required, nor is commercial property insurance; however, it is a wise idea for companies to invest in this type of coverage, as it will safeguard from lawsuits or losses that their properties could sustain.
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
- Dental Lab
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
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.
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