Occupational Therapy Insurance Minnesota Policy Information
Occupational Therapy Insurance Minnesota. 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 Minnesota coverage, a successful case could be devastating to your business.
Occupational therapy insurance Minnesota 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 MN occupational therapist, the following occupational therapy insurance Minnesota 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 Minnesota 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 MN 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 Minnesota 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 Minnesota 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 Minnesota 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. MN malpractice provides coverage for:
- Professional negligence
- Provision of substandard services
- Failure to meet industry standards
- Misrepresentation of your services
MN Occupational Therapy Insurance
All these scenarios demand significant funds to clear outstanding lawsuit costs and compensation of workers, clients, or other parties. Purchase MN occupational therapy insurance to protect your practice.
Minnesota Economic Data And Business Insurance Regulations
If you're an entrepreneur who is thinking about starting a business or expanding your company by opening a division in a new location, you know that there are a number of factors you have to consider. One of the most crucial elements business owners must take into consideration is the conditions of the location they are interested in; the area needs to offer conditions that are favorable for the business in order for the operation to thrive. A suitable target demographic and a healthy labor market are just some of the elements that indicate whether or not a business will thrive.
For business owners who have Minnesota in mind as their base, below, we've highlighted key details that suggest whether or not the Land of 10,000 Lakes offers favorable conditions for business owners. We also discuss the forms of commercial insurance that businesses are required to carry in the state.
Economic Trends For Business Owners in Minnesota
The unemployment rate of a state is a good indication of whether or not a state is suitable for business operations, as it provides insight into the labor market. According to the Bureau of Labor Statistics, as of May 2019, the rate of unemployment in The Gopher State was 3.3 percent, while the national average was 3.6 percent. While there has been a slight increase from 2018 (0.5 percent from June 2018 to May of 2019), the rate still indicates that the labor market in the state is favorable, which is a good sign for entrepreneurs.
Anywhere throughout the North State offers suitable conditions for businesses; however, there are some areas that are particularly ideal. These areas either large cities or areas that surround the state's largest cities, including:
- Eden Prairie
- Golden Valley
- Little Canada
- Mendota Heights
- St. Paul
- Thief River Falls
Certain industries do better than others in MN, and businesses that are centered on these industries have a greater chance of achieving success. The leading industries within the state include:
- Agriculture and forestry
- Hospitality and tourism
- Information technology
- Sustainable energy (specifically wind power)
Commercial Insurance Regulations For Businesses In Minnesota
The Minnesota Department of Commerce regulates insurance in Minnesota. Commercial insurance is designed to provide business owners and the individuals they associate with (employees, customers, and vendors) from a multitude of risks. To ensure proper protection for all, companies are required to carry the following commercial insurance policies in The North Star State:
- Workers' compensation insurance, which provides coverage for work-related injuries and illnesses that employees may sustain.
Business that use vehicles for business-related purposes over a certain weight, must also carry commercial auto insurance, and any company that sells or otherwise distributes alcohol must carry liquor liability coverage.
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
- Dental Office
- 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.
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 Occupational Therapy Insurance Minnesota quote in Albert Lea, Alexandria, Andover, Anoka, Apple Valley, Arden Hills, Austin, Bemidji, Big Lake city, Blaine, Bloomington, Brainerd, Brooklyn Center, Brooklyn Park, Buffalo, Burnsville, Champlin, Chanhassen, Chaska, Cloquet, Columbia Heights, Coon Rapids, Cottage Grove, Crystal, Duluth, Eagan, East Bethel, Eden Prairie, Edina, Elk River, Fairmont, Faribault, Farmington, Fergus Falls, Forest Lake, Fridley, Golden Valley, Grand Rapids, Ham Lake, Hastings, Hermantown, Hibbing, Hopkins, Hugo, Hutchinson, Inver Grove Heights, Lakeville, Lino Lakes, Little Canada, Mankato, Maple Grove, Maplewood, Marshall, Mendota Heights, Minneapolis, Minnetonka, Monticello, Moorhead, Mound, Mounds View, New Brighton, New Hope, New Ulm, North Branch, North Mankato, North St. Paul, Northfield, Oakdale, Otsego, Owatonna, Plymouth, Prior Lake, Ramsey, Red Wing, Richfield, Robbinsdale, Rochester, Rogers, Rosemount, Roseville, Sartell, Sauk Rapids, Savage, Shakopee, Shoreview, South St. Paul, St. Cloud, St. Louis Park, St. Michael, St. Paul, St. Peter, Stillwater, Vadnais Heights, Waconia, West St. Paul, White Bear Lake, Willmar, Winona, Woodbury, Worthington and all other cities in MN - The North Star State.
Also learn about Minnesota small business insurance requirements for general liability, business property, commercial auto & workers compensation including MN business insurance costs. Call us (612) 808-9866.