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.
Oregon Home Medical Equipment Dealers Insurance
Oregon Home Medical Equipment Dealers Insurance. Medical and surgical supply stores offer a variety of surgical, medical, and dental instruments and supplies. Some also offer equipment rental, such as wheelchairs, crutches, portable oxygen, or breathing equipment. They may also offer sterilization of equipment services to physicians, surgeons, or dentists..
As a home medical equipment supplier, you provide an invaluable service. You help those who are suffering from various types of illnesses get the care medical care that they require - right in the comfort of their own home. You truly are making a difference in the lives of so many people.
However, though your service is so important and is highly respected, you do face certain legal risks, and these risks are quite unique. For example, a product could malfunction, or you could accidentally supply the wrong product. In events like these, you could be looking at serious and costly legal issues.
In order to safeguard yourself and your company from any mishaps that could occur, it is important that you have the right Oregon home medical equipment dealers insurance coverage.
Oregon home medical equipment dealers insurance protects your DME business from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
What Is OR Home Medical Equipment Suppliers Insurance?
Home medical equipment & DME equipment dealers provide medical equipment directly to the patient, and can rent, deliver, assemble, maintain and instruct the patient's how to use it. This insurance is a customized policy that is designed specifically for organizations that supply medical equipment. This type of policy provides coverage for the various risks that home medical equipment and DME suppliers face.
The most notable risk is products liability. If a product that you supply is faulty and ends up causing harm to a client, you could be looking at a serious lawsuit, which would likely cause major financial distress. Without Oregon home medical equipment dealers insurance, you could end up having to pay for legal defense fees, court fees, and any settlement fees that may be awarded.
Additionally this OR DME insurance also provides you with coverage in the event that you are sued for providing the wrong supplies, or if you do not provide your client with adequate information regarding how the product works. In these instances, you could also be facing serious legal troubles that would have the same ramifications as listed above.
How Much Does Home Medical Equipment Suppliers Insurance Cost?
The cost of this type of OR home medical equipment dealers insurance policy depends on several factors. The insurance provider you choose is one of those factors, as different providers do charge different rates. Also, the type of equipment you offer and the size of your business will also be considered when determining the cost of your insurance.
In order to find out exactly how much it will cost you to carry such DME coverage you should speak to a reputable insurance provider that specializes in this specific type of business insurance. He or she will be able to tell you exactly how much coverage you need and assess your unique needs to determine how much your policy will cost.
Other Types of Insurance Coverage for Home Medical Equipment Suppliers
In addition to having a dedicated home medical equipment policy, there are other types of insurance coverage that you may be worth your while to invest in. Some additional coverage options to consider include:
- Commercial General Liability - In the event that you damage someone else's property or cause an injury that isn't related to the equipment you supply, a general liability insurance policy will safeguard you from any legal action that the party may take against you. It can cover medical expenses, the cost of repairing or replacing damaged property, legal fees, and any other compensation that may be awarded.
- Workers Compensation - If you have a staff of employees that work under you, it is important that you carry a workers' compensation policy. In fact, your state may require you to carry one. With this type of insurance, your employees are protected from any work-related accidents or injuries. It will cover the cost of medical expenses, lost wages, and even pain and suffering.
- Commercial Property - If you own a building, commercial property will cover most damage and also you business property inside - including inventory, furniture, computers and more.
Oregon DME Dealer's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris with flooring in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked with backup lighting systems in case of power failure. All goods should be kept on easily reached shelves so that customers do not pull down items on themselves.
Extra care must be taken to provide adequate aisle space and waiting areas as some customers may be sick or have impaired mobility. The rental of medical equipment can result in additional injuries to customers who already have health problems. Equipment must be inspected and maintained after each use.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area.
Personal injury exposure can arise from invasion of customers' privacy should confidential medical information be released to unauthorized sources. It also is from apprehending and detaining suspected shoplifters. Employees must be trained to deal with such delicate situations properly.
Products liability exposure is normally low if no rental or sterilization operations are involved. If either is done, exposure increases significantly as customers may be injured by improperly sterilized or maintained equipment.
Workers compensation exposures are from lifting which can cause back injury, hernia, sprains and strains, and from slips and falls. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Shelves should be easily accessible for storage. Stepladders should be available. Housekeeping in storage areas is vital to prevent trips and falls.
In any retail business, hold-ups are possible. Employees should be trained to respond in a prescribed manner. With repair and rental reconditioning there may be exposure to machinery and welding which can result in cuts and bruises. Delivery of oxygen tanks and other equipment can result in injuries from overturn and collision. Sterilization operations can result in employees being exposed to contaminants.
Property exposures are low if ignition sources are limited to electrical wiring, heating and cooling equipment. Should a fire occur, substantial fire and water damage may result due to the sterile condition required of the supplies. In addition, the large amount of plastic items will add to the fire load.
If oxygen is kept on premises, tanks can explode. Proper storage and handling techniques must be observed. As medical equipment may be high in value, appropriate security measures must be taken, including physical barriers to prevent entrance after hours and an alarm system that reports directly to a central station or the police department.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank statements. Receipting, inventory monitoring, and regular auditing are important.
Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made regularly to prevent a buildup of cash on the premises.
Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, and valuable papers and records due to customers' vendors' records. Backup copies of all records, including computer records, should be made and stored off premises. If items are delivered to customers, goods in transit coverage will be needed.
Business auto exposure may be limited to hired and non-owned liability due to employees running errands. If delivery services are provided, all employees driving vehicles must have valid licenses and acceptable MVRs. Vehicles must be regularly maintained with records kept. The transportation of oxygen tanks requires special loading and unloading. Tanks must be property secured during transport.
Why Insurance Is Important For Home Medical Equipment Suppliers
No matter what industry you work in, it is always in your best interest to make sure that you are properly protected from certain perils. As a OR home medical equipment supplier, commercial insurance can provide you with the protection and peace of mind that you need.
Oregon Business Economic Outlook & Commercial Insurance Regulations
If you are thinking about doing business in the Pacific Northwest, you might have your sights set on Oregon. However, before you set up shop, it's important for you to have an understanding of the economy - so that you can make the best decisions possible. It's also important for you to know what type of business insurance policies you are legally required to carry in order to do business in OR.
In order to help set you up for success, below, we highlight some of key information regarding the economy in Oregon, as well as the regulations regarding commercial insurance.
The Economic Outlook In Oregon
In 2018, Oregon is projected to see an increase in their economy. The unemployment rate was 4.1 percent at the end of 2017, and it is expected that it will either stay the same or drop even lower by the end of 2019.
There are several industries that are expected to contribute to the job market and the economy overall in the state of Oregon. The industry that is expected to see the most gain in this state during the 2018 calendar year is construction, with an increase of 10.5 percent. The manufacturing industry is also expected to see significant growth, with a forecasted increase of 4.3 percent. Other industries that are expected to see growth in OR in 2019 include:
- Financial Services
Insurance Requirements For Oregon Businesses
The Division of Financial Regulation oversees the insurance industry in Oregon. Here workers compensation insurance is mandated. If you employ one or more person, whether that person is full-time or part-time, or is hourly or salaried, you are legally required to carry this type of coverage. Additionally, you must carry commercial auto insurance if you operate vehicle for any business-related purposes, whether it's meeting with clients, making deliveries, or transporting goods.
While commercial general liability insurance is not required in OR, it is highly recommended. This type of coverage will protect you from any lawsuits and the accompanying settlements that may arise in the event that some slips and falls, or claims that you damaged their property. You should also consider investing in commercial property insurance, as it can help to offset the cost of any property losses that you might experience.
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.
Request a free Oregon Home Medical Equipment Dealers Insurance quote in Albany, Ashland, Astoria, Aumsville, Baker, Bandon, Beaverton, Bend, Boardman, Brookings, Burns, Canby, Carlton, Central Point, Coos Bay, Coquille, Cornelius, Corvallis, Cottage Grove, Creswell, Dallas, Damascus, Dayton, Dundee, Eagle Point, Estacada, Eugene, Fairview, Florence, Forest Grove, Gervais, Gladstone, Gold Beach, Grants Pass, Gresham, Happy Valley, Harrisburg, Hermiston, Hillsboro, Hood River, Hubbard, Independence, Jacksonville, Jefferson, Junction, Keizer, King, Klamath Falls, La Grande, Lafayette, Lake Oswego, Lakeview town, Lebanon, Lincoln, Madras, McMinnville, Medford, Milton-Freewater, Milwaukie, Molalla, Monmouth, Mount Angel, Myrtle Creek, Myrtle Point, Newberg, Newport, North Bend, Nyssa, Oakridge, Ontario, Oregon, Pendleton, Philomath, Phoenix, Portland, Prineville, Redmond, Reedsport, Rogue River, Roseburg, Salem, Sandy, Scappoose, Seaside, Shady Cove, Sheridan, Sherwood, Silverton, Sisters, Springfield, St. Helens, Stanfield, Stayton, Sublimity, Sutherlin, Sweet Home, Talent, The Dalles, Tigard, Tillamook, Toledo, Troutdale, Tualatin, Umatilla, Union, Veneta, Vernonia, Waldport, Warrenton, West Linn, Willamina, Wilsonville, Winston, Wood Village, Woodburn and all other cities in OR - The Beaver State.
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