Osteopathic Physician Insurance California Policy Information
Osteopathic Physician Insurance California. Osteopathic clinics are staffed by Doctors of Osteopathic Medicine (D.O.) - also simply called osteopaths.
Osteopathic treatment is a form of alternative medicine that uses a holistic approach to managing a patient's overall health by focusing on the musculoskeletal system. Corrections to problems in the muscles, joints, or bones can resolve many health issues.
Corrections are performed manually or, in some cases, may be mechanically implemented. Additionally, osteopaths believe that if nutrition, mental health, or attitude problems can be resolved, physical health will improve.
Osteopaths are required to be licensed in each state but do not generally prescribe pharmaceuticals or perform surgery.
This holistic and alternative form of treatment is centered around manipulating the muskoloskeletal system and strengthening it, meaning that osteopathy is particularly helpful for patients suffering from conditions such as arthritis, back pain, shoulder problems, and even postural difficulties.
In addition to practicing osteopathy, however, osteopathic doctors are also qualified medical doctors (MDs) and they are licensed to prescribed medications.
While it is unquestionable that osteopathic clinics provide a vital service to the patients they treat, and these clinics can be a profitable business venture as well as a professional calling, osteopathic clinics are vulnerable to a broad range of risks.
To protect themselves, carrying the correct types of osteopathic physician insurance California is important. What types of coverage might Doctors of Osteopathic Medicine require? Discover more in this brief guide.
Osteopathic physician insurance California protects Doctors of Osteopathic Medicine practices from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
Why Do California Osteopathic Physicians Need Insurance?
While those osteopathic doctors who own and manage their own practices, often employing significant numbers of staff, do everything they can to build and maintain a successful clinic, the reality is that unforeseen circumstances could drastically alter their financial outlook at any time.
Carrying the right insurance is essential for those practices who take preparing for disaster seriously, and that may mean opting for coverage that exceeds the legal requirements.
Risks that could strike any business also pose a threat to CA osteopathic practices. Theft, vandalism, and acts of nature that would include earthquakes, tornadoes, storms, and floods are some examples.
In addition, even an accident that starts either within the clinic or in a neighboring property could wreak havoc. Fire is one example, but even accidents that occur due to ongoing construction work have to be taken into account.
In addition, osteopathic practices face industry-specific risks. The prime concern here is that poor patient outcomes lead to lawsuits - which are by nature costly even if the clinic is not ultimately held responsible.
Employees could also become injured over the course of their professional duties, leading to costs which will be passed on to the clinic.
By investing in the right type of osteopathic physician insurance California, the good news is that these perils and numerous others do not have to spell the end for a practice, as the insurer will at least cover a significant portion of the expenses, and in some cases the full amount.
What Type Of Insurance Do CA Osteopathic Physicians Need?
A number of factors influence the types of coverage an osteopathic practice should carry. They include the jurisdiction within which the practice is based, the size and scope of the practice's activities, its number of staff, and even geographical factors that determine vulnerability to natural disasters.
A commercial insurance broker who specializes in the health care sector can guide an CA osteopathic practice through the entire process of obtaining the right insurance.
Among the kinds of osteopathic physician insurance California coverage that should be considered by Doctors of Osteopathy (D.O.), however, are:
- Commercial Property: This type of insurance covers the financial consequences of damage to the physical building and the assets therein, should an osteopathic practice be impacted by perils like vandalism, theft, or acts of nature. With additional business interruption insurance, you are able to recover some of the income lost due to resulting temporary closures as well.
- Commercial General Liability: Designed to cover the legal and settlement costs that would result from personal injury or property damage claims filed by third parties, this is another must-have form of insurance for any business. It does not, however, provide coverage for claims specifically related to medical practice.
- Medical Malpractice: This form of osteopathic physician insurance California will take over where general liability insurance leaves off - it covers legal and settlement fees related to malpractice claims filed by patients or their relatives. Such lawsuits may arise from allegations of negligent treatment or wrong diagnosis, for example. Not only should individual doctors carry it, so too should practices.
- Workers Compensation: Employees may sustain workplace injuries in a variety of circumstances, spanning from an osteopath who themselves develops back pain due to non-ergonomic working conditions, to tripping over loose tiles or being attacked by a robber. In these cases, workers' comp picks up the bills, covering medical costs as well as lost wages.
Be aware that, although the forms of insurance mentioned here make up the backbone of any osteopathic physician insurance California program, individual doctors that practice osteopathy may need to invest in other kinds of coverage as well. This is why it is crucial to consult a commercial insurance agent.
CA Osteopathic Physician's Risks & Exposures
Premises liability exposure is moderate due to patients' access to the premises. To prevent trips, slips, and 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 and spills must be cleaned up promptly.
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.
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 are performed; the more the chance of professional loss.
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. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposure is from contact with patients and possible transmission of disease from contaminated bodily fluids. Gloves and masks should be worn at all times when working around bodily fluids. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
Because of the physical manipulation of the patient's body, arm and back injuries are common and the osteopath can be accidentally struck by a patient. 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 very light for fire and crime. Ignition sources include electrical wiring, heating, and air conditioning systems. 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 osteopath has arranged for temporary facilities with another doctor.
Crime exposure is from employee dishonesty of both money and inventory. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. 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 osteopath bills for services, computers, physicians and surgeons floater (which can include all office furnishings), and valuable papers and records for patients' information. Computers are used for patients' records and other office purposes.
Physicians and surgeons floater includes items that the osteopath may take off site to handle emergencies. An osteopath's office will generally include lesser amounts of sophisticated computer and medical equipment than a traditional medical practitioner, but all electrical wiring must be up to code and equipment properly maintained.
A small fire, which produces smoke, can cause a lot of damage because of the need for sterile equipment. Duplicates of all records and programs must 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.
Osteopathic Physician Insurance California - The Bottom Line
To protect your practice, employees and patients, having the right osteopathic physician insurance California coverage is vital. To discover types of options are available to your practice, how much coverage you should invest in and the related costs - speak to a reputable commercial insurance agent.
California Economic Data, Regulations & Limits On Commercial Insurance
If you are an entrepreneur and you considering having your operations located in California, it's essential that you have a full understanding about the economy of the state, as well as the regulations and limits that are in place for commercial insurance.
If you are considering opening up a business in the Golden State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
Economic Trends For Businesses In California
In terms of job creation, the state of California exceeds rate of job growth in the United States; however, as the state's metropolitan areas are reaching employment capacity, job growth is starting to slow. In 2017, the rate of growth was 2.1 percent, which is the slowest rate of growth since 2011; but it is still expected to increase by 1.8 percent by the end of 2018, and 1.2 percent by the end of 2022.
In the month of April, the unemployment rate in California dropped to 4.2 percent, which is a record low. This unemployment rate is expected to remain consistent for the rest of the calendar year; however, it's forecasted that the rate will start to increase in 2022.
The strongest labor market in the state is in the Bay Area, where the unemployment rate was 3.4 percent in 2017. Southern California follows, with an unemployment rate of 4.5 percent in 2017. In the Central Coast region, the rate was 5.4 percent and in the Central Valley, it was 6.6 percent. While the unemployment rate is considered high in these areas, they have decreased dramatically over the last 12 month period.
The industries that are expected to see the most growth in CA include:
- Information Technology
CA Commercial Insurance Regulations And Limits
The California Department of Insurance regulates insurance in the Golden State. In the state of CA, commercial liability insurance is not required; however, since the state does not cap rewards for liability law suits, business owners are wise to invest in this type of coverage. The amount of coverage recommended varies depending on the size of the business and in the industry.
Workers' compensation insurance is the only type of coverage that business owners are required to have. This applies to any organization that employs a salaried or hourly staff, even if that staff only consists of one employee. Furthermore, if an employee is injured or becomes ill as a result of work, business owners must pay for CA workers' comp benefits.
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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