Buy Audiology Insurance

Audiology business insurance is a type of insurance coverage specifically designed for businesses in the audiology industry. It provides protection for the financial risks that audiology practices face, such as medical malpractice lawsuits, theft or loss of equipment, damage to property, and other forms of liability.

This insurance can help to cover the costs of legal fees, medical expenses, and other costs associated with a lawsuit, as well as provide peace of mind for the business owner. The specific coverage options and levels of protection will vary depending on the insurance provider, but it is important for audiology businesses to secure this coverage to protect their financial interests and assets.

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small audiologist ranges from $37 to $49 per month based on location, size, payroll, sales and experience.

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small audiologist ranges from $37 to $49 per month based on location, size, payroll, sales and experience.

Some audiologists may not see the need to purchase audiology insurance before opening their practice, but it important here because of the potential of large claims for malpractice.

Professional Liability Insurance

As an audiologist you face many challenges in providing quality hearing care. Many changes in the healthcare industry have increased your personal exposure to an allegation of negligence. And, whether or not the allegation is valid, you need to be able to protect yourself, your license and your family from the financial consequences of a lawsuit.

Key Exposures For Audiologists:

• Use of inappropriate methods for recovery.
• Negligence in providing plans for hearing loss compensation, business noise reduction, or coordinate with other health care professionals.
• Incorrect advice provided to patients.
• Upset clients who feel they have suffered additional expense or stress and/or consider your performance was below professional standards.

Professional liability insurance, also know as malpractice or errors and omissions insurance (E and O), is designed to cover your expenses when a malpractice suit is brought against you. audiology insurance includes coverage for:

• Legal Expenses - Provides coverage for complaints including professional misconduct, sexual abuse or sexual harassment filed with the provincial regulatory boards.
• Criminal Defense Costs Reimbursement - Covers you for a court case filed under the criminal code. You will be reimbursed provided you are found not guilty of the criminal charge.

How Much Does Professional Liability Cost?

The cost of your professional indemnity coverage will depend on the exact nature of the work you undertake, how much work you undertake annually, your previous experience and whether you have previously had any claims made against you.

Generally speaking, the cost of audiology insurance has gone down in recent years as a result of greater competition and a greater awareness of the risks faced by audiologists.

Why Do Audiologists Need Malpractice Insurance?

Like all those providing professional services, audiologists provide a service that comes with an expectation of a certain level of professionalism and specialist knowledge. When things go wrong the audiologist may well be held to account for any financial losses with legal action and audiology insurance is designed to mitigate the effects of such actions.

Other Coverages For Audiologists

Business Owner's policy (BOP) - A business owner policy packages most of the audiology insurance coverage you would need. Often, BOP's will include business interruption insurance, property insurance, vehicle coverage, liability insurance, and crime insurance.

Based on your specific practice's needs, you can alter what is included in a BOP. Typically, you will save money by choosing a BOP because the bundle of services often costs less than the total cost of all the individual coverage's.

Commercial General Liability - General liability provides coverage for third party liability suits including allegations of property damage, advertising injuries, and personal injuries (libel or slander). When someone sues you for these claims, GLI covers the costs of attorney fees, settlements, and other court costs.

Business Interruption Insurance - Business interruption insurance covers lost income and expenses resulting from property damage or loss. For example, if a fire forces you to close your doors for two months, this insurance would reimburse you for salaries, taxes, rents, and net profits that would have been earned during the two-month period.

Workers Compensation - Once the first employee has been hired, workers' compensation insurance should be added to your audiology insurance policy. In many states, it is mandated for any non-owner employees. workers comp will cover medical treatment, disability and death benefits in the event an employee is injured or dies as a result of his work with you.

Even though your employees are performing seemingly low-risk work, slip-and-fall injuries or medical conditions such as carpal tunnel syndrome could result in a pricey claim.

Umbrella - An umbrella policy is an excess liability policy for claims that exceed the limits of the underlying liability policies.

Audiologists are healthcare professionals who specialize in diagnosing and treating hearing and balance disorders. In their practice, they may make claims that, if proven to be negligent, could result in a lawsuit. Here are some examples of claims that audiologists may make and how medical malpractice insurance can help pay for a lawsuit:

Failure to diagnose a hearing disorder: An audiologist may fail to properly diagnose a hearing disorder in a patient, which could result in delayed treatment and further damage to the patient's hearing. If the patient decides to file a malpractice lawsuit, medical malpractice insurance can help cover the costs of legal fees, expert witnesses, and any damages awarded to the patient.

Improper fitting of hearing aids: Audiologists may be responsible for fitting patients with hearing aids. If the audiologist improperly fits the hearing aids, the patient may experience discomfort or even further hearing damage. If the patient files a malpractice lawsuit, medical malpractice insurance can help cover the costs of defending against the lawsuit and any damages awarded to the patient.

Misdiagnosis of tinnitus: Tinnitus is a condition in which a person hears ringing, buzzing, or other sounds in their ears. An audiologist may misdiagnose tinnitus as a symptom of another condition, resulting in delayed or incorrect treatment. If the patient files a malpractice lawsuit, medical malpractice insurance can help cover the costs of legal fees and any damages awarded to the patient.

Failure to obtain informed consent: Before performing any procedure or treatment, an audiologist should obtain informed consent from the patient. This means that the patient should fully understand the risks and benefits of the procedure or treatment. If an audiologist fails to obtain informed consent and the patient suffers harm as a result, the patient may file a malpractice lawsuit. Medical malpractice insurance can help cover the costs of defending against the lawsuit and any damages awarded to the patient.

Overall, medical malpractice insurance is important for audiologists to protect themselves against potential lawsuits. It can help cover the costs of legal fees, expert witnesses, and any damages awarded to the patient.