Prosthetists Insurance Policy Information
Prosthetists Insurance. Prosthetists are medical professionals who have the rewarding and exciting job of helping patients who have lost (portions of) their upper and lower extremities make their new prostheses, fitted onto their residual limbs, serve them well.
Prosthetists make replacements for amputated, deformed, or missing body parts. Prosthetists receive a prescription from the client's physician and then work with a client to assemble and fit a prosthetic based on the prescription and the client's comfort.
Component parts for prostheses, such as breast, foot, hip, knee, or wrist, are ordered from manufacturers. Sockets or other connectors that attach the part to the body are customized through the use of casting materials to fit the client's body.
These may be plastic, metal, or a combination of materials. The prosthetist works with the client to make adjustments and corrections as needed throughout the life of the device. Prosthetics can be very basic or contain very sophisticated computer-aided electronics.
Over the course of their activities, prosthetists craft sockets that form a bridge between the prosthesis and residual limb, adjusting prostheses to make them fit better, and helping patients get used to performing daily activities with their new prostheses.
Prosthetists may work in hospitals or specialized clinics, but they can also run their own practices.
Regardless of the setting in which a prosthetist performs their job, these medical professionals can be exposed to a number of perils - all of which can have costly consequences as well as potentially damaging their professional reputation.
By carrying comprehensive insurance, a prosthetist can protect themselves at least from significant economic harm. What types of prosthetists insurance coverage are needed, though? This brief guide offers some answers.
Prosthetists insurance protects healthcare professionals that make and fit artificial limbs - from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked prosthetists insurance questions:
- What Is Prosthetists Insurance?
- How Much Does Prosthetists Insurance Cost?
- Why Do Prosthetists Need Insurance?
- What Type Of Insurance Do Prosthetists Need?
- What Does Prosthetists Insurance Cover & Pay For?
What Is Prosthetists Insurance?
Prosthetists insurance is a type of insurance coverage specifically designed for prosthetists or individuals who specialize in designing, creating, and fitting prosthetics for patients with missing limbs or body parts. This insurance helps protect prosthetists against any potential financial loss or liability that may arise as a result of their professional services..
The coverage typically includes protection for medical malpractice, product liability, and general liability, among other potential risks. This insurance is important for prosthetists to have to protect themselves, their business, and their clients.
How Much Does Prosthetists Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small prosthetists practices ranges from $67 to $89 per month based on location, size, revenue, claims history and more.
Why Do Prosthetists Need Insurance?
Prosthetists, whether they work as employees of a hospital or other medical facility or run their own clinics, will require professional insurance to protect them from the perils they could face over the course of their work.
The kinds of coverage a prosthetist needs will depend greatly on whether they run their own business or work for another institution, however.
Prosthetists employed by hospitals or clinics primarily need to consider a scenario in which a patient alleges that the prosthetist caused them harm. This may be due to negligent care or because the working environment caused them to become injured, for example.
Prosthetists running their own clinics further have to consider risks such as acts of nature (including earthquakes, wildfires, and hurricanes), vandalism, and theft.
Because the risks faced vary greatly, it is crucial for them to consider their prosthetists insurance needs in-depth.
What Type Of Insurance Do Prosthetists Need?
Prosthetists will have broad professional experience with the fact that one size never fits all - and insurance coverage is no different than prostheses in this regard.
An insurance broker who is deeply familiar with the risks medical professionals face is best suited to design a plan tailored to your individual needs, taking into account all the risks you are exposed to.
With that in mind, some of the more common types of prosthetists insurance to consider are:
- Orthotist Prosthetist Medical Malpractice: This is the main type of coverage that every prosthetist will need to carry, regardless of their workplace. It serves to protect your financial interest in the case of malpractice lawsuits alleging, among other scenarios, negligent care and HIPAA violations. Should you be sued, malpractice insurance covers your legal defense costs as well as settlement costs, with upper limits varying with each individual policy.
- General Liability: Prosthetists running solo practices will also need general liability coverage for commonplace scenarios in which third parties sustain bodily injury or property damage - like tripping on poorly maintained driveways or a fire that started in your practice spreading to a neighboring property. General liability insurance also covers scenarios in which unfortunate marketing led to false impressions.
- Commercial Property:This kind of prosthetists insurance coverage is, again, for prosthetists who run their own practices. It would cover damage and loss to physical assets, including the building from which you operate, after perils such as theft, vandalism, or acts of nature.
- Hands/Disability Insurance: Prosthetists depend on their hands to carry out their profession. Policies specifically designed to insure the hands of professionals who cannot carry out their work in the event they lose use of their hands exists. A more general disability insurance may fulfill a similar role, however.
Bear in mind that these examples of types of prosthetists insurance the may be needed do not universally apply. The sole type of insurance all prosthetists will require is medical malpractice insurance.
For further information, you are advised to consult a business insurance broker who will be able to offer advice specific to your circumstances.
Prosthetists' Risks & Exposures
Premises liability exposures are moderate as clients may visit the premises for casts and fittings. The client may have mobility limitations which will require the technician to protect the client from injuries that may occur due to falling during fittings and initial use of the device.
All areas accessible to clients must be well maintained with floor covering in good condition. The number of exits must be sufficient and well marked, with backup lighting in case of power failure.
Steps should have handrails. Parking lots should be maintained free of ice and show. Improper touching and other privacy issues are concerns due to casting and fitting procedures. Off-premises liability exposures arise if technicians travel to hospitals, other institutions, or clients' homes.
Products liability exposures are significant as prostheses are used to replace clients' body parts. The exposure increases if the organization fails to conduct thorough background checks to verify employees' credentials, education, and licensing when required by the state.
When a prosthetic device fails, clients can fall and injure themselves or drop what they were lifting, causing injury to another person or property. As patients may have allergic reactions to some of the materials used in the prosthesis, the referring physician should be advised of all materials used.
Improper fitting or adverse reactions to materials can lead to sores, infections and subsequent physical problems. Quality control with regular follow-up and documentation should be in place. Children's prosthetics present special concerns because the devices must be altered and adjusted frequently as the child grows.
Environmental impairment exposure is significant due to the potential for contaminating air, ground, or water by improperly disposing of medical waste or waste from materials used in making prostheses. Disposal must be documented and meet all FDA and EPA standards.
Workers compensation exposures are high. Back injuries can occur as the mobility limitations of many clients require assistance during fittings and while learning to use the prosthetic devices. The technician may be injured while lifting clients, being accidentally struck by a patient, or by overexertion of the arms and back muscles. Slipping and tripping hazards can be prevented with excellent housekeeping.
Common injuries include contact dermatitis, cuts, foreign objects in the eye, and hearing impairment from noise. Ergonomically designed workstations can prevent repetitive motion injury.
Assembly of devices presents some hazard due to working with tools and component parts. If workers come into contact with bodily fluids, diseases may be transferred from the client to the worker.
Property exposures are from the specialized equipment used to make prostheses. Ignition sources include electrical wiring, heating, and cooling equipment, and overheating of production machinery. Electrical wiring must be grounded and meet all current codes. The materials are usually low hazard from a fire standpoint and supplies on hand are minimal since orders are customized.
The casting material and repair devices usually do not contribute to the fire load. All equipment is external so sterile components are not major issues. If the prosthetist is involved with robotics or electronic controlled devices, the susceptibility to damage by fire, smoke or water increases dramatically along with the value of the inventory. Coverage for the property of others is important since the devices may be left with the prosthetist for repair or further customizing.
Business income and extra expense depend on the types of prosthetics being provided and availability of the items.
Equipment breakdown exposure is due to the specialized equipment used in making prostheses. A breakdown could be costly due to the time to install replacement parts or the lack of appropriate backup facilities.
Crime exposures are primarily from employee dishonesty. Background checks should be conducted on all employees prior to hiring. Prosthetics can be very expensive. Because there are several individual clients and billings are normally sent to insurance companies or foundations, false billings and statements are possible. Ordering and billing must be handled by two different employees.
Inland marine exposures are from accounts receivable, bailees customers for work on existing prostheses, goods in transit to clients, and valuable papers and records for clients' specifications and suppliers' information.
All items belonging to clients must be properly labeled so they can be returned to their rightful owners. Records should be duplicated and stored in an off-site facility.
Commercial auto exposure may be limited to hired and non-owned for employees running errands. If the practice supplies vehicles for technicians to travel to off-premises locations, all drivers must have a valid driver's license with acceptable MVRs. Vehicles must be maintained and records of the maintenance kept at a central location.
What Does Prosthetists Insurance Cover & Pay For?
Prosthetists, like other medical professionals, can be sued for various reasons. Some common reasons include:
Negligence: Prosthetists may be sued for negligence if they fail to meet the standard of care expected of them, leading to harm or injury to the patient. Insurance can protect them by providing coverage for legal defense and potential settlements or judgments. For example, if a prosthetist fails to properly fit a prosthesis, causing the patient to fall and sustain injuries, their professional liability insurance can help cover the legal costs and any awarded damages.
Defective devices: If a prosthetic device is found to be defective, causing injury or harm to the patient, the prosthetist may be held liable. In this case, product liability insurance can help protect the prosthetist by covering legal expenses and potential compensation to the patient. For instance, if a prosthetic limb fails due to a manufacturing defect, the insurance can help pay for the lawsuit.
Breach of contract: Prosthetists can be sued for not fulfilling the terms of their contract with a patient. Insurance policies such as Errors and Omissions (E&O) insurance can help protect them by covering legal costs and potential settlements. For example, if a prosthetist agrees to deliver a custom prosthesis within a certain time frame but fails to do so, resulting in harm to the patient, E&O insurance can help cover the lawsuit expenses.
Emotional distress: Patients may sue prosthetists for causing emotional distress if their actions or negligence led to mental anguish or suffering. Liability insurance can protect the prosthetist by covering legal costs and potential damages. For instance, if a prosthetist's negligence causes the patient to experience severe depression or anxiety, the insurance can help pay for the lawsuit.
Informed consent issues: Prosthetists can be sued if they fail to obtain proper informed consent from a patient before proceeding with treatment. Insurance policies such as professional liability insurance can protect the prosthetist by covering legal expenses and potential settlements or judgments. For example, if a prosthetist does not adequately explain the risks and benefits of a specific prosthesis and the patient experiences complications, the insurance can help cover the legal costs.
In all these cases, insurance can protect prosthetists by providing financial support for legal defense and potential settlements or judgments. It is crucial for prosthetists to carry appropriate insurance policies to protect themselves and their practices from the financial risks associated with lawsuits.
Commercial Insurance And Business Industry Classification
- SIC CODE: 3842 Orthopedic, Prosthetic And Surgical Appliances And Supplies
- NAICS CODE: 39113 Surgical Appliance and Supplies Manufacturing, 446199 All Other Health and Personal Care Stores
- Suggested Workers Compensation Code(s): 8018 Store - Wholesale - NOC, 4693 Pharmaceutical or Surgical Goods Manufacturing NOC
Description for 3842: Orthopedic, Prosthetic And Surgical Appliances And Supplies
Division D: Manufacturing | Major Group 38: Measuring, Analyzing, And Controlling Instruments; Photographic, Medical And Optical Goods; Watches And Clocks | Industry Group 384: Surgical, Medical, And Dental Instruments And Supplies
3842 Orthopedic, Prosthetic And Surgical Appliances And Supplies: Establishments primarily engaged in manufacturing orthopedic, prosthetic, and surgical appliances and supplies, arch supports and other foot appliances; fracture appliances, elastic hosiery, abdominal supporters, braces, and trusses; bandages; surgical gauze and dressings; sutures; adhesive tapes and medicated plasters; and personal safety appliances and equipment. Establishments primarily engaged in manufacturing surgical and medical instruments are classified in Industry 3841. Establishments primarily engaged in manufacturing orthopedic or prosthetic appliances and in the personal fitting to the individual prescription by a physician are classified in Retail Trade, Industry 5999.
- Abdominal supporters, braces, and trusses
- Absorbent cotton, sterilized
- Adhesive tape and plasters, medicated or non-medicated
- Applicators, cotton tipped
- Atomizers, medical
- Autoclaves, hospital and surgical
- Bandages and dressings, surgical and orthopedic
- Bandages: plastics, muslin, and plaster of paris
- Belts: sanitary, surgical, and corrective
- Braces, elastic
- Braces, orthopedic
- Bulletproof vests
- Canes, orthopedic
- Cervical collars
- Clothing, fire resistant and protective
- Colostomy appliances
- Corn remover and bunion pads
- Corsets, surgical
- Cosmetic restorations
- Cotton, absorbent: sterilized
- Cotton, including cotton balls
- Crutches and walkers
- Drapes, surgical: cotton
- Dressings, surgical
- Ear stoppers
- Elastic hosiery, orthopedic
- Extension shoes, orthopedic
- First aid, snake bite, and burn kits
- Foot appliances, orthopedic
- Fracture appliances, surgical
- Gas masks
- Gauze, surgical: not made in weaving mills
- Grafts, artificial: for surgery-made of braided or mesh artificial fibers
- Gynecological supplies and appliances
- Hearing aids
- Helmets, space
- Hosiery, support
- Hydrotherapy equipment
- Implants, surgical
- Infant incubators
- Intrauterine devices
- Iron lungs
- Life preservers, except cork and inflatable
- Ligatures, medical
- Limbs, artificial
- Linemen's safety belts
- Models, anatomical
- Noise protectors, personal
- Orthopedic devices and materials
- Pads, incontinent and bed
- Personal safety appliances and equipment
- Plugs, ear and nose
- Prosthetic appliances and supplies
- Radiation shielding aprons, gloves, and sheeting
- Respiratory protection equipment, personal
- Restraints, patient
- Safety appliances and equipment, personal
- Safety gloves, all materials
- Socks, stump
- Space suits
- Splints, pneumatic and wood
- Sponges, surgical
- Sterilizers, hospital and surgical
- Stockinette, surgical
- Suits, firefighting: asbestos
- Supports: abdominal, ankle, arch, and kneecap
- Surgical appliances and supplies, except medical instruments
- Swabs, sanitary cotton
- Tongue depressors
- Traction apparatus
- Trusses: orthopedic and surgical
- Wheel chairs
- Whirlpool baths, hydrotherapy equipment
Prosthetists Insurance - The Bottom Line
To protect your business, employees and the people you make and fit libs for, having the right prosthetists insurance coverage is imperative. To see what exact types of business insurance you need, how much coverage you should invest in - and the cost - speak to a reputable commercial insurance broker.
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
- Specialty Medical Centers And Clinics
- Specialty Medical Malpractice
The medical industry is a crucial sector that plays a vital role in ensuring the health and well-being of individuals. It is a complex and highly regulated industry that requires specialized knowledge and expertise. As a result, the medical industry is exposed to a variety of risks, including legal and financial liabilities.
One of the main reasons why the medical industry needs commercial insurance is to protect against medical malpractice. Medical malpractice occurs when a healthcare provider deviates from the standard of care and causes harm to a patient. It can lead to costly lawsuits and significant financial losses for the healthcare provider. Business insurance helps to cover these costs and protect the financial stability of the medical facility.
Another reason the medical industry needs business insurance is to cover the cost of regulatory fines and penalties. The medical industry is subject to strict regulations and any violations can result in significant fines and penalties. Business insurance helps to cover these costs and protect the financial stability of the medical practice or facility.
In addition, the medical industry is vulnerable to data breaches and cyber attacks. These incidents can result in significant financial losses and reputational damage for the medical facility. Business insurance helps to cover the cost of recovering from a data breach or cyber attack and helps to protect the reputation of the medical facility or practice.
Overall, business malpractice insurance is an essential component of the medical industry. It helps to protect against the financial and reputational risks associated with the medical industry and helps to ensure the financial stability and success of medical practices and facilities.
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.