The Specialty Health Risks Insurance Guide
Health Risks Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Health Risks Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Health Risks Insurance policies they might need to do business.
Learn about Specialty Health Risks Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Health Risks Insurance Types
Click on the links below to learn more about Specialty Health Risks Insurance types and coverages:
- Alcohol And Drug Rehabilitation Centers Liability Insurance
- Ambulatory Surgery Centers Insurance
- Birth Centers Liability Insurance
- Emergency Care Centers Insurance
- Exercise And Physical Fitness Centers Insurance
- Airport Property And Aviation-Related Risks Insurance
- Health Foods Industry Insurance
- Home Health Care Agencies Insurance
- Managed Care Errors And Omissions Insurance
- Medical Technology & Life Science Manufacturers And Distributors Products & Completed Operations Liability Insurance
- Medical Tourism Insurance
- Nurse Practitioners Insurance
- Nursing Homes Professional Liability Insurance
- Nutriceuticals Insurance
- Personal Trainers Professional Liability Insurance
- Social Services Agencies Insurance
What Is Alcohol And Drug Rehabilitation Centers Liability Insurance?
Rehabilitation centers for drug and alcohol abusers provide life-changing services for individuals. The service may be required as part of a court-ordered incarceration program. The service is also available to individuals who recognize addiction concerns and voluntarily enter into a treatment program. Services are provided on both an outpatient and inpatient basis. Many offer intensive in-patient services combined with outpatient follow - up services. Professional liability insurance on these establishments protects the agency or sponsoring organization and the professionals who actually provide the services. This coverage is usually combined with commercial general liability coverage and may be packaged with other needed coverages.
What Type Of Insurance Do Ambulatory Surgery Centers Need?
Ambulatory surgery centers perform outpatient surgeries. They do not have facilities on premises for overnight stays. If complications arise that require additional medical attention or overnight observation, the patient is transported to a local hospital. The professional and liability exposures are similar to those of a hospital, as are the skill and expertise levels expected.
What Is Birth Centers Liability Insurance?
Birth centers are an option for expectant mothers. They provide complete maternity service, including prenatal care and childbirth preparation classes for families experiencing a normal pregnancy and anticipating a normal birth without complications. Women give birth in a room designed to look like a master bedroom. Each room in the center is equipped with medical devices for use in case of an emergency. Teams of nurse-midwives, obstetricians, pediatricians, parent educators, and other supporting staff provide the care needed. Most centers have arrangements with local hospitals to immediately transport the mother and baby if unexpected problems arise.
What Type Of Insurance Do Emergency Care Centers Need?
Emergency care centers provide an alternative to traditional hospital emergency rooms. The operations are similar to a physician's office but do not require appointments or the usual doctor/patient relationship in order for treatment to be provided. Physicians or nurse practitioners may staff these centers. Hours are longer than traditional physician's offices and some are open 24/7.
What Type Of Insurance Do Exercise And Physical Fitness Centers Need?
Thousands of men and women spend large sums of money for physical fitness and exercise programs. There are multiple business models. Some facilities offer only very basic services. Others are complex facilities similar to recreational sports clubs and offer additional features such as tanning booths and racquetball and handball courts, in addition to traditional exercise rooms. In most cases, larger facilities present a broader scope of liability exposure and a greater concentration of property values. Insurance programs for health centers include property, liability (including professional and products exposures), locker room legal liability, crime, and umbrella coverages.
What Is Gymnastics Liability Insurance?
Preparing for athletic events requires endless hours of training. There is potential for significant injuries during both sanctioned events and training. Gymnastics liability covers this exposure. In addition, this coverage protects athletes while they travel to and from events. This coverage is excess over medical coverage that the athletes purchase. Gymnastic clubs or programs, such as those that the YMCA organizes, are eligible for this coverage.
What Type Of Insurance Does The Health Foods Industry Need?
Health foods have become more popular because of concerns about the potential problems with foods grown using a variety of pesticides, herbicides, and other chemical compounds. Property and casualty insurance programs that include products liability coverage are available to manufacturers, distributors, wholesalers, and retailers of a wide range of health food products. This industry includes natural foods, organic foods, food supplements, and personal care products.
What Type Of Insurance Do Home Health Care Agencies Need?
Insurance programs for home health care agencies are available to hospitals, social service associations, and labor unions as well as independent home healthcare agencies. Coverages provided will include general liability, personal injury liability, non-owned auto liability, and professional liability. Insured persons include registered nurses (RNs), licensed practical nurses (LPNs), aides, physical and occupational therapists, and others.
What Is Managed Care Errors And Omissions Insurance?
Managed care operations attempt to balance a patient's health care needs with the cost to provide services. This is not a health care professional liability policy. It is an administrative failure policy and includes errors and omissions made through the managed care facility. It may also provide directors and officers liability coverage.
What Is Medical Technology & Life Science Manufacturers And Distributors Products & Completed Operations Liability Insurance?
Companies that manufacture, test, distribute, and sell medical, biological, pharmaceutical, and other products approved by the Food and Drug Administration (FDA) or other regulatory bodies around the world are vulnerable to a variety of product liability risks. These risks are unique to their industries and require very specialized insurance coverage. These companies also recruit human test participants for trial across the globe and coverage is difficult to understand and place.
What Type Of Insurance Do Medical Tourism Businesses Need?
Health care options now expand beyond the borders of the United States. Individuals who travel abroad for medical treatment have some very specific accident and disability insurance needs. Most of these individuals use a facilitator to arrange and handle the many details related to travel, health care facility, recovery, and any needed rehabilitation. These facilitators need liability coverage if bodily injury, property damage, or personal or advertising injury should result from their negligence while providing the promised services. This is an evolving marketplace and new coverages are being created as hazards are identified.
What Type Of Insurance Do Nurse Practitioners Need?
Nurse practitioners are nurses who have obtained master or doctoral degrees and are certified as such by a nursing board in the state where they practice. State regulations determine the services they can provide. Many practice independently from physicians while others are required to have a collaborative relationship with a physician. Some states permit full rights to prescribe medication while others restrict or prohibit their ability to prescribe medications without physician oversight.
What Is Nursing Homes Professional Liability Insurance?
This coverage insures nursing homes against allegations of malpractice, error, or mistake in the care of patients in their facilities. Most policies combine commercial general liability and professional liability coverages. Availability and pricing varies significantly by state and by the type of services the nursing home provides.
What Type Of Insurance Do Nutriceuticals Businesses Need?
Health foods are becoming increasingly popular as the nation grows more concerned about potential problems with foods grown using a variety of pesticides, herbicides, and other chemical compounds. In addition, foods preserved with chemicals are thought to be (or may be) linked to cancer. Property and casualty insurance programs, including important products liability coverage with high limits, are available to manufacturers, distributors, wholesalers, and retailers involved with a wide range of health products, including natural foods, organic foods, food supplements, and personal care products.
What Is Personal Trainers Professional Liability Insurance?
People hire personal trainers to supervise their physical training and fitness exercises. Trainers may also arrange special diets and nutritional supplements for their clients. Professional liability insurance covers the trainer's acts of negligence or omissions in setting up a fitness program or in supervising training.
What Type Of Insurance Do Social Services Agencies Need?
Coverage for the professional liability exposures of social services agencies may be insured under a professional liability program specifically designed for their needs. The coverage's major emphasis is on professional services rendered by the insured agency and its employees in individual, family, or group therapy, interview, or counseling sessions. Limited medical malpractice coverage is provided when employed psychiatrists on the staff desire such coverage. Agencies eligible for the program include drug and alcoholism rehabilitation centers, state or federal social service referral agencies, community service agencies, agencies involved with individual and family therapy, domestic counseling, and group therapy, child guidance clinics, and agencies that treat developmentally challenged, autistic, and psychotic children.
Health Risks Insurance - The Bottom Line
We hope that the Health Risks Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.