Tennessee Psychiatrists Insurance. Psychiatrists are licensed medical doctors who specialize in the prevention, diagnosis, and treatment of mental illness by determining its possible cause, whether emotional, physical or some combination of both. They may use medical diagnostic procedures, such as blood tests or an MRI, to determine the root cause. Specialty areas include forensics, geriatrics, pain management, pediatrics, posttraumatic stress disorder (PTSD), or substance abuse.
They may work in individual or group practices, and provide treatment on an individual basis or in group settings. Some patients may be treated in institutional settings. As a medical doctor, psychiatrists can prescribe medications (generally antidepressants, psychotropics, or sedatives) and perform surgery, although most refer surgical procedures to neurologists. Unlike psychologists, psychiatrists are not trained to administer or interpret psychological tests. The two disciplines may work together to help some patients overcome problems.
As a TN psychiatrist, you provide an invaluable service to your patients. However, given the nature of your work and the fact that we live in a very litigious society, there are a number of risks that are associated with your profession. In order to protect yourself, your practice, your patients, and any employees that may work for you, it,s important that you carry the right type of Tennessee psychiatrists insurance.
Tennessee psychiatrists insurance protects your practice from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
You see a number of patients on a regular basis. These people share personal information with you in confidence. You make diagnoses and offer treatments, which can include prescription medications. In the event that a patient files a claim against you stating that you shared his or her personal information without permission, or that you prescribed a medication with listing the possible side effects, for example - even if the claim is false - you could be looking at serious financial trouble. Legal fees can be exorbitant, and unless you have Tennessee psychiatrists insurance, you would have to pay those fees out of your own pocket.
Other risks that could put you in danger include third party injuries occurring in your office, damage to your property, stolen or damaged equipment, and employee injuries and illness. These risks could also put you financial peril.
Carrying the right Tennessee psychiatrists insurance policies will safeguard you from the number of risks that are associated with your psychiatric practice. Insurance will offer the financial protection you need in the event that a lawsuit does arise or if your property is damaged, vandalized, or stolen for example.
There are several types of insurance policies that TN psychiatrists should have. Depending on the location of your practice, you will be legally required to carry some of these policies; however, it,s also a wise idea to invest in policies that you are not legally obligated to carry. Examples of Tennessee psychiatrists insurance coverage include:
Malpractice or Professional Liability: In today's litigious society, it doesn't take much for a patient to turn to lawsuits to resolve an issue. As a medical professional, TN psychiatry malpractice insurance is a must. This type of coverage will protect you from any malpractice claims that may be filed against you. For instance, if a client claims that you prescribed a medication that has caused adverse side effects, or that you shared confident information, professional liability insurance will help to cover the cost of legal fees, as well as any damages that may be awarded and that you are required to pay.
Commercial General Liability: Should a third party - a patient, a delivery person, or anyone else (other than an employee) become injured on your property or files a claim stating that you damaged his or her property, general liability insurance will protect you. For example, if a patient slips in your office and breaks a bone, this Tennessee psychiatrists insurance coverage will help to pay for any medical care that the patient requires, as well as any legal fees that may arise if the individual files a lawsuit against you.
Workers Compensation: Depending on where your practice is located, workers, compensation insurance may be required if you employ a staff. Even if it's not required, it,s still a wise idea to carry. Workers comp will cover any injuries employees may sustain while they are on the job, covering the cost of medical care, lost wages, and more.
Commercial Property: This type of insurance will protect the physical location of your practice; your office and it's contents. Should your office be damaged in a fire, storm, vandalized, or if any equipment is stolen, for example, business property insurance will help to cover the cost of repairing or replacing the damaged or stolen items.
Cyber Liability: In the event that confidential patient information is lost, stolen, or otherwise compromised from the computer program that your practice uses, data breach insurance will protect you from the damages.
Premises liability exposures are moderate due to patients' access to the premises. Patient areas should be neat with no obstructions. 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. Patients, areas must be designed to include those who are physically impaired. Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical. Consultation 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 liability exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. A patient's medical history must be checked prior to prescribing medications. Unless ordered by a court, very serious losses may result from failure to secure patient approval before admitting to any type of institution. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposures are due to the possible transmission of diseases from patients to staff members. Unruly or unpredictable patients can cause injury or harm including bites, strains, back injuries, and contusions. 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.
Property exposures for fire and crime are minor. Ignition sources are generally limited to electrical wiring, heating, and air conditioning systems. If pharmaceuticals are kept on premises, theft is a concern. These items should be inaccessible for unauthorized use and stored in a protected area after hours. Business income and extra expense exposures can be minimized if the psychiatrist has arranged for temporary facilities with another doctor.
Crime exposure is from employee dishonesty of both money and inventory, which may include pharmaceuticals. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. Rigid controls must be maintained including inventory control and limited access to storage areas. 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 exposures are from accounts receivable if the psychiatrist bills for services, computers, and valuable papers and records for patients, records and medical research books. Duplicates of all records and programs should be made and kept off-site.
Business auto exposures are generally limited to hired and non-owned liability for employees who use their own vehicles to run 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.
Speak to a reputable insurance broker that specializes in the above-mentioned insurance coverages. Insurance is an integral part of ensuring that a practice as well as the practitioner are protected against claims and lawsuits as they continue to do business. Without it, a psychiatrist's career could very well be put at serious risk. Knowing that they have the right policy in place in case of an emergency situation with a client gives the practitioner peace of mind and the confidence they need to continue to help their patients every day.
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2019, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2019.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
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.
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.
Request a free Tennessee Psychiatrists insurance quote in Alcoa, Arlington, Athens, Atoka, Bartlett, Bloomingdale, Brentwood, Bristol, Brownsville, Chattanooga, Church Hill, Clarksville, Cleveland, Clinton, Collegedale, Collierville, Columbia, Cookeville, Covington, Crossville, Dayton, Dickson, Dyersburg, East Ridge, Elizabethton, Erwin, Fairfield Glade, Fairview, Farragut, Fayetteville, Franklin, Gallatin, Germantown, Goodlettsville, Green Hill, Greenbrier, Greeneville, Harriman, Harrison, Hartsville, Henderson, Hendersonville, Humboldt, Jackson, Jefferson City, Johnson City, Kingsport, Kingston, Knoxville, La Follette, La Vergne, Lakeland, Lawrenceburg, Lebanon, Lenoir City, Lewisburg, Lexington, Loudon, Lynchburg, Manchester, Martin, Maryville, McKenzie, McMinnville, Memphis, Middle Valley, Milan, Millersville, Millington, Morristown, Mount Juliet, Munford, Murfreesboro, Nashville-Davidson, Newport, Nolensville, Oak Ridge, Oakland, Paris, Pigeon Forge, Portland, Pulaski, Red Bank, Ripley, Savannah, Sevierville, Seymour, Shelbyville, Signal Mountain, Smyrna, Soddy-Daisy, South Cleveland, Spring Hill, Springfield, Sweetwater, Tellico Village, Tullahoma, Union City, White House, Winchester and all other cities in TN - The Volunteer State.
Also learn about Teneessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.