Virginia Medical Billing Insurance Policy Information
Virginia Medical Billing Insurance. Medical billing is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered by a healthcare provider. The responsibility of the medical biller in a healthcare facility is to follow the claim to ensure the practice receives reimbursement for the work the providers perform.
Medical billing companies are open to a variety of risks including professional liabilities as well as general business risks. Protect yourself against these risks with Virginia medical billing insurance.
Virginia medical billing insurance protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Types Of Insurance For Medical Billers
Below is a list of the most commonly purchased Virginia medical billing insurance policies by VA medical billers:
Professional Liability Coverage - Also know as errors and omissions, this Virginia medical billing insurance policy will protect your medical billing business from claims of negligence related your services. It provides protection when you are sued for negligence because your work doesn't meet a client's expectations. Professional liability insurance offers a variety of coverages:
- Alleged or actual negligence
- Legal defense costs
- Copyright infringement
Commercial General Liability - General liability is coverage for injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the costs of defending and resolving the suit would be covered by your Virginia medical billing insurance policy. If a client comes to your office and slips and fall - this coverage way pay for their injuries and your legal costs. The injuries or damages must actually be an inadvertent error, and not merely poor judgment or intentional acts.
VA Commercial Auto Coverage - Commercial auto insurance protects your medical billing company's vehicles. With commercial auto insurance you can insure your cars, SUVs, vans and trucks from damage and collisions. A commercial auto policy includes both auto liability and physical damage coverages.
Auto liability insurance also protects your firm against suits filed by third parties who seek damages for bodily injury or property damage caused by an auto accident. Physical damage insurance includes both comprehensive and collision coverages. Additional Virginia medical billing insurance coverages may be added to a commercial auto policy by an endorsement. Examples are uninsured and underinsured motorist coverage and auto medical payments coverage.
If you do not have company vehicles, but employees drive their own cars you should have non-owned auto liability to protect your medical billing company in case the employee does not have insurance or has inadequate coverage.
Workers' Compensation - Workers comp is not a luxury, but a necessity for your medical billing business. In fact, most states require that you have this policy in case you have hired any employees on a standard taxable wage, and not without reason. In the event that any of your employees get hurt or have an accident, workers' compensation will cover the cost of medical expenses, benefits, and wage replacements.
Business Property Coverage - Your own workplace needs to be protected from natural disasters, accidents and criminal activity. Disasters happen: sometimes they're unpredictable. If your office catches fire, you could lose everything. If your business building is damaged and everything is lost inside, you can use this policy to cover the costs of your loss.
VA property insurance policies comes in two basic forms:
- All-Risk policies covering a wide-range of incidents and perils except those noted in the policy;
- Peril-Specific policies that cover losses from only those perils listed in the Virginia medical billing insurance policy. Examples of peril-specific policies include fire, flood, crime and business interruption insurance.
Business interruption coverage - If a disaster or catastrophic event does occur, your operations will likely be interrupted. During this time, your VA medical billing business will suffer from lost income due to your staff's inability to work in the office. Business interruption insurance compensates your business for its lost income during these events.
Business Owner's Policy (BOP) - A business owner's policy, or BOP, will bundle many different types of insurance into one policy to provide comprehensive coverage. These types of policies typically include:
- Business interruption
- Property insurance
- Vehicle insurance
- Crime insurance
Depending on what your company's needs are, you can customize the policy to your own specific needs. A BOP is typically the most cost-effective insurance option as this bundled policy costs less than purchasing each policy individually.
How Much Does Medical Billing Insurance Cost?
The cost of your cover will depend upon a few key factors including how much work you undertake annually, included policies, your previous experience and whether you have previously had claims made against you. Generally speaking the cost of insurance for a medical biller has reduced in recent years as a result of greater competition and a greater awareness of the risks faced in the medical billing industry.
Virginia Economic Data & Small Business Insurance Information
If you're planning on starting a business, a lot of planning and factors need to be taken into consideration. Of course, having a great business model and offering valuable products and services are all keys to your success; however, there's something else that you need to take into consideration: where you're going to set up shop.
In order to reap the success that you hope for, you need to choose a location that offers favorable conditions for your specific business. If you operation isn't located in a location that can benefit from what you plan on offering, you aren't going to achieve the success that you desire.
For entrepreneurs who are thinking about Virginia as a location for their headquarters or a branch of their company, it's important to familiarize yourself with the economic trends in the commonwealth. It's also essential that you have a keen understanding in regard to the type of insurance coverage you'll need to carry to protect yourself, your clients, and your employees.
Business Economic Trends In Virginia
In regard to job growth, VA 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.
The Commonwealth of Virginia has seen a dramatic upswing in economic growth in recent years. As of late 2019, the unemployment rate had fallen to a record low of just 2.9 percent; a significant difference compared to the national unemployment rate, which was 3.7 percent. In a one-year period, nearly 65,000 jobs were added. In 2019, the unemployment rate and economic growth of the state continues to be positive, and it expected to remain in the green well into 2019 and the future.
In regard to areas that offer the most favorable conditions for business owners, there are several. Metropolitan areas, including northern (Arlington, Fairfax, etc...), central (Richmond, Ashland, Lynchburg, etc...), and southern (Chesapeake, Newport News, Hampton, Norfolk, etc...) all afford great opportunities for entrepreneurs. However, virtually any location in the Commonwealth of Virginia can be considered favorable for business owners.
Industries that offer great promise in Virginia include:
- Education and training
- Information technology
- Travel and tourism
Commercial Insurance Regulations & Limits In VA
The Virginia Bureau of Insurance regulates insurance in Virginia. 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 2 or more employees are required by VA state law to have workers comp insurance coverage.
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.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Attorney Lawyer
- Business Consulting
- Corporate Wellness
- Court Reporter
- Debt Collection Agency
- Detective Agency
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Services
- Financial Planner
- HR Consultant
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Project Management
- Temporary Staffing
- Tax Preparer
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Virginia Medical Billing insurance quote in Alexandria, Annandale, Arlington, Ashburn, Bailey's Crossroads, Blacksburg, Bon Air, Brambleton, Brandermill, Bristol, Broadlands, Buckhall, Bull Run, Burke, Burke Centre, Cave Spring, Centreville, Chantilly, Charlottesville, Cherry Hill, Chesapeake, Chester, Christiansburg, Colonial Heights, Culpeper, Dale City, Danville, East Highland Park, Fair Oaks, Fairfax, Falls Church, Fort Hunt, Franconia, Franklin Farm, Fredericksburg, Front Royal, Gainesville, Glen Allen, Great Falls, Groveton, Hampton, Harrisonburg, Herndon, Highland Springs, Hollins, Hopewell, Hybla Valley, Idylwood, Kings Park West, Kingstowne, Lake Ridge, Lakeside, Laurel, Leesburg, Lincolnia, Linton Hall, Lorton, Lynchburg, Manassas, Manassas Park, Martinsville, Marumsco, McLean, McNair, Meadowbrook, Mechanicsville, Merrifield, Montclair, Neabsco, Newington, Newport News, Norfolk, Oakton, Petersburg, Portsmouth, Radford, Reston, Richmond, Roanoke, Rose Hill, Salem, Short Pump, South Riding, Springfield, Staunton, Sterling, Sudley, Suffolk, Timberlake, Tuckahoe, Tysons, Vienna, Virginia Beach, Waynesboro, West Falls Church, West Springfield, Williamsburg, Winchester, Wolf Trap, Woodlawn and all other cities in VA - Old Dominion.
Also learn about Virginia small business insurance requirements for general liability, business property, commercial auto & workers compensation including VA business insurance costs. Call us (703) 747-9779.