Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Washington Psychology Insurance
Washington Psychology Insurance. Psychologists are licensed mental health professionals specializing in the prevention, diagnosis, and treatment of mental illness using non-medical interventions. Specialty areas include the administration and interpretation of psychological tests, behavioral analysis, and counseling, clinical research, relationship counseling, school counseling, or sports psychology. As they are not medical doctors, they may not perform surgery.
While a few states permit psychologists to prescribe medications such as antidepressants, psychotropics, or sedatives, most do not. Psychologists often work in conjunction with psychiatrists. 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.
Liability claims are a natural risk of becoming a psychologist and helping others. There will be clients who feel as if the practitioner has wronged them in some way or failed them, even when the psychologist was not negligent in their practice or has not made a mistake.
Getting Washington psychology insurance and maintaining it is a prudent way of combating this risk, ensuring that he practitioner is protected from these claims and potential lawsuits in the course of their career.
Washington psychology insurance protects your practice from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Psychologists Need Business Insurance?
There are over one hundred thousand licensed psychologists in the United States of America right now. Out of this pool of one hundred thousand professionals, forty percent of psychologists will find themselves the recipient of a licensing board complaint in the course of a twenty year career. Two thousand of these practitioners will combat a malpractice lawsuit against them during this time.
Anyone who provides a service to others runs the risk of personal injury or financial loss to others; the field of psychology is not exempt. In fact, it may even be more risky for psychologists. A professional liability policy that is created specifically for an individual practice's concerns and risks is the best solution for a practice, to avoid the stress and worry that accompanies working with others who may find themselves at odds with their provider. A psychologist is there to help others, but carrying a Washington psychology insurance policy is a smart way of protecting themselves from claims related to their noble work.
One malpractice lawsuit is enough to derail a psychologist's career and leave them destitute. When a psychologist is protected by Washington psychology insurance for their practice, however, they are able to perform their duties every day without the stress of what may come. Malpractice can be called professional liability and errors and omissions insurance as well.
What Does Psychology Insurance Cover?
Washington psychology insurance can cover legal fees and court costs, in the event that a lawsuit has been filed against a practitioner, some even offering replacement pay for the time a psychologist spent away from their office to attend court. If a psychologist is one of the forty percent that face a complaint from the licensing board, then insurance can also cover the cost of the mental health professional's defense court costs.
Insurance can also cover sexual misconduct claims, advertising issues, personal injury, and liability issues that occur on a practice's premises. Insurance pays for the cost of your defense in the event that you are accused of sexual misconduct, as well as any claims that are directed toward you. It covers libel, defamation, slander, copyright claims, and all other forms of advertising complaints, including false advertisement. It prevents out-of-pocket expense in the event that you are accused of slander or false arrest from your clients, as well. Right to privacy issues are something that is also covered in insurance for a psychologist's practice.
Types Of Professional Liability For Psychologists
There are two types of Washington psychology insurance available to psychologists and they will need to decide which policy best suits their own individual needs before making a purchase. The two policy types are "claims made" and "occurrence," whose names are somewhat self-explanatory.
Claims made is similar to car insurance, in the sense that the insurance company will only cover a claim if it is made while the insurance is still in effect. The types of claims this kind of insurance will cover will include any and all claims or actions against the practitioner between the date of the policy's purchase and the date of its expiration.
An occurrence policy does not take into account the status of the policy, whether it is active or expired, but instead focuses on the date of which the events surrounding the claim occurred. For example, let's say a policy lasted from January to June. When the Washington psychology insurance policy cancels at the start of July, you may still be covered for certain claims that are filed after the cancellation of the policy. If someone files a claim against you in August regarding something that happened in April, then your insurance will still cover the claim.
Washington Psychologist's Risks & Exposures
Premises liability exposures are moderate due to patients' access to the premises. Client 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. Adequately lit and marked exits and egresses are mandatory. 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. Clients' 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.
Malpractice / Professional liability exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of services provided, the greater the chance of a professional liability loss. A patient's medical history must be checked prior to prescribing medications in those states that permit a psychologist to order 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 clients 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. Business income and extra expense exposure can be minimized if the psychologist has arranged for temporary facilities with another psychologist.
Crime exposure is from employee dishonesty. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. 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 psychologist 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.
WA Psychology Insurance
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 psychologist'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.
Washington State Economic Outlook & Business Insurance Requirements
For anyone who is thinking about starting up a business, it is important that they choose a location that suites the industry that they wish to work in. With that said, in order to determine whether or not a location is the right choice for your business, you should have an idea about the state's economic status. You should also have an understanding of the WA state regulations related to the types of commercial insurance that you are required to carry.
If you are thinking about starting up a business in the State of Washington, below, we offer some insight into the state's economic status. We also offer a glimpse at the WA insurance requirements that business owners must abide by.
State Of The Economy In Washington
Washington state may be famous for its gloomy weather, but when it comes to the economy, things here look bright. The economic outlook for Washington is healthy. It is expected that there will be more jobs added in the 2018 calendar year. There will be an increase in the productivity of labor. There will also be an increase in the state's unemployment rate during the year 2018, with a forecasted rate of 4.7 percent.
Washington is regarded as one of the top for businesses in the nation. In fact, it is listed at the 11th best state for business by Forbes. The industry that is expected to see the most growth are related to STEM (science, technology, engineering, and math). Among the top industries in this state include information technology. Education, healthcare, finance, and travel and tourism also contribute largely to the awesome economy of this state.
Commercial Insurance Requirements In WA
The Washington State Office of the Insurance Commissioner regulates the insurance industry in WA. Businesses are legally required to carry workers' compensation insurance. This type of coverage is required for any business that employs either hourly or salaried employees, and either part-time or full-time employees. You are also required to carry commercial auto insurance if you use a vehicle to conduct any type of business in this state. That means that if you are using a car to transport goods, make deliveries, or meet with clients, you must carry business auto insurance.
While commercial general liability insurance is not required in Washington, it is highly recommended. This type of insurance offers protection from lawsuits and other legal fees that may arise.
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
- Dental Lab
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
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.
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.
Request a free Washington Psychology insurance quote in Aberdeen, Anacortes, Arlington, Auburn, Bainbridge Island, Battle Ground, Bellevue, Bellingham, Bonney Lake, Bothell, Bremerton, Burien, Burlington, Camas, Centralia, Chehalis, Cheney, Clarkston, College Place, Covington, Des Moines, DuPont, East Wenatchee, Edgewood, Edmonds, Ellensburg, Enumclaw, Ephrata, Everett, Federal Way, Ferndale, Fife, Gig Harbor, Grandview, Hoquiam, Issaquah, Kelso, Kenmore, Kennewick, Kent, Kirkland, Lacey, Lake Forest Park, Lake Stevens, Lakewood, Liberty Lake, Longview, Lynden, Lynnwood, Maple Valley, Marysville, Mercer Island, Mill Creek, Monroe, Moses Lake, Mount Vernon, Mountlake Terrace, Mukilteo, Newcastle, Oak Harbor, Olympia, Othello, Pasco, Port Angeles, Port Orchard, Port Townsend, Poulsbo, Pullman, Puyallup, Redmond, Renton, Richland, Sammamish, SeaTac, Seattle, Sedro-Woolley, Selah, Shelton, Shoreline, Snohomish, Snoqualmie, Spokane Valley, Spokane, Sumner, Sunnyside, Tacoma, Toppenish, Tukwila, Tumwater, University Place, Vancouver, Walla Walla, Washougal, Wenatchee, West Richland, Woodinville, Yakima and all other cities in WA - The Evergreen State.
Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.