Wyoming Marriage Family Therapy Insurance Policy Information
Wyoming Marriage Family Therapy Insurance. As a marriage and family therapist, you help your clients manage and overcome problems with their families and romantic relationships. But working intimately with clients and their personal lives can present certain risks for your practice.
To protect your practice, you need Wyoming marriage family therapy insurance coverage for your most common risks. That way, you have the peace of mind that no matter what unexpected turn comes your way, you have the means to handle the damages and still keep your practice afloat.
Wyoming marriage family therapy insurance protects your practice from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why You Need Marriage Family Therapy Insurance
Wyoming marriage family therapy insurance is designed to provide financial protection from the risks that come with this job. Whether you provide marriage and family therapy full-time, part-time or have a temporary contract there is always a risk of possible liability claims arising following incorrect advice or guidance given. This insurance provides coverage for such claims as well as for damage, loss or theft of any equipment you use in this profession.
Types Of Marriage Family Therapy Insurance
Here are some of the most basic therapy insurance coverages:
Professional Liability Insurance: Also know as errors and omissions (E&O), this provides coverage for damages or accidents resulting from carelessness or negligence of WY marriage and family therapists when performing their duties. Professional indemnity insurance protects these professionals from claims by dissatisfied clients, providing a financial safeguard from litigation.
Professional liability can offer some or all of the following coverages:
- Inclusive Insurance: Coverage available for employed or self-employed marriage and family therapists.
- Extensive Coverage: Various limit options.
- Your Own Defense: Your own attorney to protect your best interests in a lawsuit.
- Lost Wage Reimbursement: Reimbursement for lost wages.
- Court Costs Coverage: Payment of expenses incurred in your defense.
- Licensing Issues Reimbursement: Coverage for representation in response to licensing board actions, even if a malpractice suit isn't filed.
Commercial General Liability: General liability covers you for anything that happens to anyone that comes into contact with your practice, other than claims that come from the way you do your job. Sometimes, general liability coverage is referred to as "slip and fall" insurance.
Workers Compensation: Do you have employees? WY workers comp insurance is a legal requirement for any non-owner employees and is designed to protect your staff against injury or while performing their job.
Business Owner's Policy (BOP): This Wyoming marriage family therapy insurance combines property and general liability coverage in one policy that usually costs less than purchasing them on their own. BOPs are a smart way for WY marriage and family therapists to save money on two insurance policies that they usually have to purchase to meet regulatory requirements. The coverage you get with a BOP is likely more thank you would get if you bought CGL and business property insurance separately, and BOPs offer this coverage for a discounted premium.
Business Property Insurance: As a therapist, you might have rent a small office. You have lit candles in the treatment room and one of them is knocked over and catches fire. The landlord sues you for fire damage to that space as well as water damage to the adjacent spaces because the sprinklers turned on. Property insurance protects you against claims for property damage to the extent you are liable up to your Wyoming marriage family therapy insurance policy limits.
Libel and Slander Insurance: Libel and slander are the terms used to describe an individual making allegations or accusations about another person. They cover the written word (libel) and the spoken word (slander). As an example an article appears in a quarterly email newsletter which accuses a local marriage and family therapist of selling goods that are unfit for use. They seek compensation from you for libel.
Sexual Misconduct/Abuse: The Wyoming marriage family therapy insurance policy pays for costs to defend you against allegations of sexual misconduct, up to the applicable limit of liability, for amounts you are legally obligated to pay as a result of covered claims involving acts of sexual misconduct related to your professional services.
WY Commercial Auto Insurance: Sometimes WY marriage and family therapists need to travel to work, whether going to assist clients in their homes, or moving between multiple offices. Also, there are work related errands to run to: picking office supplies, cashing checks, going to business lunches, or visiting a tax specialist. Commercial vehicle insurance will protect you by helping you to pay for costs associated with bodily injury and property damage from auto accidents.
WY Marriage Family Therapy Insurance
There's no time like the present to ensure that your investment i your practice are protected from the risks of claims - warranted or not. A solid and comprehensive Wyoming marriage family therapy insurance policy can provide the protection you need, and peace of mind.
Wyoming Economic Data, Regulations And Limits On Commercial Insurance
Whether you are an established or a prospective business owner, the location you choose for your company is critical. If you want to achieve as much success as possible, the area needs to offer a healthy market that the goods and services you intend on offering will appeal to, otherwise there's a good chance that you won't garner the success you are hoping for.
Unemployment rate provides valuable insight about a state's economy. A lower unemployment rate indicates that there are more jobs available, and more jobs are available as a result of successful business operations in the area.
Additionally, knowing what industries are thriving in the state will allow you to determine if opening a business in your sector will be beneficial. Lastly, entrepreneurs should familiarize themselves with the kinds of commercial insurance policies they will need to invest in to protect their businesses and ensure they are operating within compliance of the laws.
If you're thinking about starting a business in Wyoming, read on for an overview of the state's economy and commercial insurance requirements so you can determine if the Equality State is the right location for your operation.
Economic Trends For Business Owners In Wyoming
According to the Bureau of Labor Statistics, the unemployment rate in Wyoming was 3.7%; just .02% of the national average of 3.5% at the same time. This rate of unemployment has remained relatively steady over the course of 2019, which is evidenced by the 3.6% rate in July, 2019, and the 3.7% rate in November.
Economists predict that the job rate will continue to remain steady or see a slight increase or decrease in the coming years.
If you are thinking about starting a business in the Equality State, the best locations include metropolitan regions and the areas that surround them. As with all states, urban areas offer larger markets, a larger workforce, and easier access to national distribution centers. With that said, some of the best places to start a business in Wyoming include:
- Rock Springs
- Salt Lake City
Several industries are thriving in WY, but the sectors that are seeing the largest boom include:
- Hospitality and tourism
- Mining and extraction
- Real estate
- State and local government
- Transportation and warehousing (logistics)
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Wyoming are favorable.
Commercial Insurance Requirements In Wyoming
The Wyoming Department of Insurance regulates insurance in WY. Wyoming mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Wyoming requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Wyoming also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
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
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 Wyoming Marriage Family Therapy insurance quote in Afton, Alpine, Alta and Wamsutter, Antelope Valley-Crestview, Arapahoe, Baggs, Bar Nunn, Basin, Bear River, Big Horn, Big Piney, Boulder Flats, Buffalo, Burlington, Byron, Casper, Casper Mountain, Cheyenne, Clearview Acres, Cody, Cokeville, Cowley, Dayton, Diamondville, Douglas, Dubois, Encampment, Ethete, Evanston, Evansville, Fort Washakie, Fox Farm-College, Freedom, Gillette, Glenrock, Green River, Greybull, Guernsey, Hanna, Hartrandt, Hoback, Hudson, Hulett, Jackson, James Town, Kemmerer, La Grange, Lander, Laramie, Lingle, Lovell, Lucerne, Lusk, Lyman, Marbleton, Meeteetse, Midwest, Mills, Moorcroft, Moose Wilson Road, Mountain View town, Newcastle, Nordic, North Rock Springs, Pine Bluffs, Pine Haven, Pinedale, Powell, Purple Sage, Rafter J Ranch, Ralston, Ranchester, Ranchettes, Rawlins, Red Butte, Reliance, Riverton, Rock Springs, Rolling Hills, Saratoga, Sheridan, Shoshoni, Sinclair, Sleepy Hollow, South Greeley, South Park, Star Valley Ranch, Story, Sundance, Thayne, Thermopolis, Torrington, Upton, Urie and La Barge, Vista West, Warren AFB, Wheatland, Wilson, Worland, Wright and all other WY cities & Wyoming counties near me in The Equality State.
Also find Wyoming insurance agents & brokers and learn about Wyoming small business insurance requirements for general liability, business property, commercial auto & workers compensation including WY business insurance costs. Call us (307) 215-0090.