Author Topic: E & O Ins  (Read 5435 times)

Christy

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E & O Ins
« on: January 16, 2013, 04:00:45 PM »
Just curious, how much is normal to pay for business liability (E&O) ins?


thanks!

PMRNC

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Re: E & O Ins
« Reply #1 on: January 16, 2013, 05:02:43 PM »
I pay $1977 for 3 mil.   It's going to vary state by state.
Linda Walker
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QueenAlicia

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Re: E & O Ins
« Reply #2 on: January 16, 2013, 05:27:02 PM »
Yes it varies, my plan is around the same and I am in CA.  I recommend getting it as soon as you get the first client. 

Christy

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Re: E & O Ins
« Reply #3 on: January 16, 2013, 05:40:17 PM »
and that rate is yearly, correct?  thanks!

QueenAlicia

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Re: E & O Ins
« Reply #4 on: January 16, 2013, 05:49:56 PM »
No, every 6 months.  In a way it is like car insurance, it renews every 6 months. 

Christy

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Re: E & O Ins
« Reply #5 on: January 17, 2013, 09:06:20 AM »
thank you, ladies!   I just got off the phone with the ins rep and she mentioned "cyber liability..." do you have this to protect against PHI becoming breached over the internet?

thanks!

PMRNC

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Re: E & O Ins
« Reply #6 on: January 17, 2013, 09:33:48 AM »
Quote
thank you, ladies!   I just got off the phone with the ins rep and she mentioned "cyber liability..." do you have this to protect against PHI becoming breached over the internet?

Don't waste your money. In our business you are required to use ALL of the very top levels of security offered, Your breaches and what you do about them come from your compliance plan. As long as you have a good compliance plan in place with steps to protect you and updated to reflect the addition of HITECH  which added penalties to even business associates of covered entities (that would be us) and notification process of breaches.     Your general E/O, Quai Tam, or business liability should blanket cover you.  Do not make the mistake of thinking E/O or ANY other insurance releases you of liability, it's there to assist with legal fees.  It's also like other policies where it excludes certain things like the obvious, fraud/abuse, and even cases where federal or state regs say "YOU should have known", and of course pre-existing conditions/situations.   I have a good friend of mine who owned a collection and billing company and one of her employee's was pocketing money and her liability did not cover her or protect her, she ended up losing her surety bond and that led to her having to close her business.
Linda Walker
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One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Christy

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Re: E & O Ins
« Reply #7 on: January 17, 2013, 10:50:35 AM »
thank you, Linda...I will see what the ins rep comes up with in terms of coverage...my main concerns are lawsuit from provider or patient.....and breach of info (cyber or not)

what is more likely to get you in trouble:

the breach itself?  or the lack of notification procedures?

If I breached and did everything to the letter regarding notification, etc....could I still get in trouble? less trouble?

PMRNC

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Re: E & O Ins
« Reply #8 on: January 17, 2013, 01:35:50 PM »
Quote
what is more likely to get you in trouble:

the breach itself?  or the lack of notification procedures?

If I breached and did everything to the letter regarding notification, etc....could I still get in trouble? less trouble?

Keep in mind these are questions you want to verify with your attorney.   BOTH could land you in trouble. NOT doing anything with any breach of course is much worse. It is all according to HOW the breach occured.  For example, if you happen to talk to someone about someone elses PHI who does not have the "need to know" that certainly is a purposeful breach much worse than, say, a stolen laptop.  If your computer does NOT have login credentials for EACH user in accordance for their "need to know" THAT is a problem that can be corrected BEFORE a breach. A stolen laptop might not be as preventable.  So it really depends on the circumstances.  Again, this is all to be in your compliance plan. Stating said breaches and how YOUR company handles it on YOUR end.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

QueenAlicia

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Re: E & O Ins
« Reply #9 on: January 17, 2013, 05:27:11 PM »
Linda, you have a good policy! I was looking at mine and I was like I need to upgrade it but the cost of mine for lower coverage is the same price that you are paying  :-\

PMRNC

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Re: E & O Ins
« Reply #10 on: January 18, 2013, 11:11:48 AM »
The standard and average is 3 Mil, but you could start out at 1 and re-evaluate later on. I don't want to say 3 million is excessive, in some ways I think it is, but this is the good ol US where legal fees are a BILLION dollar industry.
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

QueenAlicia

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Re: E & O Ins
« Reply #11 on: January 18, 2013, 12:13:06 PM »
yes, I started a 1 mil but for the same price.  I will be upgrading as I have seen a lot of growth the past few months and I will be looking for an office suite.

PMRNC

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Re: E & O Ins
« Reply #12 on: January 18, 2013, 12:30:06 PM »
Just a bit of advice. I seen a LOT of growth and I also do consulting (more so than billing) and I had an opportunity to obtain an office suite and did so for a little while. A complete waste really. Physicians just prefer you to come to them. Save the overhead if you possibly can. Of course if you can't have a secure location in your home then I guess you have no choice.   
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

QueenAlicia

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Re: E & O Ins
« Reply #13 on: January 18, 2013, 12:35:21 PM »
I'm going to be offering other services besides billing and consulting so I will be needing the office suite soon.

Billergirlnyc

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Re: E & O Ins
« Reply #14 on: January 26, 2013, 01:26:45 PM »
I'm so long-winded, the writer in me, eek.

I really wanted to ask this: There was a link to a insurance agency that you guys recommended. I wanted to get that link or info. Any help? I want to find a different insurance agency/company and would appreciate any suggestions/referrals, and if you want you can PM your name and I will let them know you referred me. Thanks in advance.
Don't worry. Be happy.
~Dalia, CPC, CPC-H, RHIT.