Author Topic: What does your business Ins cover?  (Read 2717 times)

Christy

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What does your business Ins cover?
« on: April 15, 2013, 12:49:09 PM »
Business insurance- what do you cover?

I am in the process of getting this -I assume it's mostly to cover legal fees if ever needed?

I don't want to cover my computer or printer or office furniture, etc...

what else should I cover?

thanks!

PMRNC

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Re: What does your business Ins cover?
« Reply #1 on: April 15, 2013, 01:03:51 PM »
There's a few different types and depending on your state it might be called a few different things; quai tam, business liability, business malpractice, business errors & omissions. 

Don't confuse the above with insurance that you will want to have to cover your home office and equipment, if you have homeowners or renters insurance it's good idea to call them to make sure you have that type of protection and you can inquire as to a discount for the E/O. The average coverage for our type of business is 2-3 Million, you can expect to pay anywhere from $900-$3000 a year (just a guess and of course it will vary)
Linda Walker
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DMK

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Re: What does your business Ins cover?
« Reply #2 on: April 15, 2013, 01:20:50 PM »
And make sure you have some sort of coverage in the event that your data is lost!  This can be due to theft, fire, disaster, computer crash etc.  There are costs involved with re-entering data or retrieving data!

PMRNC

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Re: What does your business Ins cover?
« Reply #3 on: April 15, 2013, 01:41:28 PM »
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And make sure you have some sort of coverage in the event that your data is lost!  This can be due to theft, fire, disaster, computer crash etc.  There are costs involved with re-entering data or retrieving data!

Learn something new everyday.. my regular insurance covers theft, loss, and damage but NOT data.. So, if for example if there was a fire and my computer was damaged it's MY responsibility for backups which is why I have off-site backup. Not sure if this is by carrier or what but I was told the DATA on the damaged or lost item would NOT be covered since there was no way to determine monetary value.  In looking at my E/O ..it's also not so cut/dry on WHEN that data is covered.. If there is a case I might be involved in w/out data backups they will be allowed to determine liability again meaning I better have backups.
Linda Walker
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DMK

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Re: What does your business Ins cover?
« Reply #4 on: April 15, 2013, 04:27:15 PM »
Our business insurance (in California if that makes any difference) has a section that covers the costs of retrieving data.  I'm responsible for the back up, but it pays for the replacement software and a certain dollar amount ($10k) if we have to pay a technician to retrieve anything that's retrievable. 

PMRNC

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Re: What does your business Ins cover?
« Reply #5 on: April 15, 2013, 04:58:06 PM »
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Our business insurance (in California if that makes any difference) has a section that covers the costs of retrieving data.  I'm responsible for the back up, but it pays for the replacement software and a certain dollar amount ($10k) if we have to pay a technician to retrieve anything that's retrievable. 

Wow, see I had no idea if that was an option.. I am going to have to call my agent. Back in 2002, my CPU fan went in my computer and fried the whole drive, I paid $1500 for data retrieval! I had backups but they were about 3 weeks old. From then on I did off/on site backups rotating every other day. Of course now it's so much easier with web based software <g>  Data retrieval is really expensive!!
Linda Walker
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One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Christy

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Re: What does your business Ins cover?
« Reply #6 on: June 20, 2013, 03:09:50 PM »
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The average coverage for our type of business is 2-3 Million, you can expect to pay anywhere from $900-$3000 a year (just a guess and of course it will vary)

I am being quoted $3500- $5000 per year...how about others?

PMRNC

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Re: What does your business Ins cover?
« Reply #7 on: June 20, 2013, 07:56:22 PM »
Mine went up when I moved from PA to NY, I'm paying $3105 exactly a year. I thought that was high.. that's for 1 mil.. from what I've found out is that the average is 3 Mil IF YOU ARE CODING.. I'm not coding. 
Linda Walker
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Christy

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Re: What does your business Ins cover?
« Reply #8 on: June 21, 2013, 08:31:15 AM »
I don't code, and those quotes are for 2 mil  and I am in NY as well.

PMRNC

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Re: What does your business Ins cover?
« Reply #9 on: June 21, 2013, 09:53:56 AM »
Linda Walker
Practice Managers Resource & Networking Community
One Stop Resources, Education and Networking for Medical Billers
www.billerswebsite.com

Christy

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Re: What does your business Ins cover?
« Reply #10 on: June 21, 2013, 12:09:00 PM »
thanks Linda!!!