Starting a Medical Billing Business > Starting Your Own Medical Billing Business

What does your business Ins cover?

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Christy:
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:
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)

DMK:
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:

--- Quote ---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!
--- End quote ---

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.

DMK:
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. 

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