Medical Billing Forum
Starting a Medical Billing Business => Starting Your Own Medical Billing Business => : williamportor January 27, 2020, 05:56:39 PM
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Hello - Can someone here recommend a good company to purchase errors and omissions insurance from? I've gone back 14 pages in these forums, and can't locate a suggestion. I suppose I should have done this awhile back. I've considered Hiscox Inc. but they have mixed reviews from the BBB.
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I'm sorry but I don't have a company I can recommend. :(
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OK. May I ask---Should a medical billing company carry error and omission insurance??
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It is recommended however we do not carry it. Our lawyer advised us that we are protected by the way our corporation is set up and that it wasn't necessary. I would love to hear what others think. I'm not 100% confident in his answer.
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I use Hiscox and it is ridiculously expensive- $1300 a year for my tiny business that makes 30k per year.
I have found no alternatives for ins specific to medical billers....
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I use Hiscox and it is ridiculously expensive- $1300 a year for my tiny business that makes 30k per year.
I have found no alternatives for ins specific to medical billers....
That's what I've run into as well, so I'm thinking perhaps a lawyer can give one a clause to put in my service agreement that will absolve a biller of any legal liability in case of billing and/or posting errors on their part.
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I have that clause in my contract as well- I am wondering if I even need the insurance.... please keep posted of what your lawyer says.... thanks!
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Business structuring such as LLC isn't a protection against errors and omissions, neither is a clause in contract. Errors and omissions is like malpractice and actually in some areas that's what it's called and why people can't find the coverage. Some companies also refer to it as qui tam insurance. I got discount through Liberty Mutual (bundle!) Home, Auto, business insurance and business liability (E/O). I got 2 mil coverage, recommended is at least 1 mil.