2014

Must-Know Insurance Policies for Medical Billing and Coding Professionals

To cover your medical billing and coding business, you'll need a variety of insurance policies. Our agents can build an insurance plan customized to fit the precise needs of your medical billing company.

To cover your business, you'll need a combination of insurance policies, including…

General Liability Insurance for Healthcare ERP and CRM Professionals

Most medical billing businesses have to purchase General Liability Insurance in order to meet government requirements. This common insurance policy protects your business from "general" liabilities, which are situations where non-employees may sue your business for…

  • Personal injuries.
  • Property damage.
  • Slander / libel.
  • Copyright infringement.
  • Advertising injury.

When a lawsuit happens, GLI can pay for your legal bills, including the costs of…

  • Lawyers.
  • Paralegals.
  • Evidence fees.
  • Expert witnesses.
  • Judgments.
  • Settlements.

General Liability Insurance covers the "slip-and-fall" liabilities your business faces as well as many other common causes of lawsuits. If a mail carrier trips over a crack in your sidewalk and breaks their shin against the cement, they could sue your business.

It's impossible to prevent all accidents and injuries, but General Liability Insurance can cover the cost of defending yourself from these lawsuits and keep your business afloat. Lawsuits can easily cost five or six figures. Businesses without GLI would have to front that cost, probably taking out loans or cutting staff in order to do so. When faced with a lawsuit, you'd rather not be trying to pinch pennies on your legal defense.

General Liability Insurance can keep your business from being overrun with legal expenses and help you survive many common lawsuits.

Property Insurance for Medical Coding and Billing Businesses

Property Insurance can pay your business for the value of its lost property when it is lost or damaged by…

  • Wind storms.
  • Winter storms.
  • Tornadoes.
  • Non-major storms (storms not given names by the National Weather Service).
  • Fires.
  • Theft.
  • Vandalism.

When one of these situations destroys or damages your property, the insurance company can send your business a check for the value of the property you've lost. Property policies can cover your…

  • Computer and medical billing equipment.
  • Tools.
  • Supplies.
  • Inventory.
  • Furniture and furnishings.
  • Office space.
  • Buildings.

Many Property Insurance policies come with Business Interruption Coverage, which can help your business during a period when you're unable to open your doors because of a covered property event. If a storm destroys your office and you have to repair or rebuild, Business Interruption Coverage can insure your income, paying your business the money it normally makes. With BIC, you're able to pay your workers and vendors and meet your other financial obligations.

Business Owner's Policies for Online Billing and Medical Transcription Services

Business Owner's Policies (or BOPs) simplify your insurance, packaging General Liability and Property Insurance into one policy.

BOPs cost less than purchasing these two policies separately, but they are only sold to small businesses that insurance companies consider to be "lower-risk." The good news is that many medical billing and transcription businesses qualify.

In order to qualify for a Business Owner's Policy, your business…

  • Can't have more than 100 employees.
  • Can't need more that 12 months of Business Interruption Coverage.
  • Can't own or lease large-scale offices.
  • Can't work in a dangerous of risk-prone industry.

These policies are sold on a case-by-case basis, so we can't generalize and definitively tell you if you're eligible. But when you fill out our online form, our agents will use their contacts in the insurance industry to figure out if your business qualifies and send you a free, non-strings-attached insurance quote on this and other policies.

Cyber Liability Insurance for Healthcare ERP and CRM Professionals

Cyber Liability Insurance (also known as Cyber Risk Insurance or Data Breach Insurance) is vital for businesses that have a lot of personal or financial data - which is exactly what medical billing professionals have.

There are two types of Cyber Liability Insurance…

  • First-Party Response.
  • Third-Party Defense and Liability.

Your business may need one or both of these coverages. In short, First-Party Response protects businesses when their networks are hacked, where as Third-Party Defense protects companies when their software on a client's computer is hacked.

Both these policies help businesses respond to Cyber attacks, which are when hackers break into networks in order to steal money or data like SSN's or billing information that can help them steal money from you or your customers.

First-Party Response covers attacks that happen on your computers, paying for…

  • Forensic investigations to help you find out who attacked your business and where you are vulnerable.
  • Fraud monitoring and credit monitoring for you and your clients.
  • P.R. and ad campaigns to restore your business's reputation.
  • Crisis management after the attack to make sure you handle the difficult legal responsibilities.

Third-Party Defense is important for businesses that sell medical billing, ERP, or CRM software to other companies or that manage their client's billing systems. If a client's network is hacked, your business can be the target of a lawsuit. Even if you didn't design the software, your business can be held liable if you installed it on a client's computer or maintain the data system.

Third-Party Defense pays for…

  • Settlements, judgments, and other legal expenses you have to pay after a cyber attack.
  • Lawsuits over privacy or data security liability.

Your business is data. Make sure your insurance protects you from cyber attacks and data breaches.

Professional Insurance: Errors and Omissions Coverage for Medical Coding and Billing Companies

Errors & Omissions Insurance (also called E&O Insurance or Professional Liability Insurance) protects your business when it makes a professional error or when clients claim it has made an error.

Professional Liability Insurance pays for the costs of lawsuits, settlements, and judgments regarding a professional lawsuit.

Covered lawsuits include claims that your business…

  • Billed customers, insurance companies, or hospitals incorrectly.
  • Made mistakes or oversights.
  • Failed to deliver the goods and services it agreed to with the customers.
  • Was professionally negligent.

Here's a situation you may face. One of your employees makes an accounting mistake that overcharges customers over the course of a month. If that happens, you could be looking at multiple lawsuits that will not only drain your business's revenue, but also waste your time.

E&O Insurance can pay for these lawsuits and even for settlements to end the lawsuit quickly and without the mess of going to court.

Workers' Compensation Insurance for Online Billing and Medical Transcription Services

Workers' Compensation Insurance (also called Workers' Comp or Workman's Comp) covers your business's medical and legal obligations when an employee is injured at work or develops a work-related illness.

Whether it's a carpal tunnel injury or a fall down the stairs, Worker's Comp can pay for…

  • Employee medical expenses.
  • Paid medical leave and recovery time.
  • Employer legal bills for Workman's Comp lawsuits.
  • Funeral costs.
  • Support payments to dependents of employees who die from a Workers' Comp injury.

The most prevalent cause of a Workers' Comp claim is simply a fall. Even though your business doesn't work in a particularly dangerous environment, it is susceptible to many common claims like falls, trips, and repetitive stress injuries.

Nearly all states require employers to purchase this insurance, but some states allow partial exceptions that can lower your premiums. For instance, you may be able to forgo covering yourself or other owners / founders of the business. Our agents can help you find strong, affordable coverage.

Small-Business Insurance Designed for Medical Billing and Coding Professionals

Let insureon's professionals work for your medical billing business. Our agents customize each plan to fit the needs and liabilities of our clients. With more than 30,000 clients insured, our agents will use their expertise in small business insurance to customize a plan for your medical billing company.

Submit our online application, and get a free quote today.

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