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Thread Topic: Insurance
Topic Originator: shane
Post Date May 9, 2005 @ 11:02 AM
Insurance


shane
May 9, 2005 @ 11:02 AM Reply  |  Email Friend   |  |Print  |  Top

How can I Protect my business from mistakes that might be made?

Thank Shane

prembiller
June 7, 2005 @ 12:02 PM Reply  |  Email Friend   |  |Print  |  Top

Please elaborate further.  I didn't get your actual points.

Prem.

Shane
June 7, 2005 @ 12:29 PM Reply  |  Email Friend   |  |Print  |  Top

If one of my employee's bills incorrectly can I be sued for it and also can I protect my company with insurance of some sort?

Thanks

Lisa Paoli
June 9, 2005 @ 7:01 PM Reply  |  Email Friend   |  |Print  |  Top

Errors and Ommission insurance helps, you can incorporate that helps too.  There's so much to learn, you can learn alot from the Small Business Association or AMBA

Lisa Paoli, CMRS

Glenda Mayes
July 10, 2005 @ 3:58 PM Reply  |  Email Friend   |  |Print  |  Top

Hi Lisa,

I am just beginning my billing business.  I have no clients yet.  
How does one obtain errors and ommissions insurance?   And also, what other insurance do you recommend?

Thank u.

Leah
July 11, 2005 @ 9:22 AM Reply  |  Email Friend   |  |Print  |  Top

You need to contact an insurance agent for advice about insuring your business.

LisaPaoli
July 19, 2005 @ 9:31 AM Reply  |  Email Friend   |  |Print  |  Top

Glenda there's alot you need to just get knowledge on, until you actually make a $1000 a month I wouldn't worry about it.  I waited 5 years to get insurance because no one told me either.  I wouldn't be worried about it until you are making money.

Lisa Paoli, CMRS
www.medofficesolutions.net

Leah
July 19, 2005 @ 11:06 AM Reply  |  Email Friend   |  |Print  |  Top

I would like to second Lisa's comments.  Unless you are doing high-dollar claims it probably won't break you  just to pay the loss out of your own pocket.  So your client loses $100 becuase one of his claims fell through the cracks and went past filing deadline?  Just take that much off his next bill.

As far as premises liability - how many visitors will you be getting a day?  A month?  None?  Then you have virtually no exposure and buying insurance may be counter-productive.

If you office at home your business equipment MAY be covered under your homeowners policy.

It becomes a different story if you are dealing with high-dollar claims or you appear to have deep pockets.

schletha
July 22, 2005 @ 1:26 PM Reply  |  Email Friend   |  |Print  |  Top

I am trying to start a billing business also,what are you doing to get clients. Maybe we could work on this together.e-mail me if interested i have ten years of coding/billing experience and just moved to georgia to start this business.

BC Team
October 20, 2005 @ 10:54 AM Reply  |  Email Friend   |  |Print  |  Top

Hi schletha,

BC Advantage magazine has a article on "How to find the right client?" in issue 1 which will be out very soon.
So you might want to subscribe to the magazine.

www.billing-coding.com/advantage

Best regards
BC Team

Luna
February 19, 2008 @ 6:26 PM Reply  |  Email Friend   |  |Print  |  Top

I would agree with Errors & Ommissions insurance although if you plan on having help and can qualify for Directors & Officers I would also invest in it.  

I am more conservative in my outlook with insurance.  The $100 claim is a no brainer to offset but what if there was code bundling say for Medicare and it was done for say 1-2 years.  If you are certified with emphasis in a specific area there is a higher standard which Medicare will review the billing/coding practices.    

E&O or D&O would allow you to have insurance to cover audit costs, penalites, legal advice, etc.  I would want security that my personal assets are somewhat shielded.  

You never need something until you need it.  I believe in best being prepared.



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