Why do medical billing companies need business insurance?
Protection against billing errors is essential for your company. Your business is also susceptible to other risks, from slip-and-fall injuries to data breaches. Business insurance covers legal fees, medical bills, property repairs, and other unexpected costs from lawsuits and accidents.
Find the right coverage
Insureon helps medical billing businesses find insurance quotes that match their unique risks.
Get free expert advice and peace of mind knowing you have the right property and liability coverage for your small business.
What types of insurance do medical billing businesses need?
These insurance policies cover the most common risks of medical billing.
Errors and omissions insurance
Medical billing E&O can cover legal expenses if your company is sued for billing errors or other unsatisfactory work. It's sometimes referred to as professional liability insurance.
- Billing errors
- Accusations of negligence
- Missed deadlines
General liability insurance
This policy covers basic business risks, such as a client who trips over a cable and suffers an injury at a medical billing office. It's often required for a commercial lease.
- Slip-and-fall injuries
- Customer property damage
- Libel and other advertising injuries
Business owner’s policy
A business owner's policy, or BOP, is a cost-effective way for medical billing businesses to buy general liability coverage and commercial property insurance together.
- Customer injuries
- Stolen or damaged business property
- Business interruption incidents
Workers’ compensation insurance
Most states require workers' comp for medical billing services that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
- Employee medical expenses
- Disability benefits
- Employee injury lawsuits
Commercial auto insurance
Commercial auto insurance covers financial losses when a medical billing company's vehicle is involved in an accident. It's usually required for vehicles registered to a business.
- Property damage caused by your vehicle
- Bodily injuries from an auto accident
- Vehicle theft and vandalism
Cyber insurance
This policy helps offset the costs of complying with HIPAA and state laws in the event of a data breach. It's recommended for any business that stores personal information.
- Customer notification costs
- Fraud monitoring services
- Data breach investigations
How much does insurance cost for professional service businesses?
A home-based medical billing business will pay less for insurance than a larger company.
Factors that affect professional services premiums include:
- Type of services you offer, such as medical billing and coding
- Business property and equipment
- Business income
- Types of insurance purchased
- Policy limits and deductibles
How do I get medical billing business insurance?
It's easy to get medical billing business insurance if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your medical billing and coding business, whether you work independently or hire employees.
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