Medical billing services that process billing for a variety of healthcare providers face a variety of risks, including professional liabilities. Medical Billing Service insurance offers protection for your business, assets, and employees, and includes General Liability, Property, Crime, Workers’ Compensation and more.
This policy offers protection for a variety of exposures facing medical billing services. Medical billing was once considered low risk but HIPPAA laws raised the risk of liability. Confidential information being released to unauthorized persons can result in identify theft and other types of personal injuries to clients. General Liability also covers premises liability for accidents that occur on your owned or rented property, such as someone tripping and suffering an injury.
Errors in billing and coding or late filing of claims could result in a financial loss for your clients Professional Liability insurance, also known as Errors & Omissions, ensures that the losses resulting from errors made by your employees are covered. These disputes can lead to lawsuits, and this policy covers attorney fees and other costs incurred while defending yourself.
Employees need protection from injuries while on the job, which could include slip-and-fall accidents and repetitive motion injuries, among others. The overall workers’ compensation exposures for medical billing services should be minimal.
Your business property, data and equipment are the most significant components of the daily running of your business. Unfortunately, any number of unexpected events could disrupt your operations, such as fire, a natural disaster, extreme weather, vandalism or theft. If such an event occurs, business property insurance steps in so repairs can be made and damaged or missing equipment can be replaced.
Few business owners realize how frequently losses are attributed to employee theft of money, data or property. Outsiders may also steal money or property from your place of business, but medical billing service companies are mostly at risk for employee-related crimes. Embezzlement and theft of petty cash or office supplies is something to be aware of. The best protection is a crime insurance policy.