As a medical billing service, your employees submit and follow up on claims to insurance companies, which process the claims and provide payment to health care providers. We offer custom-tailored Medical Billing Service Insurance, including General Liability, Property, Crime, Business Auto, Workman’s Comp, and more.
This is the most important policy to have because of the three main coverages it offers: premises liability, completed operations and product liability. Premises liability is coverage for accidents that occur on your premises, such as a customer getting injured from tripping over an object or falling down a staircase. Completed operations is for services you provide, which is very important in your line of business. Product liability covers damages from any products you sell that cause property damage or personal injury to someone.
A personal injury exposure exists to medical billing services due to the potential for confidential information being released without authorization, whether by employee error or cyber criminals.
This is also known as Errors & Omissions. According to HIPPA, medical billers are just as liable as medical providers when it comes to the unauthorized release of patient information. Medical billing services should have procedures in place to double check the medical coding in order to prevent errors. Careless errors could result in clients being charged a higher than necessary fee.
Employees need protection from injuries while on the job, which could include falls, eye, neck and shoulder strain from extended use of telephones and computer, and repetitive motion injuries, among others. Worker’s Comp covers the medical examination, treatments, diagnosis, and physical therapy to work-related injuries. The overall workers’ compensation exposures for medical billing employees should be minimal.
A Business Auto policy covers owned, non-owned, and hired autos. Business auto covers bodily injury and property damage if an employee gets into an accident while driving for business purposes, such as running office errands, attending off-site meetings, etc. Coverage for theft or vandalism is optional.
Unfortunately, there are a myriad of unexpected events that could disrupt your operations, including natural disasters, severe weather, theft, or fire. If something along these lines occurs, business property insurance provides the funds so that repairs can be made and destroyed or missing equipment can be replaced.
Medical billers responsible for the security of client information, such as social security, credit card and banking information. Losses can result from employee embezzlement of your bank accounts, cash, or equipment or from the theft of client financial assets. Damages from the theft of a client or multiple clients’ assets could result in a very costly lawsuit.