Labor Day Closing
All Syndicated and PayGo Plus offices will be closed for Labor Day on Monday, September 2, 2024.
Allied Healthcare Providers
You’ve written your business plan, filed the appropriate paperwork, and set yourself up to manage your own business as an allied healthcare provider. You are accepting clients who pay for your specialty services from the get-go. You are well on your way to becoming a successful entrepreneur.
No matter what type of allied healthcare service you offer—from yoga instruction to massage therapy to social work—your focus is on creating, growing and expanding your business opportunities.
You keep reading all the lists to make sure you’re doing it right. Google has become your best friend as you research and absorb all the advice from the “Top Five Ways to Grow Your Business” to “Lessons for Independent Business Owners.”
There is so much to focus on when you run your own business, even if the only person on your payroll is you. Your checklist of things to accomplish is long. But you are confident and focused on creating a unique and genuine business model that is sure to succeed.
Your immediate reaction is to run out and find many clients as quickly as you can. At the same time, you need to create your website, print business cards, and find opportunities to market your services. As you seek opportunities to build your brand and customer base, you discover that you can offer your services by plugging in as a contractor through existing businesses.
Part-Time Opportunities Can Grow Your Client Base
There are many ways to grow your business opportunities as an independent contractor or small business with a handful of employees. Perhaps you’re a yoga instructor or massage therapist at your local gym two days a week. Or maybe you’re a nutritionist or life coach that provides counseling support one day per week at an existing clinic. You could be a licensed independent social worker working as a contractor at a senior living behavioral health center. You may create opportunities that connect your small team of employees with any of the part-time jobs.
Whatever the case may be, you’re on your own and experience the many freedoms of being your own boss. It is glorious to have the flexibility set your schedule and earn more money while you maintain a work-life balance. If you have a small team supporting you, you’re probably enjoying passing along work-life balance to them, too.
With the many freedoms you’re experiencing being your own boss, there is no reason you could fail. Or is there?
When you—or members of your small business—go work with other people you’re offering expert services to others. But no matter how carefully you or your team members work, there are risks that your business can encounter daily.
Liability Incidents Could Potentially Ruin Allied Healthcare Providers
Consider what could happen when you or your employees visit a client’s offices or use a third-party location for any business-related activity. Unexpected accidents, such as trips and falls, could result in unforeseen medical bills that you have to pay.
In today’s lawsuit happy society, you could find yourself needing an attorney because someone sues you for libel or slander. Without even trying, you could find yourself in uncertain situations which create unanticipated financial risks that could leave you bankrupt or at least in a world of hurt.
Most business owners are already aware of the hidden risks. So you shouldn’t be caught off guard when you are required to show proof of insurance to an existing business which you discuss offering your services.
Not convinced yet? There is proof in the numbers…
Small Business Disaster Facts & Numbers
You can have everything aligned for your allied health business to succeed. But, if you get sued or have to pay medical expenses, your business could unexpectedly close the doors. As an independent contractor or small business owner, here are some statistics to consider:
50% of small businesses survive five years or more (Source: Bureau of Labor Statistics 2016)
10% of small business claims come from customer slips and falls (Source: The Hartford)
22.2% of small business owners experienced a client complaint or dispute. (Source: Insureon’s 2016 Survey)
If that isn’t enough, Insurance Journal cited the following top most costly liability claims for small businesses: reputational harm ($50,000), customer injury or damage ($30,000), customer slip and fall ($20,000), and struck by an object ($10,000). They went on to share that 35 percent of all general liability claims results in a lawsuit.
So what should you do?
Get Peace of Mind With A Cost Effective Easy Solution
Don’t become another failed business statistic because you didn’t take steps to protect your business. Get a general liability insurance policy so when a lawsuit or unexpected medical claim arises, your hard earned money isn’t at risk.
The minimum cost for a general liability insurance policy can bring you peace of mind and potentially save your business from financial ruin.
Are you an independent contractor or small business owner that provides allied healthcare services? You can enroll online in about 3 minutes and receive a policy by email the same day you sign up. If you’re still not sure, learn more here.
Are you a broker who wants to offer general liability to your clients? Learn more or get a quick quote. You can even add the application on your website.
3 Things to Consider in a Commercial Insurance Policy
Every small business owner needs to manage risk, and obtaining commercial insurance is one of the best ways to do that. But finding the right coverage can be overwhelming, especially for those who have never purchased coverage before. Here are three things to consider.
Consider what is legally required. Buying business insurance may be a necessity, depending on your location, industry, state, clients and lenders. For example, businesses with employees must generally carry workers’ compensation insurance. Clients may require that you carry professional liability coverage or errors and omissions insurance. And if you’re renting office space, your landlord may require you to buy a general liability policy, which covers third-party lawsuits over bodily injury or property damage.
Understand your industry’s risks. Because every industry is different, the risks to a business often depend on its industry. For example, an accountant should worry about liability if a mistake is made completing a client’s taxes; a restaurateur should worry about a diner contracting food poisoning.
Learn what might affect your costs. Your location, the type and size of your business, and the assets you are insuring may all affect the premium you pay for coverage. While you can’t control many of these things, you can take some steps to help keep your premiums down, such as creating a safe work environment, vetting employees carefully, and not allowing your coverage to lapse.
Call or email us today to schedule some time to review your insurance needs.
3 Things to Consider in a Commercial Insurance Policy
Every small business owner needs to manage risk, and obtaining commercial insurance is one of the best ways to do that. But finding the right coverage can be overwhelming, especially for those who have never purchased coverage before. Here are three things to consider.
Consider what is legally required. Buying business insurance may be a necessity, depending on your location, industry, state, clients and lenders. For example, businesses with employees must generally carry workers’ compensation insurance. Clients may require that you carry professional liability coverage or errors and omissions insurance. And if you’re renting office space, your landlord may require you to buy a general liability policy, which covers third-party lawsuits over bodily injury or property damage.
Understand your industry’s risks. Because every industry is different, the risks to a business often depend on its industry. For example, an accountant should worry about liability if a mistake is made completing a client’s taxes; a restaurateur should worry about a diner contracting food poisoning.
Learn what might affect your costs. Your location, the type and size of your business, and the assets you are insuring may all affect the premium you pay for coverage. While you can’t control many of these things, you can take some steps to help keep your premiums down, such as creating a safe work environment, vetting employees carefully, and not allowing your coverage to lapse.
Call or email us today to schedule some time to review your insurance needs.
5 Ways to Manage Your Small Business Insurance Costs
As the owner of a small business, one of your many responsibilities is likely managing business insurance costs. With everything else going on in the world today, you may feel like you don’t have time to keep on top of this responsibility.
But it’s still a good idea to periodically review your business insurance coverage to ensure that you have the policies you need and are getting the most for your money.
Here are five things to consider.
Are you reviewing coverages annually? Business needs can change rapidly, so it’s a good idea to review your policy with us on a regular basis. You may find, for example, that you need to purchase additional protection (perhaps you’ve purchased new computer equipment, or perhaps you’ve increased or decreased employees). Or you may find that you can save money by adjusting some coverages. We can help you ensure that you have the appropriate coverage for your business.
Can you reduce expenses by combining coverage? It wouldn’t be surprising for you to have multiple policies with different insurance companies. For example, you might have general liability coverage from one insurer and cybersecurity coverage from another. By bundling all of your coverage, you may be able to reduce your premiums. And having only one policy can make managing your renewals a little less time-consuming.
Can you change your deductibles? A general guideline for insurance costs is as follows: higher deductibles, lower premiums; lower deductibles, higher premiums. So increasing the deductible on your business insurance policy may reduce the cost of your premium. You might then invest the money you save back into your business. Before opting for a higher deductible, however, it’s a good idea to consider how much money you have available to pay out of pocket for a covered claim, such as a theft or a fire. You don’t want to risk your business’s future to save a bit of money each month.
Consider stronger risk management in your daily operations. It’s important to think about your coverage needs in advance. Can you pinpoint potential business risks? For example, if your company could possibly experience a data breach, you will want to have cybersecurity coverage. Otherwise, you’d be responsible for costs related to your business’s recovery from a breach, such as credit monitoring services, legal fees and fines from your state if your business is required to have this kind of coverage. This could cost thousands of dollars, so having the right insurance coverage in place can be critical if the unexpected happens.
Plan for uncertainties. You might also consider taking measures to help reduce business risks. One measure is planning for a disaster, such as a destructive storm or fire or data breach, as mentioned above. But business succession planning is also critical. As a business owner, you’ll want to ensure that you leave everything in order should you need to leave the business unexpectedly.
We can help you review your current insurance coverage and make adjustments based on your company’s changing needs. Call or email us. We’re always here for you.
The Basics of Business Owner Insurance Policies
A business owner’s policy (BOP) combines two types of insurance (property and general liability) into one policy, helping you efficiently manage claims resulting from disasters, theft, fires, bodily injury and more.
Who needs a BOP?
A BOP can help your business if you have a physical location, regardless of the type (a home, a rented or owned office, a storefront or even a garage), because those locations are subject to damage.
A BOP can also help your business if you have assets that could get stolen or damaged. These can include physical assets, such as equipment, furniture and inventory. But they can also include digital assets. If someone steals or loses customer data, for example, a BOP can help pay expenses involved in notifying clients.
You could also benefit from a BOP if there is any chance that you could be sued. Say a customer slips and falls in your retail storefront or office. Without the proper coverage, you could face significant medical expenses.
Why consider a BOP?
A BOP is more affordable than buying separate business property and liability policies. You can also tailor a BOP to help meet your business’s specialized needs by adding optional coverages, such as data breaches and business income loss. A BOP policy can also be customized to certain industries.
How can you get a BOP?
Proper insurance coverage is an important part of being prepared. Call or email us today to review your policies and determine if a BOP is a good fit for you.