Many allied healthcare professionals aren’t aware that the hidden risks they are exposed to every day could create significant liability and financial issues for them. This post shines the light on what allied healthcare providers need to know.
If you’re an insurance agent or broker, feel free to share this post with your clients. If you’re an allied healthcare provider, you’ll want to read this.
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.