Archive for April, 2012
Professional liability insurance is a must for many professionals to ensure them against paying massive fines for malpractice or any professional mistakes, but most professionals do their best to avoid getting malpractice insurance because of its high cost. Several factors go into determining the cost of this insurance, and you can manipulate these factors to help make the insurance cheaper, or at least understand why this insurance is so expensive.
Professional experience is a large consideration. A doctor with one year of experience is considerably riskier to insure when compared to a doctor with nine years of experience. Less experience means the professional is more likely to make a mistake, which can cost the insurance company a lot. Due to this, inexperienced professionals are charged the most, to make up for this potential risk. Waiting until you have more experience can drive down the insurance costs, but at the same time, going uninsured will cost you much more if a bad mistake is made.
The services you provide also factor into professional liability insurance costs. A professional that provides secondary services to clients is often less risky to insure, because the insurance company will have to pay less is a mistake is made. However, if you provide mission-critical or life-saving services, then the risks are much higher for your insurance carrier. In the first case, if you mess up, the client is annoyed but that’s it. In the second case, messing up means a business may collapse or that a patient dies; this leads to much higher payments for the insurance company, and subsequently, for you as well.
Similar to the services category, your common clients will factor into the equation of your professional liability. If you have clients that order moderate amounts of items or services from you, then this will positively affect the insurance price, because the company will not need to pay these people much for a mistake. However, if your clients spend massive amounts of money on average, then one mistake can be a heavy hit to the insurance company, because the client will demand a large sum of money for reparations.
The number of professionals you have working for you, if you own a business are and purchasing insurance for everyone, can affect the liability insurance price. In this case, more professionals equates to a larger payment. This is because more employees means more customers, which equals a higher chance of accidents occurring.
It all comes down to risk. While professionals are not inherently riskier than regular people to insure, the work they do can cause high-priced mistakes. Since the insurance company does not want to lose money, they have to charge you a lot to cover you in case an accident ever does happen.
It is important to protect yourself even as a student when providing professional services to the public. Student liability insurance protects them against claims that could arise from errors (real or alleged), negligence and omissions, in the course of their professional duties. In the event a student is faced with a lawsuit because of a claim, he will have to defend himself and it can be costly. Student liability insurance provides protection in situations such as this. Liability insurance for students will provide them with their own attorney, cover court costs and settlements. Not having this insurance can put a student’s personal financial assets at risk. Some of the additional benefits of having liability insurance for students include:
- Payment for lost wages
- Reimbursement of funds if licensing board issues were involved
- Pay costs incurred in the investigation or defense of a covered claim
Student professions that will benefit from this type of coverage include:
- Massage Therapists
- Dental Laboratory Technicians
- Dance Therapists
- Guidance Counselors
- Accountants and CPAs
- X-Ray Technicians
Although educational institutions are legally responsible for their students, there are times when the student could be held personally responsible in a lawsuit for negligent errors. Don’t leave the security of your future to chance while you’re seeking your education. Shop around for the best insurance provider that meets your needs and your line of work. Get a full understanding of what is covered and what is not before you make a final decision. The cost of liability insurance is a small price to pay for the peace of mind you receive.
Many people struggle with losing weight and keeping it off. When diet and exercise aren’t enough to get the job done, doctors may prescribed medication such as phentermine, to help their patients lose weight. While this medication often works well, it may not be covered by conventional health insurance plans.
Phentermine works by decreasing the appetite, making it easier to lose weight by eating less food. This drug also tricks the body into a feeling of fullness, which also makes it easier to avoid overeating. There have been some health risks associated with the use of phentermine. Many people have experienced adverse health effects such as dizziness, high blood pressure and difficulty sleeping while on this drug. Most doctors feel phentermine is safe when taken by a healthy person who is under the care of a physician. Doctors often require the patient to be morbidly obese before prescribing phentermine.
Those interested in taking phentermine for weight loss must obtain a prescription from their doctor. Many insurance plans do not cover weight loss drugs such as phentermine, stating they are primarily for cosmetic purposes. Some insurance plans will cover this medication if they receive a letter from the prescribing physician stating phentermine is a medical necessity due to conditions associated with being overweight such as high blood pressure or diabetes. While weight loss drugs are not a quick-fix, they can help overweight people lose more weight when combined with proper diet and daily exercise.