A community of 30,000 US Transcriptionist serving Medical Transcription Industry
Liability Insurance - have you been asked - Sparky
Posted: Oct 07, 2010
Has anyone been asked to purchase liabillity insurance for themselves as an IC. If so, how much does it cost. I was interviewed for an IC position, they said they had insurance, but I would also have to purchase liability insurance. I have never done worked as an IC before so I could use some tips.
Sparky - Ricky
[ In Reply To ..]I have worked as an IC for three decades and have NEVER had to purchase liability insurance. This whole idea is baloney sausage. There is something in the law called the doctrine of the CAPTAIN OF THE SHIP. That would be the physician who signs the report, not you, not me, not any other MT. AHDI once tried to make some dough by getting people on board with liability insurance. No, no, no! Let the company owners take on the responsibility that is theirs.
Ricky is spot on CORRECT! Just say NO! - Not your responsibility. nm
[ In Reply To ..]xx
liability insurance - MT at home
[ In Reply To ..]Within the budget stimulus package passed last year came HITECH (some call it HIPAA #2). In that law, the IC is held just as responsible as the MTSO for privacy and security, can be sued (and fined) equally with the MTSO (or hospital or doctor), and can go to jail right with them if found guilty. I guess it's your choice: protect yourself or leave yourself at risk. Just like fire insurance, health insurance, etc.
MT at home is correct. I used to carry it in another line of work. - Anon.
[ In Reply To ..]Not a big deal. The bills for legal representation to show you are totally innocent after being named can be enormous, however, and are never small.
Sparky, as an IC you are the captain of your ship but not always the master of your destiny.
EXPENSIVE! - JUSTME
[ In Reply To ..]I looked into this a few months ago and the cost was over $1000 a year. Plus, I was told by ins. co. that I would have to carry it the rest of my life in case something I did 10 years ago came back to haunt me. In other words, even if you had the ins. when the infraction happened, you have to have current coverage to cover it.
Here's a good website - Happy MT Robin
[ In Reply To ..]http://www.techinsurance.com/blog/general-insurance/avoiding-lapses-in-eo-insurance-coverage/
I personally would never purchase E&O insurance as an IC if I were going through an MTSO. If I were a "true" IC and contracting directly with the doctor's offices, I might reconsider that. Might.
The problem as I see it is that a lot of the MTSOs are requesting/requiring it because of the HiTech act changes, but there's a very real possibility that any security lapses that would prompt such a claim are not covered by E&O insurance. E&O means errors and omissions, meaning you have to have made an error or omitted something in the course of your work that caused financial harm to your client.
Any errors that are in the document are the ultimate responsibility of the dictator since they have to sign it and they are verifying that the information contained therein is correct. That lets the MT off the hook, IMO.
It's been a while since I've read an actual policy, but there are always loads of exclusions in a policy of this sort. Plus, as the above poster says, if you don't have continuous coverage, because this is a claims-made type of policy rather than occurrence based, it could come back to haunt you in later years when you don't think you need the insurance any more.
my ins co said... - justme
[ In Reply To ..]this ins the mtso's are talking about is a rider policy onto the E&O, so you have to buy E&O and the rider on top of it to cover breach of security issues, etc.
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