insurance for phlebotomists

why do phlebotomists need insurance?

A phlebotomist taking a blood sample

Fill out the form below, for a quote on liability insurance for your phlebotomy practice.

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As a phlebotomist, you encounter various challenges in your profession that necessitate specific insurance coverage to ensure your safety and security. Your daily tasks involve direct interaction with patients and handling of sensitive biological samples, exposing you to risks such as needlestick injuries and potential contact with bloodborne pathogens. These occupational hazards highlight the importance of having insurance that specifically addresses such risks.

a phlebotomist at work, worried about insurance cost

Your role also demands precision in drawing and labeling blood samples. Mistakes in these processes can lead to serious medical issues, underscoring the need for professional liability insurance. This type of insurance is essential as it provides protection against legal claims that may arise from professional errors or omissions.

How much is professional liability insurance for phlebotomists?

Professional liability insurance, also known as medical malpractice insurance can cost around $1,500/year, however there are a number of factors that affect the amount you pay however:

  1. The coverage limits required: Higher coverage limits result in higher premiums.
  2. Deductible Amount: This is the amount you pay on each claim, before the insurance cover begins A higher deductible typically lowers the premium.
  3. Location: Insurance costs vary by state and locality due to differences in legal environments and risk exposures for insurance carriers.
  4. Claims History: A history of claims can increase insurance costs.
  5. Workload and income: Phlebotomists who work longer hours and handle more samples may have higher insurance costs due to increased exposure to risk.
  6. Services Provided: The scope and nature of services you offer can affect risk levels and thus insurance costs.
  7. Third party involvement: If a third party has custody of your blood samples at any stage in the process, this could increase the risks and insurance costs,

The incentives offered by different insurance companies often change, depending on the markets they want to focus on at any given time. This is why, as a leading medical malpractice broker, we strive to keep abreast of the changing ‘appetites’ of insurers so that we can always source the most suitable policy for our phlebotomist clients at the best price.

what types of insurance do phlebotomists need?

General Liability Insurance

General Liability Insurance

This is necessary for Phlebotomists with their own facilities. It  covers medical expenses and attorney fees resulting from bodily injuries and property damage your facility or organization could be legally responsible for.

Business owner's policy (BOP insurance)

Business owner's policy (BOP insurance)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for Medical Professionals with small to medium-sized businesses, providing a blend of liability protection and property insurance.

Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance overs any negligence or mistakes made by the individual Medical Professional during their practice. It differs from General Liability insurance, which covers the practice itself. 

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for Phlebotomists who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect Phlebotomist practices and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.

Contact Chris Worley now

Chris Worley

Chris specializes in insurance for Phlebotomists. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

phlebotomists frequently asked questions

What types of insurance do phlebotomists need?

The insurance needs of phlebotomists will vary. All phlebotomists should be covered by professional liability insurance. Private practitioners however, also need coverage for their practice, like general liability insurance, or a business owners policy. They also need workers compensation insurance for all employees. Phlebotomists working in hospitals or health care centers meanwhile, may be covered by their employer’s policy, but it’s crucial to verify the extent of that coverage.. 

How much professional liability coverage do I need?

The minimum liability limit requirements vary depending on your state, so a quick check with your state licensing or regulatory board will reveal this. This is information that insurance carriers will also be aware of. Additionally, many hospitals and facilities may mandate a minimum coverage of $1,000,000 per incident and $3,000,000 aggregate.

For those seeking higher coverage, options include liability limits as substantial as $2,000,000 per claim and $4,000,000 aggregate. It’s essential to note that higher limits may be available if mandated by your state. To ensure you have the appropriate level of protection, we need to carefully consider both state requirements and the expectations of institutions where you practice.

What is the difference between Claims Made and Occurrence coverage?

Claims Made and Occurrence are two common types of professional liability insurance coverage.

  • Claims Made Coverage: This type of coverage protects phlebotomists for claims made and reported during the policy period. It’s important to note that the incident and the filing of the claim must occur while the policy is active. Phlebotomists may need to purchase additional coverage, such as “tail” coverage, to protect against claims which are made after the policy’s expiration for incidences which occurred during the coverage.
  • Occurrence Coverage: Occurrence coverage protects phlebotomists for incidents that occurred during the policy period, regardless of when the claim is filed. Phlebotomists with occurrence coverage do not need to purchase tail coverage since the policy in effect at the time of the incident continues to respond to claims, even if the policy is no longer active.

Choosing between Claims Made and Occurrence coverage depends on individual preferences, circumstances, and the potential need for long-term protection. Phlebotomists should carefully evaluate the advantages and limitations of each type of coverage in consultation with their insurance advisor.

How can I control insurance costs without compromising coverage?

Phlebotomists can control insurance costs by implementing risk management strategies, maintaining a strong professional practice, and periodically reviewing and updating their coverage based on evolving needs. Ask us about risk mitigation strategies for phlebotomists.

Can I get coverage for my equipment and supplies?

Yes, you can add coverage for your equipment and supplies through Commercial Property Insurance. This is especially relevant for phlebotomists who own their own businesses or provide mobile phlebotomy services.

Why do I need cybersecurity insurance?

If you keep client records on a computer which is connected to the internet, or in a database which is networked, or on the cloud, you need cyber liability insurance.

If your clients’ sensitive information is compromised, you may face legal liabilities. Cyber liability insurance helps cover the costs of legal defense, settlements and for the consequences of information privacy violations (HIPAA), protecting you from potential financial ruin. With the rise of ransomware attacks, cybersecurity insurance can provide coverage for ransom payments, enabling you to navigate such situations without succumbing to extortion demands. 

Cyber liability insurance is an essential component of a comprehensive risk management strategy. It adds an extra layer of protection, allowing you to focus on your professional responsibilities with the assurance that you have measures in place to address potential cyber threats. 

Can I get temporary or part-time insurance coverage?

Yes, some insurance providers offer flexible plans geared towards part-time or temporary workers. If your work situation is not constant, this could be a suitable option for you. Ask us about flexible plans when you inquire.

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.