Durable Medical Equipment Industry: About Insurance and Related Bonds

The manufacturers, distributors, sellers, renters and service people involved in the durable medical equipment industry are part of a very lucrative business that is consistently in demand. Nonetheless, the exposure to risks is as exceptional as the line of work.

In the event a related product is deemed faulty those that supplied it may be liable for associated property damages, bodily injury or death…

Insurance for the Durable Medical Equipment Manufacturer

Risk exposure for each piece of equipment that is manufactured is determined in relation to its type and usage. Specific types of equipment need to be fashioned in very sterile circumstances.

Some equipment is designed to sustain life, and some are used in the hospital’s operating room.

Insurance companies place the varying durable medical equipment into three separate groups:

– For diagnosing

– For therapy

– For monitoring purposes

Insurance for Durable Medical Equipment Dealers

Dealers involve themselves in either the selling or renting aspects of products like:

– Wheelchairs

– Oxygen apparatus

– Respiratory machinery

– Therapy devices

– Orthopedic equipment

Clearly, the renting of the equipment is much more problematic than selling. This is due to the following reality:

– Renting equipment leads to less preventative care and attention to manufacturer’s instructions

– Renting equipment can lead to lawsuits due to breakage or malfunction and their subsequent negative effects on already physically weak patients.

Bond News for the Durable Medical Equipment Provider

Dealers of Durable Medical supplies are subject to Federal bond requirements. In order to get Medicare reimbursements, durable medical equipment providers, as well as those that deal in prosthetics and orthotics and supplies must acquire a $50,000 bond.

Of particular note is the country-wide competitive bidding that will take place between July 16, 2019 and September 18, 2019. Any dealer that has the appropriate bond can take part in the bidding, after which, three-year contracts will be granted to those deemed worthy.

As of now, there are one-hundred-thirty competitive areas in the United States. Each competitive bond area necessitates 1 bid bond. This applies to a provider that bids on all sixteen of the different products presented as well. If there are several bidders for the same bond area product, there is still eligibility. For instance, if there are five or more bidders for the same product, at least five contracts will be presented. If there are fewer than five bidders, at least two contracts will be presented.

An experienced independent agency can help with the acquisition of this and other commercial bonds.

A Critical Third Party Review on Doug Firebaugh

Who Is This Doug Firebaugh Guy Anyway?

Doug Firebaugh is one of the big time names in the home business industry and has been thoroughly involved with direct sales for over 25 consecutive years. Doug is a professional Network Marketing trainer, speaker and author and is the creator of PassionFire.com, a website dedicated to providing education for people in this rapid expanding home business industry. Doug is also very spiritual and directs this into his teachings and training. It is a very fresh approach and is more appealing to some of the other cut and dry education in the industry. In addition to all the training and education Doug provides for network marketers, he and his wife Jodi give presentations based on biblical concepts.

What Kind Of Products Does He Offer?

Compared to many other trainers in the industry Doug Firebaugh has a huge selection of products that can help you personally and professionally with your business. These products deal with the basics, wealth building, leadership, biblical studies, call scripts, handling objections, prospecting, recruiting and personal development. Doug also offers a free newsletter you can join with some tips and advice you can implement into your own business. Behind all of his products is a high degree of authenticity and sincerity. You won’t be paying an arm and a leg for his products, they range from $19.95-79.95 which isn’t too bad.

What Is Unique About Doug Compared To Other Trainers?

Doug Firebaugh is well recognized because he integrates much of his teachings with God and he is very compassionate. Regardless or not it you believe in God or a God, it makes Doug’s training more effective. It gives his training something very unique and different. I can’t recall too many other trainers in the industry who do this. Doug’s training is of the utmost quality and he is not just trying to make a quick buck.

Can Doug Really Help You?

I would have to say yes. Especially if you are firmly committed, have a true desire and are connected spiritually with God. Mr. Firebaugh’s training is going to be most effective when you mix what you learn about selling and marketing and with a true passion. Here’s a brief disclaimer. Doug Firebaugh is just one of many network marketing trainers in the industry and you should only purchase his products if they appear to be a good fit for you and your business. There may be other trainers out there who offer training for suitable to your own personal style, just something to keep in mind.

Final Thoughts

All in all I give Doug my stamp of approval. He is a credible man and his products and teaching can definitely help you. But most of his training is directed to building your business offline. Like thousands of network marketers who made the switch, you may experience more success by building online, using the power of internet. You will have to determine which route is best and go from there.

The Legalities of Putting Up A Catering Business: Complying With All Legal Requirements

Choosing the Type of Business Structure

As you start offering catering services, you may notice your income increase overtime, especially when you cater to corporate functions. Of course, this is good news to your business, but all your efforts will be for nothing when the governing authority flags you for operating a non-registered business. So it is very important to decide the type of business structure and then proceeding with the registration. For example, in the US, the IRS will red flag a caterer earning over $600 without being incorporated.

The chosen business structure will be dependent on how you want your business to be taxed and what liabilities you can risk. A sole proprietorship company entails you, as the owner, to be held accountable to whatever unfortunate incidents in your operation. This is riskier compared to limited liability caterers and corporations. Remember that you will be serving food to the public so it would be best to go for a business organization that’s able to protect your own personal asset against any lawsuits.

Limited liability company frees the owners from personal liability for debts or any liabilities the company incurs. This corporate structure is a combination of general partnership and corporation. Corporations are seen as considered as the structure with the most advantages when starting a business because they have their own identity under the law. It exercises all the rights of an individual entering into business transactions and is led by board of directors.

So what business structure will you choose?

  • Sole Proprietorship
  • General Partnership
  • Corporation
  • Limited Liability Company

Crafting Contracts and Obligations

A business contract with a client will include the major services to be offered, how these services will be offered and how they will be paid for. This will provide you with some form of protection if something goes wrong. The contract should be well-detailed. Agree on who will be contracting the venue and taking responsibility of the damages.

Prioritizing Licensing

Some states have different types of licenses so select one that suits your business structure. Also, you make need to look into food-service license and liquor license.

Understanding Health Codes

There are health rules regarding how food is prepared and handled. All of these are done to ensure that caterers provide customers with high-quality and risk-free services. Hire a consultant to ensure that your equipment passes the standards set forth, and that your employees are well-trained to comply with the health rules and regulations.

Protecting Assets

There are a lot of risks associated with catering businesses: fires, food poisoning, and other hazards. Insurance will help you cope with these risks. Buy a policy that will cover up all of these incidents. Seek advice from experienced caterers on what kind of policy will suit you best.