AccuScribe requires that all contractors obtain errors and omissions insurance in the amount of at least $1,000,000 within 30 days of signing their contract. This insurance can be obtained through the AAMT website, or often times, can be written by the transcriptionist’s own insurance agent, such as State Farm. This policy must be presented to the Human Resources department as soon as the policy is written, and will be kept with the contractor’s original signed contract. The Human Resources department should be notified immediately of any changes that occur with this insurance policy.
How Much is It?
It really depends on which company is providing the insurance. However, members of the AAMT are offered a discounted rate. Unfortunately, in Canada the insurance rate is higher than here in the U.S.
Why Get Insurance?
Many people do not fully understand the reasons for which an individual medical transcriptionist or a transcription service might choose to purchase professional liability insurance, often referred to as E&O or errors and omissions insurance.
