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NNCC Child Care Home: Liability Insurance
CHILD CARE HOME: LIABILITY INSURANCE
Elaine Wilson
Parenting Specialist
Oklahoma State University
Oklahoma State University extends credit to Brenda Cude and
Carol Volker of Iowa State University for the content of this
unit.
Copyright/Access Information
Like other small business owners, child care providers need life,
health, and disability insurance to protect them from losing their
income. Because they work with children, day care providers face
unique risks.
The greatest risk a day care provider faces is the injury or death
of a child or client. If an insurance company or a jury holds
the provider responsible, he or she could lose great amounts of
money. Providers should prepare for the risk now.
WHY YOU NEED INSURANCE COVERAGE
Child care providers risk three types of financial loss. If
a child is injured, a day care provider may have to pay the victim's
hospital and doctor bills. If there is a lawsuit, damages may
be awarded to the victim or the victim's family. In addition,
a provider could have to pay court costs and attorney fees.
Medical or accident insurance will pay for the victim's doctor
and hospital bills. Most liability policies include medical and
accident insurance. If your policy does not, you might need separate
coverage.
Liability insurance usually will pay for damages awarded by the
court. These policies also will pay the defense costs.
Some providers feel they do not need insurance because they have
never had an accident. Unfortunately, the future cannot be predicted
- an accident could occur at any time. However, a good safety
record may be helpful in buying insurance. Those people with a
history of accidents will probably pay more for insurance.
Sometimes providers try to substitute waivers signed by parents
for insurance. This is unwise. Legal advisers agree that waivers
will not hold up in court.
Most consumers are familiar with liability insurance since it
is an important part of homeowner's and automobile insurance.
Yet, virtually all homeowner's insurance policies and some personal
automobile insurance policies exclude coverage for claims related
to the operation of a home-based, small business. Many homeowner's
insurance policies exclude coverage for claims related to child
care.
OPTIONS FOR INSURING YOUR LIABILITY RISK
Self-insure. Establish a savings fund to use if someone
files an accident claim. For example, you may decide to put money
into the bank to cover any damages to your furniture made by children.
Setting aside a few hundred dollars each year may cover this risk.
Most providers cannot afford to self-insure against the possibility
of the injury or death of a child. That would require a savings
of at least $300,000.
Extend your homeowner's coverage. Most insurance companies
do not cover day care operations under the regular homeowner policies.
However, companies will extend liability coverage by offering
an endorsement or rider to a homeowner's policy. The premium for
the extra coverage is usually low, but the coverage is limited.
Buy a commercial liability and accident policy. This is
a special policy usually purchased by businesses. Premiums range
from $350 to $700 or more per year. The cost is higher because
this type of insurance covers much more than a rider on a homeowner's
policy.
SHOPPING GUIDE FOR LIABILITY INSURANCE
To explore liability and accident insurance for your day care
operation, follow these guidelines:
- Evaluate all options carefully before making any decisions.
- Ask the same questions about each policy. Write down the answers
so you can evaluate the policy after discussing it with the insurance
agent. Use the worksheet at the end of this booklet to record
information. Obtain a copy of the policy from the agent.
- Ask questions until you are certain that you understand exactly
what is and is not covered by each policy. If you feel the agent
is not knowledgeable about insurance for child care home providers,
ask to speak to someone else.
- Take your time in evaluating and comparing policies. Resist
sales pressure to make a decision before you are ready.
Once you have reached a decision, discuss it with the parents
of children who are in your care. Parents should know what your
insurance covers, especially if you include your insurance costs
in the rates you charge.
ASKING QUESTIONS AND UNDERSTANDING THE ANSWERS
QUESTIONS ABOUT HOMEOWNER'S INSURANCE
Is an endorsement or rider available to extend my homeowner's
insurance coverage to my day care business?
Many of the major companies that sell homeowner's insurance make
endorsements available, but some do not. If the company issuing
your current homeowner's policy does not offer child care endorsements,
you have two choices. You may decide to move your homeowner's
insurance coverage to a company that makes child care endorsement
available. Or you may purchase a commercial liability insurance
policy.
If you provide child care in your home without an endorsement
to your homeowner's insurance or a commercial liability policy,
some companies will not insure your home. Your business is exposing
the company to additional risks that increase the possibility
of a claim against your homeowner's insurance. It is in your best
interest as well as the company's for you to obtain coverage.
If an insurance company cancels your homeowner's insurance because
of a business-related accident, it may be difficult to obtain
a new policy.
If the company offers day care endorsements, do I qualify?
Most companies and agents that sell homeowner's insurance are
very conservative about extending coverage to child care services.
They avoid potentially huge claims that could result if just one
child were injured or killed. As a result, many companies use
a number of restrictions to limit the risks they cover. Some write
day care endorsements when child care is an incidental activity
and is not a business.
Virtually all companies limit the number of children cared
for by the provider. Common restrictions are no more than three,
four, or six children (usually not counting your own).
Oklahoma limits the number of children in a licensed child
care home to seven. This number includes the child care provider's
own preschool children under five years of age living in the
home.
Do not care for more children than the policy, endorsement,
or licensing regulations allow. The insurance company could refuse
your claim or cancel your coverage.
A few insurance companies require you to meet any applicable
day care licensing, registration, or certification requirements
of the city, county, and state in which you live. Oklahoma requires
child care home licensing. You must meet legal codes.
All insurance companies have underwriting guidelines. You
must meet these guidelines before you can purchase a policy.
Underwriting guidelines are conditions that must be present in
the child care setting before the company will accept you as
a client. For example, one company may require fencing around
a swimming pool. Another company may not write the insurance
if there is a pool. Most companies advise the use of a public
or private pool that carries its own liability insurance and
provides lifeguards and other safety precautions. Other conditions
may disqualify you for coverage or make coverage more expensive.
These include a previous history of accidents, pets in the home,
a yard that is not fenced, unsafe playground equipment, or a
wood-burning stove. An agent may visit your home to decide if
you meet the company's underwriting guidelines. The company may
charge a fee for the agent's inspection.
All insurance companies require you to have a homeowner's
or renter's insurance policy with the company. You cannot purchase
the endorsement alone.
If you do not qualify for an endorsement, you must again evaluate
your options. You may choose to move your homeowner's insurance
to a company that offers you an endorsement. You may purchase
a commercial liability policy.
What do endorsements cover?
Most homeowner's insurance policies take a conservative approach.
Some activities that are a part of providing day care services
are not covered by an endorsement. Most policies exclude or are
vague about coverage of activities that take place away from the
child care home. For example, an accident that occurred while
at the park may not be covered by some endorsements. Some endorsements
also exclude claims related to serving food or giving medications.
In addition, all homeowner's insurance endorsements exclude claims
related to mental, physical, or sexual abuse. Liability limits,
the maximum claim paid in any policy year, vary from company to
company. Often the limit on the endorsement will match the limit
on your homeowner's insurance policy. You and your insurance agent
should select limits based on your needs.
Are there deductibles?
A deductible is the amount of the claim that you pay. For example,
if you had a $300 medical claim with a $100 deductible, you would
pay the first $100. Choose the highest deductible that you can
afford. A high deductible will lower your premiums.
What are the premiums?
With homeowner's insurance, coverage is fairly limited. This keeps
premiums low. In 1990, the yearly cost ranged from about $30 to
$175 per year. The premium depends on the amount and type of coverage
and often the number of children. Some policies charge a lower
rate if you care for three or fewer children. The rate increases
if you care for four or five children. Others charge the same
premium regardless of the number of children. Expect higher premiums
for higher liability limits, four or more children, and low deductibles.
This is a business expense and it is tax deductible.
QUESTIONS ABOUT COMMERCIAL LIABILITY INSURANCE
Do I qualify for the coverage?
Unlike homeowner's insurance endorsements, most commercial liability
policies do not directly limit the number of children in care.
However, most commercial policies require the provider to comply
with local legal codes. Oklahoma's child care home licensing standards
limit the number of children to seven. Some companies require
providers to belong to specific professional day care provider's
organizations to qualify for coverage. Companies that sell commercial
liability policies also have underwriting guidelines that providers
must meet to qualify for insurance. These guidelines are similar
to those for homeowner's insurance. The company may simply charge
a higher premium for a commercial policy if a risk factor is present.
These factors include a swimming pool or pets. Other companies
may not insure conditions that they consider unsafe. Some reduce
the premiums for accredited programs.
What does the policy cover?
A commercial policy is more likely to extend coverage to activities
that occur away from the provider's home. Some also specifically
include coverage for accidents that occur while transporting day
care children in the car. Also, commercial policies sometimes
include coverage for sexual abuse claims. The liability limit
for sexual abuse claims is usually low. It is intended to pay
only for legal defense costs. The insurance does not cover judgments
that might be awarded to a child and the family. You, the provider,
are obligated to pay those costs. Many commercial policies include
specific coverage for claims related to food served to a child.
Most commercial policies today are occurrence form rather than
claims made form policies. The distinction is important. An occurrence
form policy pays claims made after the policy has expired. It
pays after you have gone out of business, if the injury occurred
while the policy was in force. A claims made form policy covers
claims made during the policy period.
An example will help to explain the important difference between
the two types of policies. If a child in your care were injured
in June of this year, a claims made form policy pays only the
claims you filed between June and the end of your policy year.
An occurrence form policy pays claims related to that child's
injury filed next year or even several years from now. It pays
even if you no longer have the insurance policy.
Must I purchase a separate accident insurance policy?
Most insurers require clients who buy a liability policy to purchase
an accident insurance policy. The insurance companies believe
parents are less likely to file a liability claim if the provider
has insurance to pay medical expenses.
What are the premiums? Are there deductibles?
Expect commercial liability policy premiums to range from $350
to $500 or more per year for a $300,000 liability limit. Remember,
$300,000 is the minimum recommended. Total premiums for both a
liability and an accident insurance policy may be $650 or more
per year. Premiums usually depend on the policy limits. Higher
limits mean higher premiums. The amount of the deductible affects
the premium. Lower deductibles mean higher premiums. Some companies'
premiums depend on the size of the home and the number of children.
Many insurance agents spread premium payments over the year. A
typical arrangement requires you to make a down payment of $200
or $300. Then you pay the remainder in two or three payments later
in the year.
Although $500 to $700 per year seems like a large sum of money,
insurance may be well worth the price. You may be able to recover
much of your costs. Increase the rate you charge. The amount depends
upon the number of children in your care. For example, the cost
of a $675 policy is about $13 a week. If you care for five children,
the cost is just over $2.60 per child per week. In addition, the
full cost of a commercial liability policy is tax deductible as
a business expense.
How do I file a claim?
Ask to see a copy of a claim form. Ask where you would send or
take the form to file a claim. Ask whether the company pays expenses
directly or reimburses you after you paid the expenses. Be certain
to ask enough questions to understand the claim process before
buying.
Where do I buy a commercial liability policy?
You may purchase a commercial policy through a local independent
insurance agent. You may not be familiar with the companies that
sell commercial policies. Deciding from whom to buy the insurance
is important. Contact insurance agents who are knowledgeable about
insurance for child care providers. They offer a choice of appropriate
liability and accident insurance policies. The Oklahoma Insurance
Commission and professional child care associations may give you
a list of companies. They will know companies that sell liability
or accident insurance to child care providers.
The surplus lines market writes most commercial liability policies.
These insurance companies do not meet state licensing standards.
They may be financially sound and reputable. They are not licensed.
In Oklahoma, a guaranty fund has been established which does not
back an unlicensed company. Oklahoma's guaranty fund pays the
claims if a licensed company becomes insolvent. Thus, as in all
insurance decisions, it is important to learn all that you can
about the insurance company before buying. Despite the disadvantages,
companies in the surplus lines market are important. They are
willing to write insurance to cover risks that other companies
may not be willing to insure.
OTHER IMPORTANT QUESTIONS
You may choose to extend your homeowner's insurance coverage.
You may choose to buy a commercial policy. In either case, the
following questions are important ones to ask.
What are the liability and medical payments limits?
A policy limit is the maximum amount the policy will pay if a
claim is filed. Usually, the policy states the limit per claim
or per person injured. There also may be an aggregate limit. This
limits the total amount the policy will pay in any one year. The
limit applies regardless of the number of claims filed or persons
injured.
Ask for rates for a minimum liability limit of at least $300,000.
Most providers seek a $500,000 limit. Ask for a minimum accident/medical
payments insurance limit of at least $10,000. You will probably
need a $20,000 limit.
What is the company's financial reputation?
Check Best's Insurance Reports in your public library. Companies
rated A or A+ are the strongest. Check with the Oklahoma Insurance
Commission about a company that is not rated.
What is the company's claims and service reputation?
Talk to friends who have experience with the companies. Ask your
Oklahoma Insurance Commission about the complaints received against
various companies. The department may be able to provide the complaint
ratio of each company. The complaint ratio is the number of complaints
reported in relation to the number of policies sold. The Oklahoma
Office of Child Care may have information about providers' experiences
with the company. Some policies require membership in a day care
providers' association. The associates may know about the company's
reputation if the policy requires accreditation. You can also
check Consumer Reports for recent ratings of homeowner's insurance
companies.
How knowledgeable is the insurance agent?
Is the agent willing to work with you? Listen carefully to the
agent's answers to your questions. Some insurance professionals
are more knowledgeable than others about options for child care
providers. Look for an agent who can answer your questions and
seems interested in finding the best arrangement for your situation.
Does my personal auto insurance policy provide coverage while
I am transporting day care children?
If you transport children in your car, ask about extending your
auto insurance coverage or purchasing in a separate business use
policy. Some commercial liability insurance policies also make
available endorsements that extend coverage to autos. If your
personal auto insurance policy does protect you, make sure your
liability limits are adequate.
MAKING YOUR CHOICE
Even with information, your choice is not an easy one. It is
not easy to decide how much insurance coverage you need, especially
when the cost seems high. However, do not make the mistake of
thinking that you cannot afford to have insurance coverage. It
is far more likely that you cannot afford not to have the coverage.
Do not assume that the child's family's medical insurance will
protect you. You may still be responsible for paying the medical
bills for a child injured while in your care.
INSURANCE TERMS
Claims made policy - A policy which pays claims only
if they occurred and were filed while the policy was in force.
Declarations - A section of an insurance policy that provides
basic descriptive information about the insured person or property,
the premium to be paid, the time period of the coverage, and the
policy limits.
Deductible - A provision in an insurance contract stating
that the insurer will pay the amount of any insured loss that
exceeds a specified amount. The specified amount is the deductible.
Endorsement - An amendment or addition to the policy, also
known as a rider.
Error and omissions - Insurance for the liability of a
professional for losses that occurred because of his or her errors
or oversights.
Exclusion - Clauses that narrow the focus and eliminate
specific coverages broadly stated in the insurance policy.
Independent agent - An agent who is authorized to write
insurance for more than one insurance company.
Liability - Legal responsibility for damage or injury caused
by you. The responsibility is usually financial and usually due
to negligence. Negligence occurs when there is a breach of the
duty owed an individual that causes injury or damages.
Liability limits - The maximum dollar amount that the insurance
company will pay for claims on the particular policy.
Licensed insurance company - A company licensed in Oklahoma.
The company files rates and policies with the state insurance
commission. The state insurance guaranty fund backs to policies
if the company becomes insolvent.
Occurrence form - A policy which pays claims after the
policy has expired or after the day care provider has gone out
of business. The claim must occur while the policy was in force.
Premium - The amount of money charged a policy holder for
an insurance policy.
Surplus lines insurance market - Insurance written by companies
not licensed in Oklahoma. Unlicensed companies write policies
to cover risks that licensed companies choose not to insure. They
usually do not have to file rates and forms with the State Department
of Insurance. The state insurance guaranty fund does not cover
their policies.
Underwriter - An employee of an insurance company who assess
the risk to the company of accepting submitted insurance applications.
Contact:
Oklahoma Insurance Commission
1901 North Walnut
P.O. Box 53408
Oklahoma City, OK 73152-3408
Phone: 405-521-2828
UPDATE
The Texas Supreme Court ruled that the vagueness of a business
pursuits exclusion clause in a homeowner's insurance would cover
the death of a child in child care. An 18-month-old child drowned
in a pool of water on a tarp covering the provider's swimming
pool after crawling through a hole in the fence. The insurance
company was liable for the $480,000 judgment against the provider.
California law clearly states that child care providers must purchase
as special rider or purchase a separate policy for child care.
Know your coverage. Watch for specific clauses and revisions in
homeowners policies. Drowning continues to be a significant cause
of death among children. Be sure children are safe and supervised.
[Source: Legal Update. (Fall, 1993). The Child Care Law Center.]
There are real risks if you do not have an endorsement on your
homeowner's policy or a separate liability policy. Homeowner's
insurance companies will not pay claims related to a day care
business. They may not pay other claims either - even if they
have nothing to do with the day care business. Insurance companies
may consider a homeowner's policy invalid if you do not inform
them that you are operating a business in your home. Also, the
company may not renew your homeowner's policy when they find out
you provided child care without special coverage.
LIABILITY INSURANCE WORKSHEET FOR CHILD CARE HOME PROVIDERS
What coverage do you have now? Ask your insurance agent(s):
1. What coverage is currently provided by my homeowner's (or renter's)
insurance policy?
2. What coverage is currently provided by my personal auto insurance
policy?
3. What are my insurance options? Use this worksheet to compare
policies.
QUESTIONS - Policy 1 - Policy 2
1. Policy Type:
Company Name:
Agent Name:
Address:
2. How does the company limit its risks?
Maximum number of children?
License, registration, or certification required?
Membership in professional association required?
Underwriting guidelines (pools, pets, fences, etc.)?
3. What is and is not covered by the policy?
Activities away from the home?
Transporting children?
Mental, physical, and/or sexual abuse?
Serving food?
Employees?
Giving medications?
Other conditions?
4. What are the liability and accident insurance (or medical payment)
limits?
Per claim?
Per year?
5. What is the deductible?
6. What is the premium?
7. Is the policy an occurrence form or a claims made form?
8. What is the company's reputation? What did I learn from:
Best's Insurance Reports?
State Department of Insurance?
Consumer Reports?
Government agencies?
Professional associations?
Friends?
My own experience?
9. How do I file a claim?
10. Is the agent knowledgeable and helpful?
DOCUMENT
USE/COPYRIGHT
National Network for Child Care - NNCC. Part of CYFERNET, the
National Extension Service
Children Youth and Family Educational Research Network. Permission
is granted to reproduce
these materials in whole or in part for educational purposes only
(not for profit beyond the cost of
reproduction) provided that the author and Network receive acknowledgment
and this notice is
included:
Reprinted with permission from the National Network for Child
Care - NNCC. Wilson, E. & Burns, M. (1993). Liability insurance
(HBB7-5). In Child care home . Stillwater, OK: Oklahoma
State University Cooperative Extension Service.
Any additions or changes to these materials must be preapproved
by the author .
COPYRIGHT PERMISSION
Elaine Wilson
Parenting Specialist
233 HES
Oklahoma State University
Stillwater, OK 74074-6111
Phone: 405-744-6231
Fax: 405-744-7113
Email: emwilson@okway.okstate.edu
AVAILABLE FROM
Oklahoma State Universtiy
Central Mailing Services
115 University Printing
Stillwater, OK 74078-7001
FORMAT AVAILABLE: :: Series - In Print -
58 pages
DOCUMENT REVIEW: Level
2 - Oklahoma State University Extension
DOCUMENT SIZE:: 27K or 10 pages
ENTRY DATE:: December 1996
Results from search: http://www.oktax.state.ok.us/oktax/busreg.html
Business Taxes and Registration
Business
Tax Workshops
The Business Tax Workshops offered by the Oklahoma Tax Commission are
designed to meet the needs of all business ownership, from new business to seasoned
business, who need to brush up on the latest tax changes, and everyone in between. These workshops are offered free of charge.
For a new business or an individual thinking about setting up a business in Oklahoma, the
workshop offers information on formation, business structures, steps for formation types
such as incorporation steps, a step-by-step guide to business registration, bookkeeping
techniques, and a line-by-line explanation of the primary business tax forms.
The workshop participant will learn the keys to sales tax registration and collection,
along with helpful tips on rate tables, reporting formats and exemptions.
For an existing business, the workshop offers information on the keys to sales tax
registration and collection. Participants will also learn the steps to filling out the
various business tax forms and which forms and tax laws have changed based on the latest
legislative decisions. While questions are allowed and welcomed during the workshop, time
is also allotted following each workshop for individual questions with the workshop
instructor(s).
The current workshop schedule is shown below. Reservations
are required.
Town
Location
Time
To Register
Apr. 9
Tulsa
440 South Houston 1st Fl. Auditorium State Office
Building
9:00 am-12 noon
Call (918) 581-2978 or (918) 583-2600
Apr. 10
Oklahoma City
3017 North Stiles Stiles Building
9:00 am-12 noon
Call (405) 521-3279
Apr. 18
Sallisaw
111 North Elm (Chamber of Commerce)
9:30 am-12 noon
Call (918)647-4019
Apr. 19
Hugo
502 West Duke at Little Dixie Community Action
9:30 am-12 noon
Call (800) 522-6154
Apr. 23
Tulsa
440 South Houston 1st Fl. Auditorium State Office
Building
9:00 am-12 noon
Call (918) 581-2978 or (918) 583-2600
Apr. 24
Oklahoma City
3017 North Stiles Stiles Building
9:00 am-12 noon
Call (405) 521-3279
Apr. 25
Durant
215 North 4th Chamber of Commerce
9:30 am-12 noon
Call (800) 522-6154
Apr. 26
Ardmore
410 West Main Chamber of Commerce
9:30 am-12 noon
Call (580) 226-4636 or 1(800) 522-6154
Apr. 30
Muskogee
Muskogee Vo-Tech
1:00 pm-3:00 pm
Call (918)682-1965 Ext. 255
May 1
Enid
Northwestern State University at Enid (Room 222)
9:00 am-4:00 pm
Call (580) 213-3197
May 6
Midwest City
I-40 & Hudiburg Drive Tom Steed Center Rose State
College
1:00 pm-4:00 pm
Call (405) 733-7348
May 8
Oklahoma City
3017 North Stiles Stiles Building
9:00 am-12 noon
Call (405) 521-3279
May 14
Tulsa
440 South Houston 1st Fl. Auditorium State Office
Building
9:00 am-12 noon
Call (918) 581-2978 or (918) 583-2600
May 15
Wilburton
HWY 1 North (K.E.D.D.O. offices)
9:30 am-12 noon
Call (918)647-4019
May 17
Hugo
502 West Duke at Little Dixie Community Action
9:30 am-12 noon
Call (800) 522-6154
May 22
Oklahoma City
3017 North Stiles Stiles Building
9:00 am-12 noon
Call (405) 521-3279
May 23
Durant
215 North 4th Chamber of Commerce
9:30 am-12 noon
Call (800) 522-6154
May 24
Ardmore
410 West Main Chamber of Commerce
9:30 am-12 noon
Call (580) 226-4636 or 1(800) 522-6154
May 28
Tulsa
440 South Houston 1st Fl. Auditorium State Office
Building
9:00 am-12 noon
Call (918) 581-2978 or (918) 583-2600
Jun. 3
Midwest City
I-40 & Hudiburg Drive Tom Steed Center Rose State
College
1:00 pm-4:00 pm
Call (405) 733-7348
Jun. 5
Enid
Northwestern State University at Enid (Room 222)
9:00 am-4:00 pm
Call (580) 213-3197
Jun. 11
Tulsa
440 South Houston 1st Fl. Auditorium State Office
Building
9:00 am-12 noon
Call (918) 581-2978 or (918) 583-2600
Jun. 12
Oklahoma City
3017 North Stiles Stiles Building
9:00 am-12 noon
Call (405) 521-3279
Jun. 19
Ada
300 W. Main (Chamber of Commerce)
9:30 am-12 noon
Call (580) 436-3190
Jun. 21
Hugo
502 West Duke at Little Dixie Community Action
9:30 am-12 noon
Call (800) 522-6154
Jun. 25
Tulsa
440 South Houston 1st Fl. Auditorium State Office
Building
9:00 am-12 noon
Call (918) 581-2978 or (918) 583-2600
Jun. 26
Oklahoma City
3017 North Stiles Stiles Building
9:00 am-12 noon
Call (405) 521-3279
Jun. 27
Durant
215 North 4th Chamber of Commerce
9:30 am-12 noon
Call (800) 522-6154
Jun. 28
Ardmore
410 West Main Chamber of Commerce
9:30 am-12 noon
Call (580) 226-4636 or 1(800) 522-6154
To speak to someone in regards to having a workshop set up in your area, please call (405)
521-4578. Or you may e-mail any
questions, comments or workshop area requests. Please include your name and telephone
number with all e-mail requests.
Taxes
that Affect Your Business
This information is designed to assist business people and people thinking
about operating a business in Oklahoma. What follows is meant to be basic, introductory
information and should not be considered the final word in business taxes in Oklahoma. For
further information, please contact one of our Taxpayer Assistance Offices. Also see the
section titled " How to Form a Business ."
Sales Tax...
Oklahoma State Sales Tax is levied at 4.5 percent of the gross receipts from the sale or
rental of tangible personal property and from the furnishing of specific services,
including printing and advertising (except in newspapers, periodicals, and on billboards,
as well as any advertising through the electronic broadcast media, including radio,
television and cable television), transportation and auto parking, admissions, lodging and
meals, telephone service and the furnishings of other public utilities, such as
electricity and natural gas, with the exception of water. State and county sales tax do
not apply to electricity or natural gas utility bills for residential property. The
furnishing of natural or artificial gas and electricity for commercial use, such as retail
stores, warehouses, etc, is subject to state, city and county sales tax. Natural gas and
electricity used directly in the manufacturing process is exempt if the manufacturing
company holds an exemption certificate.
The amount of sales tax a seller is required to collect constitutes a debt owed by the
purchaser to the tax-levying authority. The seller, acting as trustee, is allowed to
retain 2.25 percent, up to $3,300, per reporting period of the remitted tax as
compensation for keeping records, filing reports and remitting tax, provided it is
remitted on a timely basis (by the 15th of the reporting month).
There are several other exemptions from sales tax, including general exemptions,
agricultural exemptions and tax-exempt from sales tax. Prescription drugs for human
consumption are exempt from sales tax. This exemption does not apply to proprietary or
patent medicines.
Oklahoma law allows incorporated cities and towns to levy sales taxes for general and
specific purposes of municipal government. Local tax ordinances must be approved by a
majority vote in a citywide election. There is presently no maximum local rate that may be
levied by cities and towns.
Counties may levy a county sales tax not to exceed 2 percent. The county sales tax is in
addition to the existing 4.5 percent state and applicable municipal tax.
Municipalities and counties can form a transportation trust and elect to have a tax not to
exceed 2 percent to be deducted for building roads. This tax is in addition to city and
county sales tax.
Sales tax permits require a $20 fee with additional locations costing $10. The license is
renewable every three years from the date the permit was issued, if the business is in
good standing.
City and county hospitals may form hospital trusts and elect to have a tax not to exceed 2
percent for the specific use of the hospitals.
Certain businesses may obtain a Direct Pay Permit for $20 every three years. This permit
allows those businesses making purchases of at least $800,000 per year to pay sales and
use tax liabilities, without discount, directly to the OTC instead of to the vendor when
making purchases.
Withholding...
Income tax withholding schedules provide graduated tax rates to be withheld by employers
each pay period, giving considerations to a wage earner's marital status and the number of
withholding allowances claimed. These withholding rates are designed to cover the
approximate tax that will be due for taxpayers with standard deductions. The
withholding tax is remitted monthly by companies withholding more than $500 per quarter.
Companies withholding less than $500 remit on a quarterly basis. All
companies remitting withholding tax of $10,000 or more per month are required to file and
remit according to the Federal semi-weekly schedule.
Alcohol and Tobacco...
Beverage licenses for the sale of low-point (3.2) beer expire three years from the date
sales begin. License fees per three year period are:
Retail Manufacturer Low-Point Beverage (Brew Pub)
$450
Draught, Bottled and Canned (on premise)
$300
Bottled and Canned Only (on premise)
$150
Bottled and Canned Only (off premise)
$ 30
Special Event Fee
$ 5 per day
Retail cigarette licenses for over-the-counter sales expire three years from the date the
sales begin. The license fee is $30 per three year period.
All holders of a Mixed Beverage License issued by the ABLE Commission must obtain a Mixed
Beverage Tax Permit, which is a non-fee three year renewable permit.
Use Tax...
The Oklahoma Use Tax is a 4.5 percent levy on the purchase price of tangible personal
property, including pre-paid transporation, purchased outside Oklahoma and stored, used,
or otherwise consumed within the state. Oklahoma sales tax cannot be imposed on a sale
which occurred in another state, but the Use Tax applies when the taxable item is brought
into Oklahoma for use.
Municipalities and counties that levy a sales tax are also authorized to levy use tax in
addition to the 4.5 percent state use tax on out-of-state purchases on which Oklahoma
sales tax has not been paid. The municipal or county use tax may not exceed an existing
local sales tax. Effective January 1, 1999, counties can enact a county use tax if
they already have a county sales tax in effect.
Use Tax reports and remittance to the Oklahoma Tax Commission must be postmarked on or
before the 15th of the month in which they are due. A report that is not timely filed will
be assessed interest and penalty from the 15th of the month.
Miscellaneous licenses:
Coin operated and vending devices decals are valid from July 1 to June 30 of each fiscal
year.
All fireworks licenses (manufacturer, distributor, wholesaler, retailer) are due for
payment on or before March 1 of each year.
Tourism Tax...
Funding for the Oklahoma Tourism Promotion Act is provided through collection of an excise
tax of 1/10 percent of gross receipts of certain tourist related businesses and sales by
restaurants. The tax, paid by these business owners, is reported in a similar manner as
sales taxes.
Motor Fuel...
Under the Motor Fuel Tax Code, the incidence of the the motor fuel is specifically levied
on the consumer of the fuel; however, the tax is pre-collected when is it removed from the
terminal. Gasoline and special fuel are taxed at 16 cents per gallon, diesel is
taxed at 13 cents per gallon, and aviation and jet fuel are taxed at 0.0008 cents per
gallon.
The motor fuel tax and reports for suppliers, bonded importers, exporters,
terminal operators and occasional importers are due on the 27th day of the month following
the month being reported. The tankwagon importer tax and report are due on the 25th
day of the month following the month being reported. The special fuel tax monthly
report is due on the 20th day of the month following the month being reported.
All special fuel decals are valid from January 1 through December 31.
The annual $50 fee is for liquefied petroleum gas or natural gas users in passenger
cars and in vans and pickups under one ton. For vehicles under one ton using
alternative fuels (compressed natural gas, liquefied natural gas, methanol or
"M-85") the fee is $100 per year. For vehicles exceeding one ton, using
liquefied petroleum gas, compressed natural gas, liquefied natural gas, methanol or
"M-85" the fee is $150 per year.
Franchise Tax...
Oklahoma levies an annual franchise tax on all corporations that do business in the State.
Corporations are taxed $1.25 for each $1,000 of capital invested or used in
Oklahoma. Foreign corporations are additionally assessed $100 per year, payable to
the Oklahoma Tax Commission, for the Secretary of State acting as their registered agent.
The franchise tax return, unless an election is made to file in conjunction with
the filing of the Oklahoma income tax, is due July 1, and is considered delinquent
September 1. Effective September1, 1998, corporations had the option to file and pay
franchise tax annually at the same time as the Oklahoma corporate income tax filing.
Gross Production...
The Gross Production Tax is a tax on the production of oil and gas produced in Oklahoma.
The tax is remitted to the Tax Commission on a monthly basis by the first
purchaser. Further information regarding the current Gross Production tax rates can
be accessed here .
If you have any questions about a business tax in Oklahoma, please call
our Taxpayer Assistance Office at (405) 521-3160, or you may e-mail any questions. Please include
your name and telephone number with all e-mail requests.
Business
Structures
One of the first executive decisions to be made for a new business is what
type of business structure and organization is best for the new venture. There are four
different ways to run a business in Oklahoma. Three of these structures are the same
nationwide, but one can be treated differently, varying from state to state, in operation.
The four structures are:
Sole Proprietorship
Partnership
Corporation
Limited Liability Company
Sole Proprietorship...
A sole proprietorship is as the name suggests, a business with one owner. Of the four
structure types, this one is the most common. In fact, over 80 percent of businesses
nationwide are organized as sole proprietorships. A business organized as a sole
proprietorship is not separate from the owner, but merely a name with which the owner
represents him/herself to the public. They are essentially inseparable.
This type of business may also be known as a pass-through entity. This means that all
income and expenses from the business pass through and are filed as part of the
owner's personal income tax return.
Since there are few legal requirements, sole proprietorships are easy to form. They are
more affordable because, in most cases, no legal documents need to be filed. In many
instances, all that is needed to begin operation is a sales tax permit.
Although sole proprietorships are simple to start up, many entrepreneurs may shy away from
this structure because the business and the owner are not separate. The owner is
personally liable for debts of the company. This disadvantage to the sole proprietorship
structure could cause all of an owner's personal assets to be exposed to pay the
company's legal bills and debts.
An important point to this structure is that owners can lose some tax benefits because
they can not participate in company funded employee benefit plans for medical insurance
and/or retirement.
Partnership...
A partnership is similar to a sole proprietorship but it simply has two or more owners. It
is not a separate legal entity from its owner, but it can hold property and incur debt in
its name. A partnership shares the same advantages and disadvantages as a sole
proprietorship, but it has one additional disadvantage. A partner can be held liable for
the acts of the other partner(s), thus causing an increase in personal liability.
Tax treatment for partnerships is also slightly different. While partnerships are also
"pass through" entities and do not pay income tax, they must file an information
return with the IRS. Prorata share of the partnership income is shown on each
partner's return and taxes due are paid by each partner.
Corporation...
Incorporating allows an individual or group of individuals to act as one.
This is much like the partnership, but it protects each owner from responsibility for
liabilities of other owners by absorbing these liabilities.
A corporation is essentially an artificial person created and operated with the permission
of the state in which it is incorporated. It's a person, but only on paper. It is
brought to life when an incorporator files a form known as articles of incorporation with
a state. Owners of a corporation are shareholders. The corporation owns all the business
assets and operates the business on behalf of the shareholder(s), under the
shareholder's total control. This separation provides legal distinction between the
business and the owner. It provides three important benefits:
1. It allows the owner to be an employee and participate in company funded benefit plans.
2. Since the company and owners are separate, legal actions are only brought against the
company.
3. Company debts can not be satisfied by an owner. An owner's assets can not be taken
to satisfy company debts.
Note: Responsible officers of a corporation are personally liable, along with the
corporate entity, for any sales, withholding or motor fuel taxes due.
Limited
Liability Company...
The newest form of business structure in Oklahoma is the Limited Liability Company.
The IRS has not written publications to cover federal taxation for this structure type.
However, limited liability companies may obtain a letter of declaration from the IRS
requesting tax filing as a partnership. A limited liability company acts like a
corporation that is taxed like a partnership, or conversely as a partnership that has the
limited liability protection of a corporation.
For further information regarding the Limited Liability Company set up and
forms, please visit the Oklahoma Secretary of State's
website.
If you have any questions about a business structures in Oklahoma, please call our
Taxpayer Assistance Office at (405) 521-3160, or you may e-mail any questions. Please include
your name and telephone number with all e-mail requests.
How
to Form a Business
Step One...
You will want to attend an Oklahoma Tax Commission Business Workshop . Dates of currently planned workshops are listed above .
You will also need to obtain a Business Registration Packet via download , e-mail or by calling (405) 521-3160.
(If you e-mail your request, please include the name of the packet along with your name
and address.)
Instructions from this packet and attendance at the workshop will assist you in obtaining
a Federal Employer Identification Number (FEIN). The FEIN is required if you intend to do
business in any form other than a sole proprietor, or if you will be paying wages to any
employees.
Depending on the products or services you intend to sell, you will be assisted in the
issuance of the appropriate motor fuel licenses, sales tax permits, use tax permits,
manufacturing permits, beer/cigarette/mixed beverage licenses, and will be provided surety
bond information.
Step Two...
If you intend to incorporate, apply to the Oklahoma Secretary of State for
instructions on filing Articles of Incorporation.
Step Three...
Apply to the Oklahoma Employment
Security Commission to register employees for unemployment insurance taxes.
If You Are a Nonresident Contractor...
A Nonresident Contractor is any contractor whose principal place or places of business are
outside Oklahoma. These individuals or companies must take the following steps before
starting a contractual project in Oklahoma.
First, you need to contact each of the following agencies and notify them that the
contract has been awarded to you or your company:
1. Oklahoma Tax Commission, Registration Section (405) 521-3160
2. Oklahoma Employment Security Commission
(405) 557-7200
3. Oklahoma Department of Labor ,
Worker Compensation Division (405) 528-1500, and
4. The County Assessor office
of the county in which the work is to be done.
Next, post a surety bond with the Oklahoma Tax Commission's Registration Section in the
penal sum of three times the tax liability incurred under such contract. (Oklahoma Surety
Bond forms and other information are available from the Registration Section at (405)
521-3160.)
A Word About State Licenses...
Licenses to sell the following products may be obtained from the agency in parentheses:
Alcoholic Beverages ( ABLE Commission ) (405)
521-3484
3.2 Percent Beer ( Oklahoma Tax Commission )
(405) 521-3160
Cigarettes ( Oklahoma Tax Commission ) (405)
521-3160
Tobacco Products ( Oklahoma Tax Commission )
(405) 521-3160
Fireworks ( Oklahoma Tax Commission ) (405)
521-3160
© 2002 Oklahoma Tax Commission. All rights
reserved.
This page last modified May 9, 2002.
Questions regarding Business Taxes or
Registration, please e-mail here .
Questions or comment regarding links or design,
please e-mail here.
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Professional Liability Insurance
Any professional,
regardless of the service you perform, can never fully escape
the possibility that your work may fail to meet a client's expectations
-- and the subsequent risk of a professional liability lawsuit.
A simple unintentional error, misstatement or omission committed
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Oklahoma Business Insurors Online
Index
Churches and Organizations
Nursing Homes
Restaurants
Optometrists
Transit, Transportation, and Fleet Insurance
Wholesalers
Manufacturers
Self-Insured Worker's Compensation
Churches and Organizations
Untitled
Information about Organizations
Nursing Homes
Who is eligible:
Any resident health care facility that provides:
Skilled nursing care on a continuous basis but not hospital services, or
Health related personal care facilities including developmentally disabled, or
Assisted Living Centers including retirement apartments
Coverage includes Professional Liability including employees, medical directors and volunteers. Specially tailored coverage for buildings, business personal property, loss of income, crime, automobile, directors and officers liability and employment practices liability.
Restaurants
At Oklahoma Business Insurors we specialize in insuring restaurant and hospitality businesses. With over 300 clients in Oklahoma alone, we are able to bring the restaurateur the very best coverage at incredible price advantages. We offer comprehensive liability, property, worker's compensation and health benefit policies underwritten by quality insurers such as Commercial General Union, American States, Safeco, Ohio Casualty and others. Our clients include dozens of franchise operations, small to medium sized chains and the backbone of our business, the locally owned independent restaurant. Go to our Online Quote Request or give us a call to see how we compare to your existing policy.
Optometrists
Our special insurance program for Optometrists is endorsed by the Oklahoma Optometric Association and is available in Oklahoma, Arkansas, Missouri and Colorado. Coverage's include Professional Liability limits of $2,000,000 per occurrence and $4,000,000 aggregate for only $141 per year . We also cover your practices property and general liability needs at a very affordable price. We have developed special disability, retirement and health insurance programs designed especially for the optometric physician. To determine how we can improve your coverage and cut your premiums requires only a 10 minute phone call. Or use OBI's Online Quote Request system.
Transit, Transportation, and Fleet Insurance
Through the Oklahoma Transit Insurance Company and National American Insurance Company we offer a special program designed for bus operators, mass transit systems, social service agencies and others who carry passengers on predesignated routes. Our programs include auto liability and physical damage coverage, general liability, property insurance and worker's compensation. We are endorsed by the Oklahoma Transit Association.
Wholesalers
Who is eligible:
Distributors such as Automotive Parts, Beer & Wine, Electrical Supplies, Fruit & Vegetable, Grocery, Hardware, Household Appliance, Heating & Air Equipment, Piece Goods, Plumbing Suppliers, Refrigeration Equipment, Restaurant Equipment, Wearing Apparel, Building Materials, Cosmetic, Hair or Skin Preparation, Electronic Parts & Equipment, Frozen Food, Dairy, Poultry, Meat or Fish Products, Home Furnishing, Industrial Equipment & Supplies, Iron & Steel, Newspaper & Magazine, Printing, Paper and Stationery Supplies, Sporting Goods (other than guns).
Coverage includes property, general liability, automobile, directors & officers, sales samples, off premises power interruption, business income, government recall , machinery breakdown, transit, employment practices liability.
Manufacturers
Untitled
this is manufacturer.html
Self-Insured Worker's Compensation
Individual own risk programs for Oklahoma employers who have at least 100 employees and $1,000,000 in payroll. Reinsurance, loss control and Third Party Administration services available.
Group own risk programs for Oklahoma employers who are financially sound with proven positive loss track records. Especially competitive in medical related organizations such as nursing homes, hospitals, clinics and physician services.
High deductible, fully insured plans available for employers with strong financial and proven safety records. Deductibles from $5,000 to $500,000 available.
Copyright © 1998-2001 Oklahoma Business Insurers Online
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Oklahoma Business Insurors Online
Commercial Property
General Liability
Worker's Compensation
Surety Bonds
Commercial Property
We offer coverage for your business property whether it's a laptop computer or a multi story office building. Property coverage can insure you against virtually anything you can think of that might happen to your property. However, these policies are complicated and can leave you with no coverage if not properly written for your particular business. We make it simple.
With over 14 insurance companies to choose from and dozens of types of insurance policies, we can tailor a cost effect solution for any business.
Tip: Many businesses have deductibles on their property insurance much lower than the size of a claim they would actually file with their insurance company. By matching your deductible to your claims filing philosophy, you may be able to raise your deductible and lower your premium.
General Liability
This covers your business for products liability, liability arising from your use of your business premise, advertising liability, and a number of other things for which you can be sued. Premiums for this policy vary widely and it really pays to have a carrier that specializes in your type of business.
Matching insurance companies to clients is something we do very well. With more insurance companies to choose from than almost all other agencies we have more choices for you which means lower premiums.
Tip: If you have more than one location you can increase the amount of insurance you have by asking for an endorsement which makes your aggregate insurance limit apply per location. It can dramatically increase your coverage limits, and it's usually free.
Worker's Compensation
If there is one insurance policy employers hate it's this one. Everyone spends a lot of money for this, but fortunately, it's also a policy where you can usually cut your insurance costs. Workers comp is required by law and covers medical expenses and pays a wage replacement to workers injured on the job.
There is also a liability component of this policy that insures the business in the event a third party sues because of a worker's compensation injury. Most employers don't have enough coverage in this area (usually just $100,000) and don't realize it. You can increase this coverage to $1,000,000 for less than 3% of total premium.
Tip: See our 16 Ways to Save Money on Worker's Compensation article for great money saving ideas.
Surety Bonds
If you're a contractor you know all about surety bonds. If not, you need to know that a bond is a financial guarantee that the bonded entity will perform the terms of a contract. If they don't, the Bond Company steps in and performs the terms of the contract. In many ways a surety bond is much like a letter of credit and costs are similar. The application process and information required to obtain a bond are also similar to obtaining a bank loan.
There are a number of other types of bonds: Permit Bonds, Fidelity Bonds, Notary Bonds, etc. We represent a number of fine bonding companies and can work with you to establish whatever type of bond or bond line you need.
Tip: There are several different pricing tiers for bonds including standard and preferred. If you would like to know if you are getting the best price available, call us and tell us your rate. We can then tell you whether you're leaving money on the table or not.
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insure.com - auto insurance - Minimum levels of required auto insurance
Minimum levels of required auto insurance
By insure.com
All 50 states have different requirements when it comes to auto insurance. In some states, motorists can't register a car without showing proof that they have liability insurance, while other states use an "honor system" that doesn't ask for proof of insurance until drivers have accidents or tickets on their records.
Only five states do not require motorists to carry liability coverage, but those that do demand that drivers purchase at least the state's minimum. In other words, if you live in a state that requires liability insurance, you can't walk into your insurance agent's office and buy only $2,000 worth of liability coverage. If you're going to buy it, you must purchase at least the minimum amount required.
How to read liability limits
The following information will help you understand the table of liability limits.
First number : bodily injury liability maximum for one person injured in an accident.
Second number : bodily injury liability maximum for all injuries in one accident.
Third number : property damage liability maximum for one accident.
So, looking at the table, you find that in Alabama the minimum liability limits are $20,000 for injury liability for one person in an accident, $40,000 for all injuries in an accident, and $10,000 for property damage in an accident.
What is no-fault?
Some states have "no-fault" laws, meaning your auto policy must pay for bodily injury regardless of who caused the accident. The laws were enacted to keep insurance costs down and to reduce auto-injury fraud.
State
Liability required? Liability minimums (in
thousands of dollars)
PIP required?
No-fault state?
Uninsured motorist coverage required?
Alabama
Yes, 20/40/10
No
No
No
Alaska
Yes, 50/100/25
No
No
No
Arizona
Yes, 15/30/10
No
No
No
Arkansas
Yes, 25/50/25
No
No
No
California 1
Yes, 15/30/5
No
No
No
Colorado
Yes, 25/50/15
Yes
Yes
No
Connecticut
Yes, 20/40/10
No
No
Yes
Delaware
Yes, 15/30/5
Yes
No
No
Florida 2
Yes, 10/20/10
Yes
Yes
No
Georgia
Yes, 25/50/25
No
No
No
Hawaii
Yes, 20/40/10
Yes
Yes
No
Idaho
Yes, 25/50/15
No
No
No
Illinois
Yes, 20/40/15
No
No
Yes
Indiana
Yes, 25/50/10
No
No
No
Iowa
Yes, 20/40/15
No
No
No
Kansas
Yes, 25/50/10
Yes
Yes
Yes
Kentucky
Yes, 25/50/10
Yes
Yes
No
Louisiana
Yes, 10/20/10
No
No
No
Maine
Yes, 50/100/25
No
No
Yes
Maryland
Yes, 20/40/15
Yes
No
Yes
Massachusetts
Yes, 20/40/5
Yes
Yes
Yes
Michigan
Yes, 20/40/10
Yes
Yes
No
Minnesota
Yes, 30/60/10
Yes
Yes
Yes
Mississippi
Yes, 10/20/5
No
No
No
Missouri
Yes, 25/50/10
No
No
Yes
Montana
Yes, 25/50/10
No
No
No
Nebraska
Yes, 25/50/25
No
No
No
Nevada
Yes, 15/30/10
No
No
No
New Hampshire
No, 25/50/25
No
No
Yes
New Jersey 3
Yes, 15/30/5
Yes
Yes
Yes
New Mexico
Yes, 25/50/10
No
No
No
New York 4
Yes, 25/50/10
Yes
Yes
Yes
North Carolina
Yes, 30/60/25
No
No
No
North Dakota
Yes, 25/50/25
Yes
Yes
Yes
Ohio
Yes, 12.5/25/7.5
No
No
No
Oklahoma
Yes, 10/20/10
No
No
No
Oregon
Yes, 25/50/10
Yes
No
Yes
Pennsylvania
Yes, 15/30/5
No
Yes
No
Rhode Island
Yes, 25/50/25
No
No
Yes
South Carolina
No, 15/30/10
No
No
Yes
South Dakota
Yes, 25/50/25
No
No
Yes
Tennessee
No, 25/50/10
No
No
No
Texas
Yes, 20/40/15
No
No
No
Utah
Yes, 25/50/15
Yes
Yes
No
Vermont
Yes, 25/50/10
No
No
Yes
Virginia
No, 25/50/20
No
No
Yes
Washington
Yes, 25/50/10
No
No
No
Washington D.C.
Yes, 25/50/10
No
No
Yes
West Virginia
Yes, 20/40/10
No
No
Yes
Wisconsin
No, 25/50/10
No
No
Yes
Wyoming
Yes, 25/50/20
No
No
No
1 Low-cost policy minimums for Los Angeles and San Francisco for eligible
low-income drivers in the California Automobile Assigned Risk Plan are 10/20/3,
effective July 1, 2000, to Jan. 1, 2004.
2 Only property-damage liability is compulsory.
3 Drivers can choose a standard or basic policy. Basic policy limits
are 10/10/5; only property-damage liability is mandatory.
4 Liability rises to 50/100 if injury results in death.
Last updated March 19, 2002
Related information:
Get an instant auto insurance quote!
Five steps to determining your auto insurance needs
The order of auto liability: Who's responsible for this?!
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Oklahoma Society of CPAs - 2001 Governmental Accounting and Auditing Conference
2002 OSCPA Health Care Conference
Sponsored by the OSCPA's Health Care Committee
Contents:
Register online or print out a registration form
Recommended CPE credit
Pricing
Agenda
Speakers
Directions to Clarion Meridian Convention Center
Hotel reservations
Scheduled Vendors
Questions?
Recommended CPE Credit:
The conference is recommended for 8 hours of CPE credit.
Conference Pricing
Early Bird Rate
(good through 05/17/02):
$149 OSCPA Member
$199 Nonmember
Standard Rate
(effective 05/18/02):
$174 OSCPA Member
$224 Nonmember
Conference Agenda
8:00 a.m.
Registration
8:30 - 9:20 a.m.
State Legislative Update
Patti Davis
May 31, 2002, is the final day of the state's legislative session. Get an up-to-the-minute briefing on the status of key health care legislation, including: Medicaid and the appropriations process; insurance; workers' compensation; trauma; and tort reform efforts.
9:20 - 10:20 a.m.
Issues in Physician
Practices Panel Discussion - Part 1
Don Akin, CIC, CPCU, Rosalyn M. Beam, MSM, Barbara A. Ley, CPA, J. Randall Mills, Ph.D, CPA, FACHE
Join our panel of experts as they draw on their extensive experience with physician practices. Discussion topics include: professional liability insurance; PEO; billing errors; omissions coverage; physician billing; front office operations; practice management; structure issues; and tax strategies for physicians in practice.
10:20 - 10:30 a.m.
Break
10:30 - 11:30 a.m.
Issues in Physician Practices Panel Discussion - Part 2
Don Akin, CIC, CPCU, Rosalyn M. Beam, MSM, Barbara A. Ley, CPA, J. Randall Mills, Ph.D, CPA, FACHE
11:30 a.m. - 12:15 p.m.
Lunch
12:15 - 1:00 p.m.
Get HIPAAtized!
Marcia Larsen, MBA
Learn the basics of the Health Insurance Portability and Accountability Act (HIPAA) and how it impacts you as a CPA. Cover the three main areas of the HIPAA regulations, including: transactions and code sets; privacy; and security. Become familiar with the background behind the HIPAA laws and find out how these laws are implemented within the health care industry. Leave the session with valuable HIPAA resources and reference materials.
1:00 - 1:50 p.m.
Common Pitfalls to Avoid in the Medicare Outpatient Prospective Payment System
Cheryl H. Lippert, CPA
August 2002 will mark the two-year anniversary of Medicare's implementation of the Outpatient Prospective Payment System (OPPS) for all health care providers. Since its implementation, health care providers have grappled with the significant affects this profound change in payment has had on every clinical department, as well as all other departments in the revenue cycle including patient registration, finance, medical records and patient financial services. In addition, corporate compliance officers are now more keenly aware than ever that Medicare Outpatient is a fertile territory for OIG review. Cover key OPPS departmental specific issues as they pertain to the requirements set forth by the regulations, the typical findings that continue to arise and their implications from both a reimbursement and compliance perspective.
1:50 - 2:00 p.m.
Break
2:00 - 3:00 p.m.
Don't Worry, Be Happy: Health Care Politics Post September 11, 2001 - Part 1
Jeanne S. Scott, JD
Cover a wide range of subjects from Medicare Reform, prescription drugs, Medicaid, the uninsured, patients' rights, medical errors, fraud, HIPAA, privacy, security and bioterrorism. Gain insight into how these matters are impacting health care finance and accounting and find out where things are going in Washington, D.C.
3:00 - 3:10 p.m.
Break
3:10 - 4:25 p.m.
Don't Worry, Be Happy: Health Care Politics Post September 11, 2001 - Part 2
Jeanne S. Scott, JD
4:25 p.m.
Adjourn
Conference Speakers
Don Akin, CIC, CPCU, is a senior consultant and health care practice leader for CFR, Inc. (Chandler, Frates, & Reitz) in Tulsa, Okla., where he focuses on risk management and financing consulting for health care industry accounts. Akin has also written articles on Directors and Officers Liability Insurance for Oklahoma Business magazine.
Rosalyn M. Beam, MSM, is a supervising consultant of BKD Health Care Group in Tulsa, Okla. Beam has more than 19 years of experience in health care consulting and human resources management. She assists highly specialized health care practices by reviewing processes, making recommendations and implementing new business plans or projects.
Patti Davis, executive vice-president of the Okla. Hospital Assoc. in Okla. City, Okla., serves as a strong advocate and voice for its member hospitals. She is currently serving as a member of the Oklahoma Rural Health Association and Health for Friends board of directors.
Marcia Larsen, MBA, is currently the HIPAA Project Manager for the Tulsa, Okla., division of NDCHealth, one of the nation's largest health care clearinghouses, where she has worked for the past 15 years. Larsen participates in several industry groups that are focusing their efforts on the HIPAA regulations, including WEDi (Workgroup for EDI) and AFEHCT (Association for Electronic Health Care Transactions.)
Barbara A. Ley, CPA, practices in Okla. City, Okla. Her practice includes federal and Oklahoma taxation matters and business consulting for individuals and businesses involved in professional practices, oil and gas, real estate, construction and agriculture. Ley has served on both AICPA and OSCPA technical committees, including a recent two-year term as chairman of the OSCPA Taxation Committee. In addition, she served as Governor Keating's appointee on the Citizens Task Force on Taxation and the recent Legislative and Citizens Task Force on Tax Reform.
Cheryl H. Lippert, CPA, is a partner in the midwest regional Health Care Advisory Services practice of KPMG in Chicago, Ill. Lippert's areas of expertise include strategy development, financial planning, corporate compliance and organizational restructuring within the payor and provider sectors. She is a founding member of the Mental Illness Research Association.
J. Randall Mills, CPA, PhD, FACHE, is a management consultant at Madole Wagner, PLLC, in Tulsa, Okla. Mills focuses on the relationship between physicians and complex organizations, such as medical group practices or health systems. He works with medical groups, hospitals, health systems and third party payors, particularly in strategic planning and strategic development.
Jeanne S. Scott, JD, is the director of government relations for NDCHealth, the nation's leader in health care information processing services, in McLean, Va. Scott has been the Washington, D.C., office director and chief lobbyist for the Catholic Health Association and a former assistant attorney general for the State of Michigan. She also served during the first Reagan Administration as counsel to the Health Care Financing Administration. Scott is the author of numerous articles and publications, including the Journal of the Healthcare Financial Management Association and Electronic Commerce World.
Directions to the Holiday Inn Hotel and Suites
Holiday Inn Hotel & Suites, 6200 N. Robinson, Okla. City, Okla., Broadway Ext. and N.W. 63rd.
Make Your Hotel Reservations Early and Save
Book your sleeping rooms at the hotel by calling 405/843-5558 for $74 a night. Make room reservations by May 17, 2002.
Vendors Scheduled to Attend this Year's Event
Beale Professional Services and its predecessor, M.R. Brackin, Inc., have been providing insurance plans to members of the OSCPA for more than 35 years, including Health, Life, Disability, Professional Liability, Workers Compensation, Dental and Long Term Care. Visit their web site at www.bealepro.com
Crouch Slavin & Company (CS&Co.) specializes in implementation and support of financial information systems like Platinum for Windows, MAS 90/MAS 200 and BusinessWorks. CS&Co's services allow you to increase your overall business performance by giving you faster access to information vital to your client's decision making process. Our products allow you to mainstream everyday duties, so you can have more time managing your business. Visit their web site at www.crouchslavin.com
Total Resolutions provides hardware, software, custom programming and web development to business in the Oklahoma and western Arkansas areas. We have been providing services for small to medium sized business for over 16 years. We have certified consultants on staff to help with software such as MAS90, Accpac, BusinessWorks, Peachtree, Timeslips, Goldmine and Act! We provide an alliance plan with deep discounts to accountants for many of these products. For more information visit www.totalresolutions.com .
Questions?
Contact Michelle Broughton, OSCPA Education Coordinator, at 405/841-3800, ext. 3829, toll-free in OK at 800/522-8261 or by e-mail at mbroughton@oscpa.com
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