Chiropractors are faced with a lot of risks due to treating patients with musculoskeletal problems. When a client comes to you to assess the cause of their pain, it leaves you open to blame for not feeling relief or having further issues in a specific area you examined. Professional Liability Insurance is needed as a precaution to protect your chiropractic office from any dissatisfied services that may lead to legal actions.
Professional Liability Insurance protects chiropractors against lawsuits:
- Professional Negligence
- Incomplete Work
- Faulty or Questionable Services
- Misrepresentation of Services
This type of coverage will also cover
- Legal Defense Fees
- Settlements or Awards
- Other costs that are related to the initial charge
3 specific types of coverage including:
Claims-Made Coverage is built around your policy being active when the incident occurred and when the claim was filed. If at any time your policy is terminated this coverage will be null and void.
- Tails (extending endorsements) can be added to protect your business during the period when your policy is inactive.
Occurrence Coverage covers your business during the life of your policy, even if there was a gap in your policies activity this will still cover any incident that occurred.
Prior Acts Coverages covers you for any incidents that already occurred but have not been reported yet.
Additional Insurance we Recommend for Chiropractors
General Liability Coverage. It is a provision of protection against legal costs that are associated with defending the business regardless if you are at-fault or not. It also ensures that your business is not financially devastated while you are fighting the lawsuit. Protects you against the following claims:
- Bodily Injury
- Property Damage
- Personal and Advertising Injury
- Medical Expenses
Property Insurance. A provision of coverage that allows you to repair or replace your office or any equipment in the event of a crisis. Coverage options include:
- Medical Equipment
- Building Coverage
- Business Interruption Coverage
Business Owner’s Policy. This is a bundle option to include both General Liability and Property Insurance into one policy. It allows you to protect your business from liability claims along with protection from fires, natural disasters and criminal activity in which your office space or equipment was destroyed.
Workers Compensation Insurance pays for any out-of-pocket costs due to injury, medical expenses, or lawsuits that are associated with employees.
- Employers Practices Liability Insurance is a coverage option that coincides with Workers Compensation, in that it provides coverage for any legal fees that arise from a job-related accident lawsuit.
Cyber Liability/Data Breach Insurance covers any expenses related to a data breach including:
- Cyber Extortion Expenses
- Notifying Customers
- Credit-Monitoring Services
- Good-Faith Advertising
- HIPPA Fines
Umbrella Insurance adds more liability to your policies so that you only have to pay a single premium for extra protection. However, this does not include Professional Liability Insurance.
- It can be purchased in increments of $1 million dollars for coverage.
Commercial Auto/Hired and Non-Owned Auto Insurance protects you, your employees, or rented vehicles that are used for any job-related purpose. It pays for:
- Traffic accident damages
- Other collisions and their damages (animals, property, etc.)
- Medical Bills
- Legal Expenses
- Theft and Vandalism
How Expensive is Insurance for Chiropractors?
Unfortunately, there is no average cost for the amount of insurance since all chiropractic businesses are unique and each policy is tailored to your needs. It is best to discuss with an insurance agent the amount of coverage you will need to adequately cover all of your needs as a chiropractor. With there being a higher liability rate due to the clients looking for you to relieve their pain, it is best to ask yourself how much am I willing to risk if a claim was made against me and my practice?
Are You Looking into Insurance Options as a Chiropractor?
With a higher risk of liability, it is important to get your chiropractic business covered right away. Our agents at Compass Insurance Agency can help you determine the best coverage options for you. We work with over 15 carriers who fight for your business by getting you the top coverage at the lowest rate. To get started, just click or call today.
