Understanding Chiropractor Insurance
Chiropractors utilize neuromuscular treatments to address the spinal ailments of patients, either manually or mechanically. A type of alternative medicine, chiropractic practitioners use holistic treatments with the goal of managing the patient's overall health by prioritizing the musculoskeletal system.
Fixing various health issues such as problems with muscles, joints, or bones often can be resolved through appropriate physical therapy. Straight chiropractic centers do not offer diagnostic tests beyond x-rays and treating with spinal manipulation. Some chiropractic clinics add other products and homeopathic remedies to their services. Patients seeking an alternative to their primary physician may select a chiropractor for prescription free relief. Chiropractors are required to be licensed in every state.
As a trained chiropractor, it's critical that you buy insurance coverage that covers you from lawsuits and other liability issues you may experience in your practice. Chiropractors are at risk for malpractice while on the job providing services, so having a malpractice insurance policy is crucial. Customers claiming your made their condition worse with treatment, may file claims against you and your practice, leading to lawsuits, court awarded damages, and significant financial problems. Therefore, it is important to invest in chiropractic professional liability insurance.
How Much Does Chiropractic Insurance Cost?
The cost of a standard $1,000,000,000 general liability insurance policy for a small business in the sector of chiropractic practice varies between $37 and $59 per month depending on location, the services performed, payroll, sales, prior claims and experience.
Reasons Why Chiropractors Need Insurance
The Client Asserts that your Treatment Program has harmed them
After several months of working with you and following your therapy plan's directives your client informs you that this will be their last appointment and that they would like a refund for a treatment that didn't help improve their condition and in fact, made it worse. This can be a challenge. If you have seen progress and are convinced the client treatment plan is working, you have three choices:
- Come up with a rationale for the customer to stay and engage them in reviewing their progress
- Decline the refund, and expect a malpractice claim.
- Allow for a refund, and expect a malpractice claim.
If the customer chooses to leave your practice and isn't given a refund, they may take you to court for malpractice. Professional Liability Insurance would respond to the allegations, provide your defense, and if the court finds you at fault, pay the awarded damages.
The Client Tries to Stand up from the Adjustment Table and Falls
When a session ends, your client tells you that they feel better than any time before, but when they try to stand up, they fall and twist their ankle. Because you owned the property where this injury occurred, and you performed the treatment the client may opt to bring a lawsuit against you and the practice. This is most likely would be a professional liability claim since it occurred immediately after performing the treatment. You may be responsible for covering the client 's medical costs and other claims made. Small business insurance, including both general and professional liability would respond to this type of claim.
Office Equipment
Most chiropractors’ offices have x-ray equipment; they need to make sure that there are no broken bones before starting treatment on a patient. Besides the x-ray, chiropractic adjusting cost up to $2,400 to replace, not to mention the furnishings, computers and other business equipment. In the event your office is wiped out by a hurricane or fire, you will need to replace all your valuable equipment. Commercial Property insurance covers these types of losses.
Cyber Criminals have Found that you do not have an Encrypted Firewall
Small businesses frequently believe that cybercriminals only target large corporations, but in reality, that is only 43% of cyberattacks. The purposes of the cyberattack are to gain your customer's personal information, such as their birthday, SSN, and healthcare info. The hacker may be using the stolen information to commit fraud and make himself a profit. HIPAA ruling regulations require healthcare practices to have contingency plans in place in the event of cybersecurity attacks.
Cyber, when partnered with traditional general liability insurance, your clientele will be properly compensated for legal liability caused by your services or occurring on your premises. This translates to safeguarding your bottom line in case of losses.
What Type Of Insurance Do Chiropractors Need?
An experienced agent will help you get the proper level of insurance for your chiropractic practice and the risks unique to your occupation. The particular kind of policy you procure, its details, and its limitations all affect your business, whether you work independently or own your own practice. Before purchasing any insurance policy, consider the different types of chiropractic insurance that is available.
General Liability Insurance
This policy protects policyholders from claims resulting from a customer’s physical injury while on the premises or a customer having their property damaged while visiting your office. Ensure that you choose sufficient limits for such coverage so that you're not underinsured.
BOP Coverage
A BOP policy is a business owner's policy that bundles property and liability insurance into one single policy. It is typically possible to get additional protection by added endorsements to this policy for things such as employee dishonesty or special computer coverage.
Business Interruption Insurance and Extra Expense
If your practice is closed down as a result of a covered loss damaging the building, this coverage will assist you with payment to move your business to another site, either permanently or temporarily. If you lose income due to the event, the business income limits purchased will pay for the lost income suffered from the closure.
Worker's Compensation
If you're employing people, you must include a workers’ compensation policy, whether it is statutorily required or not. Worker's compensation protects the employer from being sued by employees who have been injured on the job. Workers’ compensation pays the injured employee a portion of wages lost if the employee is unable to work and for their medical care.
Chiropractic Malpractice Insurance
Even if someone has a good reputation and has an impressive track record of satisfied patients, there is still a possibility that you will encounter a patient who wants to bring a claim against you for alleged malpractice in the future. Even if the lawsuit is dismissed or the judge doesn't side with the plaintiff, you will still be forced to pay money for defense of a lawsuit and incur the lost work time spent fighting the lawsuit.
When in search of medical malpractice insurance coverage for your chiropractic practice, you should look for an agent who understands the particulars of the industry as it relates to medical professionals. An agent with considerable experience in the industry knows the ins and outs of the business, and he or she can recommend a comprehensive policy solution to the problems you are facing, the potential risks you face, and risks specific to your industry.
Insurance Advisor will work with several insurance companies to help you find a chiropractor insurance program that best meets your needs and budget, keeping you and your practice securely insured.