Just like any other medical professional, a chiropractor needs reliable insurance coverage. As a chiropractor, you have a large liability risk because patients rely on you to relive their pain. If this pain isn’t relieved, legal charges and insurance claims could follow. It's important to learn a bit about the insurance coverage that could protect you and your practice. This article will help you find the coverage you need.
Statistics About the Chiropractic Profession
- In 2010, the median pay for a chiropractor was $67,200 per year.
- To become a chiropractor, you must complete a doctoral degree.
- In 2010, there were almost 53,000 jobs for chiropractors.
- The field is growing nearly 28% each year.
- By 2020, almost 15,000 jobs will be added.
Do I Need Chiropractors Insurance?
Some statistics claim that nearly 1 out of every 3 chiropractors has an insurance claim filed against them each year. To have a claim filed against you, you must have some type of commercial insurance policy. Many states require that medical providers have chiropractic malpractice insurance and even if your state doesn’t require it, your employer may. Employer coverage may not fully protect you, however. Although paying for malpractice and other forms of insurance coverage may only seem like an extra business expense, the consequences of going uninsured may bring this cost into perspective.
When considering whether you can afford chiropractic insurance, ask yourself if you can afford not to be insured. If a patient can’t make an insurance claim against you because you don’t have coverage, the next step is a lawsuit. With chiropractic insurance coverage, your legal fees could be covered and your settlement or judgment might also be paid by your insurance coverage.
Malpractice Insurance for Chiropractors
You’re in the business of providing pain relief. Even if you have a stellar record, there could be a patient who claims that you caused them more pain. Even if the charges are unfounded, you must spend valuable time and money fighting the claims. Chiropractic malpractice insurance helps protect you when you're faced with claims that you’ve been negligent in your business practice, therefore causing harm.
There are many chiropractic malpractice insurance companies out there, but an independent agent can help you find one that has insurance for your needs. One area to speak with your independent agent about is claims made versus occurrence coverage:
- Claims made: If you renew your policy every year without a lapse in coverage, you can report a claim for incidents that happened during past policy years.
- Occurrence coverage: Even if you’ve discontinued your policy, as long as an incident occurred while the policy was in force, you're covered.
Other Insurance Chiropractors May Need
Whether you run your own office or work independently, the details of your policy will affect your business. In addition to chiropractic malpractice insurance, there are other forms of coverage that shouldn’t be overlooked. The type of business you run and the services you provide will ultimately determine your insurance needs. Leaving out a vital detail like the fact that you sometimes make house calls can create a huge coverage gap that could come back to haunt you. Here are typical business policies that provide reliable coverage:
- General liability insurance: If a patient is injured while on your business premises, this coverage can help pay for any medical expenses related to the accident. Additionally, if you’re visiting a patient’s home and accidentally cause property damage, this policy can pay for repairs or replacements. It’s essential to set the right coverage limits to ensure you’re protected under all circumstances.
- Property insurance: This policy can help repair or replace any business property that’s damaged. It also applies to electronic equipment and your building. If you live in a high-risk area for natural disasters like tornadoes or hurricanes, property insurance is a must. Keep in mind that flood insurance must be purchased separately.
- Business owner’s policy: To save money, you can combine your general liability insurance and property insurance together into a BOP. You also have the ability to add other forms of coverage, although more specialized forms of insurance may need to be purchased separately.
- Business interruption insurance: If your clinic must shut down due to a fire, this coverage can help you pay to relocate temporarily or permanently. If you must shut your doors completely due to a covered loss, this coverage will provide compensation for lost income.
- Workers compensation: If you have three or more employees, your state may require this insurance coverage to operate your business. If an employee is injured at work, workers compensation will help pay for medical expenses and lost income while limiting the employee’s right to sue, which protects you.
How to Compare Chiropractic Insurance Quotes
While one coverage costs more than the other, don’t let chiropractic malpractice insurance costs deter you from buying the right insurance for your company. The extra protection will provide the confidence you need to help you succeed as your practice grows and changes. A qualified independent insurance agent can help you look at several rate quotes before you buy, which can give you significant time and money savings.
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