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.
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.
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:
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:
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.