As a chiropractor, you work carefully to evaluate a patient's condition and help them get back into alignment. Unfortunately, no matter how careful you are, accidents can happen, and your business can suffer financially as a result. For practitioners and their practices, having chiropractic insurance or chiropractor business insurance is critical.
Luckily, a local independent insurance agent can help you get equipped with all the chiropractor liability insurance and other forms of coverage you need to stay safe. They'll help you get set up with malpractice insurance for chiropractors and other types of business insurance to protect your practice. But first, here's a closer look at chiropractic insurance, what it covers, and why it's necessary.
Key Takeaways - Chiropractic Insurance
- Chiropractic businesses need the right protection against many possible disasters, including patient lawsuits, commercial property damage, and more.
- Having the right kind of professional liability insurance or malpractice insurance can protect chiropractors against financial losses arising from patient claims of errors or negligence that cause injuries or other harm.
- Chiropractors pay an average of $37 per month, or $446 annually, for general liability insurance alone, but the cost of your complete policy will vary depending on all the types of coverage you need.
- Your state might require you to have chiropractic insurance before you can obtain proper licensing.
- It's strongly recommended to work with an independent insurance agent who can tailor your policy to meet the needs of your unique chiropractic business.
What Is Chiropractic Insurance?
Chiropractor business insurance, or chiropractic insurance, is a special type of business insurance policy that covers all aspects of your chiropractic business or practice. Most business policies focus on commercial property and general liability, but chiropractic insurance also covers medical malpractice in case you accidentally harm a patient.
Professional liability insurance for chiropractors is critical to help you get reimbursed after a patient lawsuit for errors and negligence on your part during your services that led to injury or another type of harm. This coverage is also known as malpractice insurance for chiropractors and differs from general liability insurance, which is used to cover other types of third-party injuries and property damage, such as customer slip-and-fall injuries on your business's wet floor.
Why Do Chiropractors Need Insurance?
Chiropractor insurance coverage is essential for practitioners to help reimburse them for serious financial losses that can result from many different disasters, including lawsuits and commercial property damage. There's always a risk of causing injury or dissatisfaction to your customers, and you can be sued as a result. Without the right liability insurance for chiropractors, your business would have to pay out of pocket for hefty lawsuit expenses, which could even result in bankruptcy.
Having the right chiropractic insurance can help protect your business against serious lawsuits and unexpected financial losses. Further, this coverage is necessary to comply with legal requirements in some states. Certain areas require chiropractors to have insurance before they can obtain official licensing and open their practices to the public.
What Does Chiropractic Insurance Cover?
Chiropractic insurance includes coverage for your business's property, employees and staff, revenue, cyber exposures, liability, and more. A complete chiropractic insurance plan includes the following types of coverage:
- Professional liability insurance: Also known as malpractice insurance, this covers patient claims of negligence, errors, and omissions during your professional services that cause injury or another type of harm.
- General liability insurance: This covers claims of third-party bodily injuries and personal property damage.
- Business owners policy (BOP) insurance: This combines commercial property coverage, general liability coverage, and business interruption coverage for a small business in a convenient package that can be ideal for chiropractic clinics.
- Workers' compensation insurance: This covers work-related employee injuries, illnesses, and fatalities and is required in most states for any business with employees.
- Commercial property insurance: This covers your office equipment, treatment tables, X-ray machines, building, and more against theft, vandalism, and damage or destruction caused by many listed perils, such as fire.
- Cyber liability insurance: This covers costs related to data breaches and cyberattacks that may expose sensitive and private data, such as customer credit card numbers.
- Business interruption insurance: This covers ongoing operating expenses during temporary closures due to covered disasters, such as extensive fire damage.
An independent insurance agent can help you assemble a complete chiropractor office insurance policy that includes every type of coverage you need for your practice.
How Much Does Chiropractic Insurance Cost?
Chiropractors pay an average of $37 per month, or $446 annually, for general liability insurance alone. The cost of your complete chiropractor business insurance policy will vary depending on all the types of coverage you need and other factors, including the following:
- Location
- Services offered
- Practice size
- Past claims history
- Number of employees
- Annual revenue and payroll
Here are some average costs for chiropractic insurance by type:
- General liability insurance: $37/month, $446/year
- Business owners policy (BOP) insurance: $59/month, $708/year
- Workers' comp: $53/month, $636/year
- Cyber liability insurance: $79/month, $948/year
Malpractice insurance costs for chiropractors can vary widely depending on the number of years you've been in practice. An independent insurance agent can help you find affordable chiropractor insurance near you.
How to Choose the Right Chiropractic Insurance Policy
It's important to evaluate your business's coverage needs before choosing your chiropractor business insurance policy. You'll need to consider the number of employees you have, your annual revenue, and your business's overall risks.
It's helpful to compare policy coverage limits, exclusions, and other details with the help of an independent insurance agent. Your agent can shop and compare policies from multiple chiropractor insurance companies to help you get set up with the best chiropractic insurance.
The Benefits of Having Chiropractic Insurance for Your Practice
The benefits of chiropractic insurance include financial protection and legal defense for your business in case of a claim. Providing the right coverage can also help your practice attract and retain employees, including practitioners and other staff, as well as customers, since they can feel assured that your company provides the proper protection.
With a complete chiropractor liability insurance policy, your business can continue to grow and expand over time, rather than suffer from financial setbacks after an unexpected lawsuit or other disaster.
The Benefits of Working With an Independent Agent
Having chiropractor business insurance is critical to protect your practitioners, practice, staff, and patients. That's why it's important to work together with a local independent insurance agent to find the right chiropractic insurance policy for your unique business.
Your agent has access to multiple chiropractic insurance companies, so they can compare quotes and policy rates for you to find the best deal. And down the road, your agent can help you file business insurance claims when necessary.
FAQs About Chiropractic Insurance
What type of insurance do chiropractors need most?
Chiropractors need professional liability insurance, also known as malpractice insurance, to protect themselves against the cost of lawsuits filed by patients for claims of professional errors and negligence during their services. This coverage can protect a chiropractor who causes injury or other harm to a patient after an adjustment.
Is malpractice insurance required for chiropractors?
Yes, most states require chiropractors to carry malpractice insurance or professional liability insurance. Check your state's local guidelines to be certain.
How much is chiropractor malpractice insurance per year?
The cost of chiropractor malpractice insurance can vary considerably depending on a chiropractor's experience level, services offered, number of patients, and other factors.
Does general liability insurance cover patient injuries?
No, general liability insurance doesn't cover patient injuries that arise during your professional services, such as a spinal adjustment. General liability insurance can cover third-party injuries, including those that happen to your patients, caused by other disasters, such as slips and falls on your business's floor or from tripping over equipment.
Can I get chiropractic insurance as a solo practitioner?
Yes, you can get chiropractic insurance as a solo practitioner. Ask an independent insurance agent to help you find the right type of policy.
What’s the difference between chiropractic malpractice insurance and professional liability insurance?
There is no difference between these two types of coverage. Malpractice insurance is just another name for professional liability insurance.
Does chiropractic insurance cover independent contractors or associates?
Yes, chiropractic insurance can be designed to cover independent contractors and associates. Ask an independent insurance agent to help you customize your policy.
Do chiropractors need workers’ comp if they have employees?
Yes, chiropractors need workers' comp if they have employees. In most states, this coverage is mandatory by law.
Where can chiropractors buy affordable insurance?
Chiropractors can buy affordable coverage from many different private insurance companies. An independent insurance agent can help you compare premium rates and discounts from many top-rated chiropractic insurance companies near you.
Sources
https://www.insureon.com/healthcare-professionals-business-insurance/chiropractors/cost
