We cannot emphasize enough that getting chiropractic business insurance is crucial for your business and professional reputation. Whether you are just starting or have been operating for some time, insurance can give the needed protection should there be an untoward event in your business along the way that requires sums of money – like a client filing a malpractice lawsuit.
Chiropractic business insurance can include multiple coverages to ensure that it can protect you in different situations. It can be custom-designed so that it suits best to your needs.
A chiropractic business insurance can cover you with the following:
Liability insurance. It covers your business if someone sues it for something it did or failed to do that caused injury or property damage to someone else. It covers damages and settlements stemming from a lawsuit, up to the policy limits. Many liability policies also cover fees for the attorney and other costs associated with defending against a lawsuit.
Business owner policy. It is a package policy that covers property and liability exposures (as required by landlords) as well as a loss of income if your business cannot operate for some time. For example, if the roof of your office is damaged during a thunderstorm, causing it to flood, thereby closing your business for two months, a BOP would provide coverage in several ways.
Worker compensation insurance. It pays for medical care and rehabilitation for employees who get injured on the job or contract a work-related illness. It also covers a portion of your employees’ lost wages, disability benefits, and death benefits for the dependents of employees killed in work-related accidents.
Excess liability insurance. Also known as umbrella liability insurance, it applies excess over primary liability policies and cost-effectively provides an additional limit of liability. The primary is called the “underlying” policy and scheduled along with its limit on the umbrella policy.