Company insurance is intended to safeguard the financial assets of a business owner and is a necessary investment for a chiropractor clinic.
This article will discuss the primary insurance coverage for chiropractor clinics, general liability insurance, as well as additional policies that are appropriate for this industry.
Chiropractor Clinics Need General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
COMMON SITUATIONS FOR WHICH A CHIROPRACTOR CLINIC MAY HAVE GENERAL LIABILITY INSURANCE
Example 1: During a visit to your clinic, a patient slips over a pothole in your parking lot, falls and fractures his arm, and chooses to sue your company for compensation. General liability insurance would cover the expenses of your legal defence as well as any compulsory settlement.
Example 2: A rival chiropractic practise sues you for libel. You want to engage an attorney to safeguard your firm while you investigate why the clinic owner feels you slandered her business. Your legal defence expenses and any needed payment would be covered by general liability insurance.
Example 3: While bringing supplies into your clinic, an employee accidently knocks a patient down as she turns a corner. In the ensuing fall, the patient fractures her tailbone and requests that your company pay for her medical care. The wounded patient’s medical expenditures would be covered by general liability insurance.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
Chiropractor clinics in the United States typically pay between $350 and $750 per year for $1 million in general liability insurance.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Coverage Required by Chiropractor Clinics
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that every chiropractor clinics should have are as follows:
Insurance for Professional Liability
While you endeavour to offer the best possible care for your patients, there is always the possibility that someone may claim that your professional services harmed them. If a customer sues your company for carelessness, professional liability insurance will pay your legal bills as well as any needed compensation.
Insurance for Workers’ Compensation
Workers’ compensation insurance is required in most states for both part-time and full-time employees. This coverage covers your workers if they are hurt at work or get sick as a result of a workplace accident. It covers not just an employee’s medical expenditures and missed pay if they need time off to recuperate, but also any disability or death benefits resulting from a work-related accident.
Coverage Options for Some Chiropractor Clinics
In addition to the insurance described above, your chiropractor clinic may need other forms of coverage based on particular parts of your business. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Commercial Property
You made significant investments in chiropractic equipment, office furnishings, computers, supplies, and real estate to launch your firm. Commercial property insurance would cover the expense of repairing or replacing your business-related property in the case of a fire, theft, or natural catastrophe. This covers structural damage to your premises as well as damage to the company equipment and supplies stored inside.
Umbrella Insurance for Businesses
While most claims are covered by your general liability insurance policy, certain incidents or lawsuits may be so severe that they threaten to deplete the limits of your main coverage. Commercial umbrella insurance protects you from having to pay for legal expenses and awarded damages that exceed the limits of your main policy out of pocket.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.