Business Insurance for Chiropractors
Montgomery & Associates Insurance Agency specializes in essential coverages for chiropractors. Each doctor or group has specific needs based on a number of factors such as location, number of years in practice, treatment methods, and more. Our agents tailor plans for chiropractors and other healthcare providers to secure the best business protection. Our agency quotes rates with several carriers and combines plans when possible to reach the best rates.
Below are some insurance options to consider in the chiropractic field.
Malpractice Insurance for Doctors of Chiropractic
Chiropractors generally see between 10 and 200 hundred patients per day depending on the practice. Even the best reviewed and rated chiropractors are likely to have some unhappy patients. Some patients may go as far as filing a malpractice claim. Malpractice insurance protects doctors against lawsuits related to negligence and is the coverage that comes to mind for most people when thinking about what a chiropractic office might require. Some companies also provide defense coverage of state and other insurance audits that may arise as well as sexual misconduct and HIPAA violations.
Malpractice insurance for chiropractors is generally much more affordable that for medical doctors (M.D.). Policies start as low as $1,500 per year, compared to a minimum of $20,000 annually for an M.D.
Insurance Policy Coverages for Chiropractors
While malpractice insurance is the most obvious need, other types of insurance should be considered to protect the chiropractic business. Our agents spend time learning about each practice and assessing its specific needs so they may recommend the best custom plan to best protect the practice without over-insuring. Some commonly considered chiropractor insurance coverages are listed below for reference.
Business Property Insurance:
This coverage protects most properties within the practice that are damaged. Repair or replacement of the property will occur in the event of damage. Chiropractic offices often have invested significantly in equipment to treat their patients as well as the facility itself. Equipment examples include deep tissue laser machines, decompression tables, physical therapy equipment, and TENS units. Property insurance helps you keep the doors open when the office experiences damage from natural disasters or even vandalism. Options to consider when shopping for property insurance is whether the business owner prefers to insure the property at current value or replacement value.
Be sure to inquire about all-risk versus peril-specific risk policies.
It may make sense and save the practice money to secure property and general liability insurance together under a business owner’s policy. The agents at Montgomery & Associates will research options and guide the chiropractic client through the options to make the most informed decision on coverages and policy bundling.
General Liability Insurance:
Seeing patients daily exposes healthcare providers to accident risks. General liability insurance protects the practice against lawsuits resulting from patients injured on the premises. Common occurrences include slip and fall accidents. Whether the office is found to be at fault or not, time is lost and expenses are incurred. The types of claims that general liability insurance may protect against include bodily injury, property damage, advertising/copywrite injury, and medical expense claims. Montgomery & Associates Insurance agents will provide guidance and address any questions the chiropractic office owners may have related general liability insurance.
This coverage protects the practice against data breaches that may occur within the internal computer system and includes protection against HIPAA assessed fines.
If the chiropractic practice has 5 or more full or part-time employees, Tennessee requires a Workers’ Compensation policy to operate the business. Workers’ Compensation insurance protects the practice from the financial risk of employee injuries, medical expenses, and lawsuits related to injured staff members.
Business Interruption Insurance:
This coverage helps fund lost business income that results from natural disasters or other covered events that shut down the office for a period of time.