Chiropractor Clinic Business Insurance
Getting insurance for your chiropractic clinic is essential.
Chiropractic clinics need to guard against unexpected claims on their resources that arise from the need to repair or replace damaged property, or pay compensation to those injured by the business, its employees or its agents.
For example, a customer may experience pain after a visit and attribute the cause to your treatment. Such a situation may prompt legal action. If so, certain types of insurance will offer protection from that unhappy state of affairs.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for a Chiropractor Clinic
General liability insurance is — generally speaking — one of the most important insurance policies for chiropractic clinic.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
While general liability insurance provides coverage for numerous risks, it may not be adequate to cover all the risks that your business faces. To address these additional risks, specialized policies such as those that offer specific protections may be necessary:
- Commercial property coverage: Policies of this kind will offer protection if a power surge damages equipment used in the clinic. Coverage is much wider, however, and will extend to property that is damaged by vandals or fire or items that are stolen by burglars.
- Commercial auto insurance: A legal requirement that spreads liability wider to people not involved in an accident This ensures funds are available for repairs and for providing compensation to accident victims.
- Business income coverage: Business interruption insurance will help an owner recoup losses that result from having to close the business because of a natural disaster or man made catastrophe.
- Professional Liability Coverage: This type of insurance provides protection for allegations of professional negligence or failure to provide proper advice or service. In the event of a lawsuit, legal fees and damages will be covered.
When it’s time to purchase insurance, you’ll have to make a decision on which type of insurer to go with; there are two types:
- Traditional brick and mortar insurers: These conventional insurers, like CNA and Allegheny, operate through large networks of branches, brokers and agents. As a consequence, their policies may cost more.
- Online insurers: These providers, e.g. Next, employ advanced digital technologies to assess risks and price their products. In general, this allows them to offer better prices and more convenient delivery.
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Cost of General Liability Insurance
On average, chiropractor clinics in America spend between $350 - $750 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for a chiropractor clinic to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for a Chiropractor Clinic
Example 1: During a visit to your clinic, a patient trips over a pothole in your parking lot, breaks an arm in the resulting fall, and decides to sue your business for damages. General liability insurance would pay for your legal defense costs and any required settlement.
Example 2: A competing chiropractic clinic sues you for slander. While you’re uncertain why the clinic owner believes you slandered her business, you want to hire an attorney to protect your company. General liability insurance would cover your legal defense costs and any required settlement.
Example 3: As an employee brings supplies into your clinic, she accidentally knocks a patient over as she rounds a corner. The patient breaks her tailbone in the resulting fall and asks your business to pay for her medical treatment. General liability insurance would cover the injured patient’s medical bills.
Other Types of Coverage Chiropractor Clinics Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Professional Liability Insurance
While you strive to provide the best possible care for your patients, there’s always a chance someone might claim your professional services caused them harm. If a client sues your business based on a negligence claim, professional liability insurance would cover your legal fees and any required settlement.
Workers’ Compensation Insurance
Most states require businesses to carry workers’ compensation insurance for their part-time and full-time employees. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover, but also any disability or death benefits stemming from a work-related accident.
Commercial Property Insurance
You made a major investment in the chiropractic equipment, office furniture, computers, supplies, and real estate needed to start your business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building as well as the business equipment and supplies you store there.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your chiropractor clinic:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Chiropractor Clinic Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Yes, business insurance should be purchased before you start seeing patients. Without coverage from day 1, your clinic could be at risk not only from some unexpected peril but for violating the law.
That’s because some types of insurance, such as workers’ compensation and commercial auto insurance, are legal requirements. Moreover, the enterprise may require business insurance to protect against certain risks, such as damage to property and personal injury to customers.
Not necessarily. Certain exceptions may be written directly into your chiropractor clinic insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.