Published: June 2014
As a chiropractor, you likely create treatment plans by taking into consideration your patients' health and lifestyles. It makes sense that you might treat your chiropractic business similarlyconsidering every possible method of keeping your practice "healthy."
Part of your business plan probably includes purchasing a business insurance policy that protects you against challenges to your income or reputation. A good business insurance agent can help you select coverages to help protect your actual office structure, furnishings and specialized chiropractic equipment, as well as patient treatment records and other private information. Some key coverages you might want to consider include:
Business property coverage: This insurance protects your chiropractic office or building's physical structure if you face certain covered losses, such as damage from vandalism, fire or wind storms, up to your policy's specific limits. According to the Small Business Administration (SBA), property insurance also covers the contents of your officesuch as computers, treatment tables, X-ray equipment, furniture and more.
Business property coverage can come in two forms, according to the SBA:
- All-risk policies, which cover a broad variety of perils. Excluded perils are noted in your policy.
- Peril-specific policies that cover particular risks you might face in your geographic area, such as fires. Deductibles and coverage limits vary by policy. Your business insurance agent can help you decide what type of property insurance would be best for you.
General liability coverage: This coverage can help pay for medical costs and damage claims, up to your policy's limits, if a visitor, patient, or vendor is injured on your business property, according to the Insurance Information Institute (I.I.I.). This coverage would likely protect you if, for instance, a patient broke her ankle after slipping in your office. This coverage also helps protect your business assets by paying for legal fees if someone who claims they were injured while at your office sues you or if your practice is found liable for damage to a patient or visitor's property.
Business interruption coverage: If your practice was forced to shut down for a time due to a natural disaster or other unplanned, covered event, this type of insurance could help replace your business income, based on your past profit documentation. This coverage may also provide income replacement if you become injured or incapacitated. Deductibles and coverage limits will vary according to the specific policy you choose. You may want to evaluate this and other business insurance coverage annually, as part of a regular business continuity plan review, suggests the Insurance Institute for Business & Home Safety (IBHS).
Data compromise coverage: Because your practice's computers store patient names, as well as confidential information such as health records, financial information and contact details, you may want to consider this specialized coverage. If your electronic records were to be damaged or stolen, this type of policy could help you pay for expenses related to notifying patients, providing credit-monitoring services, recovering data,and more.
Contact your business insurance agent to learn more about the insurance coverages that might be right for your practice.