insurance for chiropractors

assessing their needs

Westwood will work with you to ensure your chiropractic clients have adequate insurance coverage for every threat they could face.

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Chiropractors have become an integral part of the healthcare system, offering specialized care in musculoskeletal issues, particularly related to the spine. As commercial insurance agents look to serve this specific healthcare niche, it is essential to understand the unique challenges and risks facing chiropractors to offer customized, effective insurance solutions. Here’s a deep dive into the subject.

The Nature of Chiropractic Care

Before diving into the challenges, it’s important to understand the nature of chiropractic care. Chiropractors use hands-on spinal manipulation and other manual therapies to improve musculoskeletal alignment. They often emphasize holistic wellness, steering away from surgery and medications in many cases.

Licensing and Regulations

One of the first challenges chiropractors face is varying state-by-state licensing requirements and regulations. This means that insurance policies have to be tailored to meet different state mandates, a consideration that insurance agents must be prepared for.

Unique Challenges

Risk of Injury to Patients

Neck Manipulation Risks: There have been cases where neck manipulations have resulted in serious complications like vertebral artery dissection, a tear in the arterial wall that can lead to a stroke. According to a study in the journal “Spinal Cord,” the estimated risk is quite low but still present—about 1 in 100,000 patients could face severe complications from spinal manipulations.
Lumbar Spine Injury: Manipulations around the lower back area can result in lumbar spine injury or worsen an existing condition.
Soft Tissue Injury: Incorrect manipulation can cause sprains or strains in the surrounding soft tissue.
Failure to Diagnose: A unique liability stems from the failure to diagnose or refer a patient to specialists when an issue outside of the chiropractic scope is present.

Professional Liability

Chiropractors are at risk for malpractice lawsuits, which can be financially crippling without the right insurance coverage. A report by the National Chiropractic Mutual Insurance Company states that the average malpractice claim against a chiropractor is around $50,000.

Equipment & Technology

Modern chiropractic practices often use advanced diagnostic and treatment equipment. Damage to this expensive equipment can be a substantial financial setback.

Business Interruption

Like any other healthcare facility, chiropractors are not immune to events like natural disasters or pandemics which can interrupt operations. During the COVID-19 pandemic, for example, many chiropractic offices had to temporarily close, significantly impacting revenue.

Variable Patient Load

Chiropractic practices can face a variable patient load, which can make it difficult to predict income and thus, insurance needs.

Conclusion

Understanding the unique challenges facing chiropractors—ranging from risks of injury to patients to the intricacies of licensing—can enable commercial insurance agents to create more targeted, effective policies. Agents should focus on offering a comprehensive package that includes professional liability, equipment insurance, and business interruption coverage to fully cater to the specific needs of chiropractors.

By tailoring your offerings, you not only serve your clients better but also enhance your credibility and reliability in this niche insurance market.

what specific insurance do they need?

Professional Liability Insurance (Malpractice Insurance): Covers legal costs and damages arising from malpractice claims related to patient treatment. It is crucial due to the inherent risk of spinal manipulations leading to patient injury.
General Liability Insurance: Offers protection against claims of bodily injury or property damage that occur on the practice premises but are not directly related to medical treatment, such as slip-and-fall incidents.
Commercial Property Insurance: Provides coverage for the physical assets of the practice, like equipment and the building, against damage from events like fire, theft, or natural disasters.
Business Interruption Insurance: Helps to cover lost revenue and operating expenses if the practice has to close temporarily due to an event like a natural disaster or pandemic.
Workers’ Compensation Insurance: Covers medical expenses and wage replacement for employees who are injured while on the job, applicable if the practice employs staff like receptionists or assistant chiropractors.
Cyber Liability Insurance: Protects against financial losses and legal implications arising from cyber threats or data breaches, particularly relevant as electronic health records become more common.
Equipment Breakdown Insurance: Covers the costs associated with repairing or replacing specialized chiropractic equipment like adjustment tables and diagnostic tools in case of breakdowns or malfunctions.
Employment Practices Liability Insurance (EPLI): Offers coverage against claims made by employees regarding issues like discrimination, wrongful termination, or harassment.
Data Breach Insurance: Specifically covers the costs related to a data breach, which can be particularly important due to the sensitive patient data that chiropractic practices maintain.
Commercial Auto Insurance: Relevant for chiropractors who use a vehicle for practice-related tasks, offering coverage against auto accidents, theft, and other vehicle-related incidents.

Each of these insurance types is designed to address different aspects of the risks and liabilities that chiropractors may encounter in their professional practice. Tailoring insurance packages to include these different types can offer comprehensive protection.

advice for commercial agents approaching chiropractors

For commercial insurance agents looking to approach chiropractors as potential clients, a deep understanding of the unique challenges and risks facing this healthcare niche is crucial. Familiarize yourself with the specific insurance needs of chiropractic practices, which go beyond general liability to include specialized coverages like professional liability insurance, equipment breakdown insurance, and cyber liability insurance among others. A well-rounded understanding of these needs will position you as an expert advisor rather than just another salesperson, allowing you to tailor insurance packages that provide comprehensive protection.

Approaching chiropractors also requires a nuanced understanding of their daily operations and the vulnerabilities they face, such as the risk of patient injuries due to spinal manipulations or the threat to sensitive patient data. Your pitch should demonstrate this awareness, offering solutions that mitigate these unique risks. Providing educational resources, such as articles or seminars on risk management specifically targeted to chiropractic practices, can further establish your credibility. Remember, chiropractors are looking for more than just an insurance policy; they are looking for a partner who understands and can navigate the complexities of their profession. A targeted, informed approach will go a long way in building lasting relationships with chiropractic clients.

Contact Michael Richards now

Michael specializes in insurance for this particular group. You can call him on the number below or fill out the form and he will get your message directly:

Call 855 351 7487

sourcing the best insurance for chiropractors is essential for commercial agents

General Liability Insurance

General Liability insurance cover medical expenses and attorney fees which result from bodily injuries and property damage that your company or organization could be legally responsible for.

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Professional Liability Insurance

Professional liability insurance, also known as errors and omissions insurance (E&O) and medical malpractice insurance, protects your business against claims of negligence, malpractice, errors, and omissions which may have occurred during the fulfillment of a professional service.

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Telemedicine Malpractice Insurance

telemedicine malpractice insurance—also known as digital health insurance or eHealth insurance—has become increasingly vital for healthcare providers. to protect them against claims of negligence, malpractice, errors, and omissions which may be the result of the limitations of webcam quality or the inability of a patient to properly photograph a condition. It can also cover cyber liability, such as remote controlled medical devices being hacked.

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Directors and Officers Liability (D&O) insurance

D&O insurance (Directors and officers liability insurance), shields the personal assets of company directors and officers, and where necessary, their spouses, from claims which could arise as a result of the decisions they made and actions they took within the scope of their regular duties.

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Cyber liability insurance

Cyber liability insurance covers the financial costs associated with a breach of your cyber security, such as a ransomware attack. It also covers first party costs including event management, data restoration, financial costs to third parties, network interruption, and cyber extortion.

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HNO Insurance

HNOA, (hired non-owned auto insurance) is designed for organizations who regularly hire vehicles or require employees to use their own vehicles in the course of their work. In the case of an accident where your employee was liable, it could cover physical damage to that other person’s vehicle, medical expenses, the cost of hiring an attorney to defend your business.

Workers’ Comp. Insurance

Workers’ compensation insurance covers your employees for workplace injuries or illness. It provides them with medical and wage benefits.

This coverage is mandated by each state, with the wage and medical benefits varying from state to state. Workers compensation also protects business owners from civil suits by workers who become injured on the job.

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Employment Practices Liability

Employment practices liability insurance (EPL insurance or EPLI), covers employers (PDF) against claims made by employees for:

Discrimination (based on sex, race, age or disability, for example)
Wrongful termination
Harassment
Failure to promote and other employment-related issues

Sexual Abuse & Molestation (SAM)

Sexual Abuse and Molestation Insurance provides coverage for organizations against claims arising from alleged sexual misconduct or molestation by an employee or other representative of the organization.

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Environmental Liability insurance

Environmental Liability insurance is liability insurance specifically designed to protect environmental liabilities. This is a specialized form of general, commercial liability insurance that provides financial protection against litigation and clean-up costs resulting from claims of injury or damage caused by pollution, contamination or hazardous waste disposals.

Commercial Property Insurance

Commercial property insurance is a fundamental component of risk management for healthcare and senior living providers. It is designed to protect the organization’s physical assets, such as buildings, medical equipment, furniture, and supplies, from financial losses due to damage or theft.

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Crime Insurance

Crime Insurance covers the insured party a reimbursement if their property is damaged due to a crime. Crime Insurance usually has a huge range of options and comes in different forms. It can be either a rider that can be attached to the existing insurance policy, or it is available as a completely separate product.

Commercial Auto Insurance

Commercial auto insurance is a crucial aspect of risk management for healthcare and senior living providers. It offers vital financial protection against vehicle-related incidents and is often required by law.

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Fully/Partially Funded insurance

Partially Funded insurance gives facilities the opportunity to pay a set premium for, and then in turn is partially covered for specific risks.

Fully Funded Insurance allows facilities to pay premiums to have coverage against all risks. In return, if they are unfortunate enough to incur any of the covered loss or injury, they are reimbursed their insurance policy amount.