Chiropractor Clinics Insurance – Cost and Types Of Policies

Whenever you budget the expenses of your business, chiropractor clinics insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.

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With the protection provided by general insurance and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.

Like any business owner, for your chiropractor clinics enterprise, you must consider how much financial liability you are taking on.

Business Insurance for chiropractor clinics

If your chiropractor clinics business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.

This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions. 

In this article, we are giving very general guidelines for growing businesses to highlight what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.

The question is, can you afford to NOT have insurance for your chiropractor clinics business?

What this means, for any chiropractor clinics business owner, is that if some company claims that your work caused them some physical or economic damage, a court can award damages far beyond the total size of your business.

Your chiropractor clinics business is not sheltered by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.

In some states, like Texas, there are specific monetary levels that limit the amount an adjudicator can award in any case against the state.

In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have sued for.

When you are running your chiropractor clinics operations, you can’t deny responsibility for the outcomes of your actions.

Even more importantly, unless you have spent beforehand the money necessary to have your business running as a limited liability company, all of that liability belongs to you as a person.

What does chiropractor clinics insurance protect you from?

For your chiropractor clinics business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.

In addition there are some official kinds of insurance that various states require.

In the next few paragraphs, we will describe the most important points any chiropractor clinics business owner should know when negotiating the insurance needed.

The main types of insurance for your chiropractor clinics businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.

Liability insurance

General liability insurance

Any chiropractor clinics business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be ruined.

In such a case, they can demand compensation.

General liability insurance policy for your chiropractor clinics business insures you against claims coming from injury to clients or damage to their property.

It protects your chiropractor clinics business from the claims themselves and also to any follow-on court costs and legal fees of the lawsuits.

In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.

The average level of general liability insurance for your chiropractor clinics business would be with a boundary of $1 million for a single claim and a total of $2 million for the whole year.

See the table in the costing section below for average prices of general liability insurance for your chiropractor clinics insurance operations.

Professional liability insurance for your chiropractor clinics business

In the event where a customer alleges some negligence, errors, or omissions in how you conducted your chiropractor clinics business for them, you can quickly be involved in a monetary claim.

Even if the lawsuit against you is decided in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.

Every small chiropractor clinics business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.

See the table in the cost of chiropractor clinics insurance section below for average prices of professional liability insurance for your chiropractor clinics operations.

Product liability insurance

Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what you delivered didn’t meet your description of function, or that your guidance was basically incorrect.

You need to be aware of the particular laws of product liability in your own state.

For example, in California, all businesses in the supply chain can be held liable for damages caused by products claimed to be defective.

To cover yourself against any following lawsuit, you need Product liability insurance for chiropractor clinics

Only you can determine exactly how much insurance you need.

Best advice is to contact experienced insurance agents, brokers or company representatives for support.

Commercial insurance

Commercial vehicle insurance for your chiropractor clinics business

Be careful! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the vehicle is being used for business purposes.

The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.

Commercial van policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.

As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is guaranteed if your van is involved in a collision.

Most states, other than Virginia and New Hampshire, insist on this type of insurance.

The necessary value of the insurance depends on the depreciated value of the vehicle, and your intended level of cover of contents. 

Tools and Equipment insurance

Since your chiropractor clinics business needs unique and costly equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.

The equipment may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.

Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.

Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy any equipment needed to keep your chiropractor clinics business running.

It is difficult to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your chiropractor clinics business’ equipment.

Commercial Property insurance

Any chiropractor clinics business that owns or rents space in a building must have a commercial property insurance policy.

If you own the building, you certainly have a substantial capital investment, as well as a big liability if there’s a mortgage.

Any physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against criminal damages like theft and vandalism.

If your chiropractor clinics business deals in areas of high risk, like Texas or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.

In other states like Washington, where intense cold snaps can cause damage to outer coverings of chiropractor clinics business premises, there is a need for more additional cover than in warmer climes.

Whereas the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of chiropractor clinics insurance section below to give some indication of the average prices per million dollars of property insurance for your chiropractor clinics business.

Temporary insurance by month, week or day for your chiropractor clinics business

Is your chiropractor clinics business working part-time or casually, or is the level of business seasonal?

Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for chiropractor clinics – are special policies where you can cover a specific period when you want to be covered.

By only paying for that period of cover, you will save by having lower premiums but still having identical risk cover.

The important feature of short-term insurance is that you pay for the cover for a defined period – a nominated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.

When you are expecting periods of higher business activity, get the existing cover raised.

Talk to your insurance agent, broker or the company’s representatives to see what options you have.

Business Owners Policy BOP for your chiropractor clinics business

You have the choice to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.

A BOP merges commercial property and public liability insurance by amalgamating these coverages into one insurance policy, which can save you money.

BOP insurance will protect you if any claims of injury or property damage are made.

It is often the right choice for small and medium-sized chiropractor clinics businesses, such as yours.

There are some limits that will determine whether BOP is suitable for your own business.

BOPs cannot cover your professional liability or commercial vehicle cover.

Also, the size of your business will dictate whether you are eligible to take out BOP cover.

The normal business that is allowed to take a BOP policy must have fewer than one hundred employees, and not more than five million dollars in annual revenue.

As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.

Workers Compensation insurance for your chiropractor clinics business employees

In almost all states, it is mandatory to have workers compensation insurance when your chiropractor clinics business has one or more employees.

Workers compensation insurance covers the enterprise against any costs that arise if a worker experiences an injury or becomes sick as a result of work.

The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.

Failure to meet a state’s requirements in this regard can leave you as the employer required to pay penalties levied by the states.

Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.

In these states, you cannot get your workers compensation obligations from private insurance providers.

Workers compensation premiums are calculated based on the employee’s pay, and usually come out at around $1.00 per $100 per month.

However, you must see the relevant authorities in your state.

Average costs of these types of insurance

Although every chiropractor clinics insurance requirement is unique, there are enough examples of usual quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.

Of course, you should always check with an insurance representative what’s relevant for your business.

The list below is of annual premiums we have researched for the main types of insurance your chiropractor clinics businesses needs.

Types of insurance Price range
Commercial insurance $925 – $2085
Commercial vehicle insurance $1625 – $2960
Product liability insurance $255 – $515
General liability insurance $715 – $1015
Public liability insurance $280 – $730
Equipment insurance $430 – $1465

Cost of insurance for your chiropractor clinics operations depends on many different factors.

We have calculated these figures for small self-employed chiropractor clinics businesses.

In larger states like Texas, premiums are generally about 20%-30% higher than national averages, but in smaller states like New Mexico, they usually are about 20%-30% cheaper.

The location and size and type of your chiropractor clinics business can have a big effect on the cost of different policies.

You should discuss with professional insurance agents and brokers, or insurance company representatives.

As well you can let the internet do the work for you by looking for insurance companies near where your business is located.

Another reliable source of information is the local Better Business Bureau in your town.

FAQ

What is small business insurance for chiropractor clinics operations?

This is a general term used to describe standard insurance policies designed to protect chiropractor clinics business owners from risks like bodily injury, property damage, claims of negligence.

Does my chiropractor clinics business have to have insurance?

Some of the kinds of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.

Several other forms are required by state law, such as workers compensation and vehicle insurance.

What does a small chiropractor clinics business insurance policy cover?

Liability insurance provides insurance against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.

The precise cover will vary based on your own operations.

See the table in the costing section above for average prices of the recommended policies for chiropractor clinics insurance.

How much will chiropractor clinics business insurance cost?

In addition to the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.

You should consult with professional insurance agents and brokers, or insurance company representatives.

You can search for more information insurance for chiropractor clinics, in the search box below, and follow the relevant links.

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