When people learn you’re a chiropractor you’re immediately asked for free medical advice or an adjustment. You don’t comply with either, knowing that if something negative were to transpire because of your advice or touch, your practice and your license would be put in jeopardy.
It’s true, you do get the occasional eye roll or lame comment for not providing your services for free, but making one mistake off the clock isn’t worth your livelihood. But ask yourself: Do you take the same amount of care when working with patients with musculoskeletal problems and recommending a treatment program in the office?
As a licensed chiropractor running your own practice, you should have a chiropractic business insurance policy. A business insurance package will protect your organization in cases of liability.
If you need more convincing, here are four reasons to get a chiropractic business insurance plan ASAP.
A client makes the claim that your treatment program isn’t working
After a couple of months of working with you and following your treatment plan, your client tells you that this is their last appointment and that they would like a refund for a treatment that didn’t work. This can be tricky. If you’ve seen growth and know that the plan is working, you have three choices:
− Convince the client to stay and show them the areas in which they have improved
− Refuse the refund
− Grant the refund
If the client chooses to leave your practice but was not given the refund they asked for, they could try to take you to court for false advertising. Liability insurance (there are different types, you will need to make sure your policy specifically states this) covers litigation and restitution fees, so if the client sues, your business insurance will cover the costs.
A client tries to get up from the adjustment table and falls
After a great session, your client tells you they’ve never felt better. Upon trying to hoist themselves off the table, they fall and twist their ankle. Because this accident happened on your property, you are technically responsible for paying for the client’s medical fees. Small business insurance will cover your client’s medical fees and afterward the two of you can have a good laugh about it.
The office equipment needs to be serviced
Equipment used every-day all-day will eventually break down and need to be repaired, or worse—replaced. A chiropractic adjustment table for example can cost anywhere from $300 to $2,400 to have replaced. If your equipment is damaged or stolen, small business property insurance will pay to have it replaced, keeping your bank account from dwindling down.
Cybercriminals have discovered that you don’t have a firewall
Unfortunately, small business owners tend to believe that cybercriminals only target large corporations, this is untrue. 43 percent of cyberattacks focus on small business because their servers are easier to infiltrate and infect. The motive behind the cyberattack is to steal your clients’ birthdates, social security numbers and healthcare information — all of which can be used to commit fraud and make the cybercriminal a lump sum of cash. Due to a HIPAA ruling, healthcare practices are required by law to have a cyber insurance plan.
Partnered together, cyber insurance and small business insurance will compensate your clients should their private data be stolen and protect you from financial ruin.
How can you help clients if you don’t help yourself? Find your small business insurance package with CoverHound today.