You Don't Have a Business Owners Policy?

We notice that many of our chiropractors who have their malpractice insurance with us do NOT carry a business owner policy or workers comp policy. A recent poll revealed a distinct lack of key business insurance policies that could pay for lawsuits and incidents that could lead to bankruptcy. According to the poll, only 28% of respondents have a business owner’s policy (bundle of general liability insurance commercial property insurance), and even fewer respondents reported carrying several other common small business insurance policies, like business interruption insurance, workers’ compensation insurance, and cyber insurance.

Chiropractors put all this work and money into building their practices and yet many of them lack protection for the unlikely event that something does happen to their business beyond a malpractice or regulatory board complaint.

Take for example something like a slip and fall - it typically costs $20,000 to settle a slip-and-fall case, which could be difficult for a chiropractor to come up with. But a business owner’s policy can cover that. The commercial property insurance portion of the policy can help pay to replace or repair damaged or stolen business property, while the general liability coverage can help pay for lawsuits when business owners are sued over visitor injuries.

We find that one reason for this lack of coverage by chiropractors is a misplaced anxiety around how much insurance actually costs. But when you compare the small price of business insurance to the potential risks it protects against, the math is very straightforward.

There’s real risk running a chiropractic business but unfortunately many chiropractors think if anything were to happen to them, it won’t be a big deal because they’re just a small business – but in reality, these risks can be a big deal. As small businesses they’re particularly at risk because they can’t afford to take any kind of major hit to their business or afford to hire an attorney to fight allegations for them. The risk/reward profile is so skewed in favor of the small business when they elect to take insurance that it’s a really smart thing to do.

If you have any questions about insurance coverage please contact us at ChiroFutures.