A guide to insurance for chiropractors

Jamie Frew
Jamie Frew
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Chiropractic services & insurance

Chiropractic is a form of healthcare that is focused on treating disorders and issues relating to the musculoskeletal system, including bones, ligaments, nerves, tendons, and muscles. Chiropractors are trained in various treatment methods, but they are fundamentally focused on allowing the body to heal itself and avoiding any unnecessary surgeries or operations. Just like most other healthcare professions, chiropractors must be covered by comprehensive insurance. Although it is important to try and avoid any malpractice suits or disputes, irate clients and mistaken treatment decisions are a reality you need to be prepared for. To minimize the risk of these occurrences, your internal business operations must run as smoothly as possible. This means focusing on effective communication, strengthening patient relationships, and using chiropractic software for healthcare businesses to streamline and optimize processes. Understanding insurance and finding the right plan for your business can be stressful, but that’s where we can help. In this guide, we’ll outline the reasons behind why having comprehensive insurance is important and where you can find the perfect solution for your practice.

What types of business insurance do chiropractors need?

The first thing you need to think about is the type of insurance you require. Different business structures will require different insurance plans, and you should consider specific situations that you want to be insured for. Although insurance plans will differ depending on your plan, we’ve compiled a list of some of the most commonly used policies for chiropractors:

Business owner’s policy: This type of insurance policy protects business owners against property damage and slip-and-fall accidents. It combines commercial property and general liability insurance into a singular policy, and is often the most cost-effective plan for chiropractic businesses.

Professional liability insurance: Professional liability insurance covers chiropractors from issues directly related to their professional services. This may include lawsuits from aggrieved patients based on clinical errors, negligence, or failure to deliver on certain promises. Whilst the main priority of a chiropractor business should be to avoid these situations, having protective insurance is always a good idea.

Worker’s compensation insurance: This insurance policy is centered around protecting workers and is mandatory in most states. Worker’s compensation insurance covers things like medical costs for employees, missed wages, and potential lawsuits arising over workplace injuries.

Cyber liability insurance: As technology is increasingly being used in the healthcare industry to handle patient information, medical data, and chiropractic billing and payment, it has become essential to have specific cyber insurance. These policies help chiropractic practices recover from cyber-attacks and data breaches and related lawsuits. 

Tips for choosing the best insurance

Once you have decided on the type/s of insurance that your business requires, it’s time to look into specific policies. The exact coverage that each chiropractic business purchases will differ depending on their specific requirements, but we have compiled a list of tips you’ll want to keep in mind when deciding:

Reviews: Reading reviews is perhaps the most effective way of ascertaining the value of an insurance policy. Have a look at what other chiropractic businesses have to say about their insurance providers and consider whether you have similar needs and requirements. Checking what others in your industry think about insurance services is a good first step that will narrow your options usefully.

Read the policy carefully: Unfortunately, many insurance policies come with hidden costs that chiropractors are unaware of until it is too late. Before you sign up for anything, ensure you have read all the fine print and that the policy is as transparent as possible. 

Cost-effectiveness: At the end of the day, you are looking for the most cost-effective insurance policy. This means you want comprehensiveness for as reasonable a cost as possible. When it comes to comparing different options, make sure you have realistic quotes and either manually or electronically calculate which is the most cost-effective.

Why do chiropractors need insurance?

Every small business comes with risk, and chiropractic clinics are no different. In fact, because they deal directly with the physical health of patients, it could be said that they are riskier than most other businesses. A typical day in the life of a chiropractor involves seeing and treating up to 30 patients. If you think about this in the context of a full working year, and factor in the risk of property and equipment damage, employee treatment, and slip-and-falls, you will no doubt see the risks involved with operating a chiropractic business. Without the right insurance policy in place, a lawsuit from a patient or employee could be enough to completely shut down your practice. Working as a chiropractor, as I’m sure you know, is an intensive career that requires a lot of hard work, particularly if you own and/or operate your own business. After all the time and effort that is put into opening a chiropractic practice, it is devastating when a single mistake causes financial ruin. Thankfully, this is where insurance can save you. Before you deliver a single service to a patient, you must have insurance policies in place. We know it can get complicated, but the time, effort, and money that you inject into finding the perfect insurance policy will save you from potential future costs, and more importantly, protect your business. 

chiropractor software

How much does insurance cost for chiropractors?

One of the biggest barriers preventing chiropractors from investing in comprehensive and high-quality insurance is, understandably, the cost. So how much can you expect to be paying? The specific cost of an insurance policy will depend on a variety of different factors, including the size of your business, the risk exposure, and what type/s of policies you require. In saying that, we have conducted some research and come up with an estimate of how much you can roughly expect to pay. 

Business owner’s policy: Chiropractor clinics typically pay $40 USD per month or $500 USD per year for a business owner’s policy. This should cover up to $1 million USD in damages per occurrence. 

General liability policy: General liability costs are usually slightly less than a business owner’s policy. They are around $30 USD per month or $370 USD per year. This policy also typically covers up to $1 million USD per occurrence. 

Worker’s compensation costs: Chiropractors pay around $40 USD per month for worker’s compensation costs or $525 per year. Whilst other insurance policies are solely dependent on the preferences of the business, worker’s compensation costs are a requirement in most states, so you should do some research into the best options for your business. 

Take home message

Understanding how insurance works, and how to find the best policy for your practice is key to protecting your employees and business. In addition to providing a safeguard, having effective insurance will boost the revenue of your chiropractor’s business by saving you money in the long run and ensuring your patients and employees are looked after. Facing lawsuits and disputes that put your business at risk is a situation no one wants, but you must be prepared should it occur. Fortunately, there are many different resources available that will help guide your search to find the perfect insurance policy. Don’t be afraid to read reviews, compare prices and analyze the cost-effectiveness of all of your options before you make your final decision. After all, the livelihood and long-term success of your chiropractic business are largely reliant upon the protective processes you have in place!

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