Get a Chiropractor Insurance Quote

What is chiropractor insurance?

Chiropractor insurance is business coverage for licenced chiropractors. As a chiropractor, you are an advocate of wellness. Someone who helps individuals deal with their chronic pains.

However, there are risks associated with dealing with people at their most vulnerable. Obviously, you don’t want to hurt them. Still, mistakes happen. Sometimes, they are not even your mistakes. For instance, a patient might slip and fall inside your building, injuring themselves. Or they might mistakenly believe that the pain in their back was caused by you and not some other issue. In both cases (at the extreme end, at least), you might be looking at a lawsuit, and lawsuits cost money – a lot of money.

If you have insurance, you can easily cover such expenses and keep working as before. But without it, you’re stuck scrambling for cash, which could put your entire business at risk. That's why chiropractor insurance can be such a valuable asset.

Who needs chiropractor insurance?

If you’re a licenced chiropractor, then you need insurance. This applies to chiropractors who run their own clinic as well as mobile chiropractors, who visit their patients at their homes or workplaces.

The reason to get insurance is so you can protect yourself financially. If you don’t want it, you don’t have to purchase it, technically. However, you should be aware that the financial consequences of not doing so can be significant – hundreds of thousands of dollars significant, in some cases. You may go years without an incident, but once you run into one, you’d likely wish you had insurance.

You can alternatively save up money for a potential incident, but anticipating the timing and cost of an incident is impossible. The safest option is to set aside funds for insurance each year and pay for the coverage you need. It may seem like an unnecessary expense at first, but you’ll be grateful for it whenever it comes time to file a claim.

What does chiropractor insurance cover my business for?

Chiropractor insurance covers a range of potential risks, including:

• Professional liability: Also known as malpractice insurance, this protects you against claims of negligence or errors in your practice. If you accidentally injure a client during a session, this is the coverage that offers financial aid.
• General liability: Covers third-party bodily injuries, property damage, and related medical costs. The classic example of what this coverage protects against is a slip and fall on your property.
• Property damage: Protects your clinic's physical assets, such as equipment, furniture, and the clinic itself, from damage or theft.

Note that chiropractor insurance is a customizable product. This list of coverages is just what chiropractors in Canada will typically need. If you want to add additional coverages, that's an option.

What insurance coverage add-ons are recommended for chiropractors?

There are ways to enhance your policy with additional protections. Here are some of the most common ones chiropractors select:

• Cyber liability: With increasing reliance on digital records, this coverage protects against data breaches and cyber attacks.
• Business interruption: Provides financial support if your practice is forced to close temporarily due to a covered event like a fire or natural disaster.
• Workers' compensation: Required in most provinces, this covers medical expenses and lost wages for employees injured on the job.
• Commercial auto: If you drive to your clients' homes, then you'll need business insurance for your vehicle. Your personal auto insurance doesn't cover your vehicle when you use it for professional reasons.

There are other potential add-ons you can select for your business. The ones listed above are generally the most popular among Canadian chiropractors.

How much does chiropractor insurance cost in Canada?

Depending on factors specific to your business, such as your revenue and size, chiropractor insurance may cost anywhere between $500 and $2,500 a year. Most small businesses – especially one-person businesses – shouldn’t pay more than $2,500 a year. If you’re running a bigger practice, with multiple employees, you can expect to pay $5,000 or even $10,000 a year (though that’s for businesses that are on the larger end of the spectrum).

These numbers are rough estimates, of course. If you want to know how much chiropractor insurance will actually cost you, get a free quote here on RATESDOTCA. It only takes a few minutes and it'll give you an accurate understanding of the cost for insurance.

What factors determine the cost of chiropractor insurance rates?

Several key factors influence the cost of chiropractor insurance:

• Location: Urban areas typically have higher premiums due to increased risks and higher patient volumes. In addition, if your practice is located in an area prone to disasters, you may also get higher premiums (similarly to home insurance).
• Coverage limits: Higher coverage limits result in higher premiums, but they offer greater protection.
• Claims history: A history of insurance claims can raise your premiums, as insurers may view your practice as higher risk.
• Practice size: Larger practices with more employees and higher patient volumes generally face higher insurance costs. Larger practices also tend to generate more revenue, which further increases price.

How does chiropractor insurance work?

Chiropractor insurance operates like most business insurance policies. You pay a premium to the insurance provider, and in return, the insurer covers specific risks outlined in the policy. If a covered event occurs, you file a claim with your insurance provider, who then evaluates the claim and provides compensation for covered losses.

Insurance claims typically follow these steps:

1. Incident occurrence: An event occurs that could potentially lead to a claim, such as a patient injury.
2. Claim filing: The chiropractor or practice manager files a claim with the insurance company.
3. Claim evaluation: The insurer reviews the claim details, assesses the validity, and determines the coverage amount.
4. Compensation: If the claim is approved, the insurer provides compensation according to the policy terms.

How to get the cheapest chiropractor insurance quote

Securing an affordable chiropractor insurance quote involves the following steps:

• Compare multiple quotes: Don't settle for the first quote you receive. Compare offers from different insurers to find the best deal.
• Bundle policies: Consider bundling multiple insurance coverages with the same provider to receive discounts.
• Increase deductibles: Opting for a higher deductible can lower your premium. But, before you opt for a high deductible, ensure you can afford the out-of-pocket cost when it's time to make a claim.