Errors and Omissions Liability Insurance for Chiropractors

chiropractor insurance for medical professional

As a medical professional, your goal is to make your patient’s life better. Over the past few years, the importance of chiropractors has quickly increased. When a patient uses your services, they expect to exit your office feeling more flexible and immensely better. You’ll contort their body and help to alleviate their pain and suffering. Despite having the patient’s best interest in mind, there will always be a risk that something will go wrong. As a chiropractor in Ontario Canada, you should hope for the best, while bracing yourself for the worst. Having the appropriate insurance coverage will give you the ability to do just that.

Below, you will learn more about E&O insurance for Ontario chiropractors.

What Is E&O Insurance?

First and foremost, you should learn more about errors and omissions insurance. As the name suggests, this specific type of insurance product is specifically designed to protect your business when errors are made. The coverage is generally used in the event of a lawsuit and it will provide you with the money needed to effectively defend yourself in the courtroom. The insurance can provide you money for your defense, settlement and an allowance. The amount you will receive will depend on the specifics of your policy and your policy limits.

Why Do Chiropractors Need E&O Insurance?

When it comes down to it, E&O insurance might not seem like a necessity, but it truly is. In fact, each and every chiropractor operating in the province of Ontario should have E&O insurance. Whychiropractor malpractice insurance quote is this the case? First and foremost, you should understand that you are never able to predict the future. While things might be going amazing right now, that could all change with the blink of an eye. At the same time, nobody is infallible. Despite having many years of training and experience, you may still make a mistake in the future. You should never leave yourself exposed to risk by not having E&O insurance.

Finally, you should think about your employees and loved ones. These individuals are also put in a risky situation when your business is sued. To ensure that everyone is protected to the fullest, you should do the right thing for everyone and obtain the right amount of errors and omissions insurance.

Preparing For Fraudulent Claims

Whether or not you know it, Canada’s legal system is ripe for fraudulent and frivolous lawsuits. Even worse is the fact that chiropractors and other medical professionals will often wind up on the wrong end of these lawsuits. Sadly, there could come a time when a patient sues your company even though you’ve done nothing wrong. If you’re unable to afford skilled attorneys, you may end up losing the case, despite being totally innocent of any wrongdoing. With this in mind, it is absolutely essential to prepare yourself for these types of claims. Do not allow a swindler to ruin your business.

By obtaining the right amount of errors and omissions insurance, you will be able to defend yourself to the fullest. The insurance will provide you with the money you need to obtain the most skilled lawyers. Get covered today, so you are not left exposed to fraudsters.

What Could Go Wrong?

There is a possibility that you’ll serve patients for many years without ever experiencing any problems. If you have, you should consider yourself very lucky. The truth of the matter is that chiropractors face a lot of risks. A great deal could go wrong and each problem no matter how minor could put your business in jeopardy. Humans are very fickle and their mind can change within a matter of seconds. You serve at least a few patients each and every day. These individuals most likely leave your office feeling much better. What would happen if their pain suddenly intensified?

Would that client turn on you and your company? Could it possibly turn into a lawsuit? You truly never know what could happen and this is why it is pertinent to protect yourself with errors and omissions insurance. While the risks are low when performed by a skilled professional, chiropractic techniques could result in compression fractures and possibly even death. Get covered, so you can sleep soundly at night!

What Will Chiropractors E&O Insurance Cover?

What is the overall purpose of investing in E&O insurance? How can this insurance actually help chiropractors? Chiropractors in the Ontario area will benefit substantially by getting covered. This is the case, because errors and omissions insurance will pay for various things. This insurance will only become active when a lawsuit has been filed against your company. When this happens, the insurance will fund your defense. This will help you cover all of your legal fees, as well as the attorney’s charges. Secondly, the insurance will also pay for settlements. In the unfortunate event that you lose the case, the insurance will kick in and pay a portion or the entire amount. The amount paid will depend on your policy’s limit.

And finally, the insurance will also provide you with an allowance. This will provide you with a steady income, even if you’re unable to work. When you’re forced to be in the courtroom, the E&O insurance will keep money in your pocket.

Determine Your Limits

It is absolutely essential to realize that your insurance company is not going to pay out millions and millions of dollars. All insurance providers, such as Aviva and Intact Insurance, will place limitations on the specific amount that they’ll be willing to distribute to the chiropractor. Of course, it is important to remember that you can alter that amount to some degree. When signing up for your policy, you will be able to customize it to some degree. One thing that you’ll be able to alter is the policy limit. The policy limit is the specific total that the insurance provider is willing to pay out.

In most cases, you will be able to increase and decrease the limit at will. Just remember that increasing the limit will simultaneously increase the cost of the insurance. Therefore, it is best to find a middle ground. Stay within your budget, but also obtain a high enough limit to give yourself maximum reassurance.