StudentDC Interactive

A New Zealand chiropractor lost just about everything in a fire in his office.  He has found a temporary office and he’s in the process of re-building. 

What if this happened to your new practice?  You must have property/casualty/liability insurance set up when you start your practice.  And it must include “business interruption” insurance to provide you with funds while your practice is shut down.  I guarantee you that your bank will require you to have insurance on any building you buy or on the contents of your office if you are renting.  Get the most you can.  You never know….

In my last post, I talked about the importance of  making sure you have all the insurance coverage you need.  One type of insurance that I didn’t mention is disability coverage.

When I talk with new DC’s about insurance, I usually put disability coverage on the list.  I usually get a blank stare and I can see that they don’t really register its importance.  But even if you are “well adjusted” you could be in an accident or have a disabling illness.  I know disability insurance is an additional expense you think you can live  without, but don’t wait until you need it - it will be too late.

Three companies specifically provide disability insurance for chiropractors.  Investigate the features and costs for each and get disability insurance as soon as possible.

ChiroSecure

Chiropractic Benefit Services

NCMIC

Also, be sure to read this informative article from a recent issue of Chiropractic Economics about disability insurance.

Sure, you know you need malpractice, but what else?  Many businesses neglect getting these insurances until it’s too late:

• Business interruption insurance, to help pay your bills and provide temporary facilities if your business is destroyed because of a disaster, like fire
• Key person life insurance to protect your family and your business if something happens to you (some banks require this anyway)
• Employment practices insurance to cover you if an employee sues you for harassment or wrongful dismissal
• If you have an office in your home, you will need separate property/casualty/liability insurance on your business equipment and the section of your home devoted to business (in other words, it’s not covered by your homeowner’s policy)

The National Association of Insurance Commissioners (the national organization of insurers that works with state insurance commissioners) has an informative website called InsureU for Business (http://www.insureuonline.org/smallbusiness/ )  that gives you information on different types of business insurance.  Before you start your practice, spend some time in this site learning about types of insurance, what it is used for, and the varieties of coverage.

As usual, there’s no “rule” about this.  I’ve seen it both ways.  At one extreme, I have seen contracts in which the hiring doctor required the employee (associate) to have X amount of coverage, with Y malpractice carrier before starting work.  That’s pretty restrictive.  It’s also a reduction in the base pay (assuming there is a base pay), so the take-home pay is less. 

On the other end of the scale, I have seen hiring doctors pay the malpractice insurance for the employee.  That’s great, but what happens when you leave?  If it were my (personal opinion here), I’d choose to pay my own malpractice, and with the company I choose, so I can take it with me when I leave.  The insurance is very cheap for the first couple of years anyway. 

What do you think?  Would you rather pay your own and take it with you or have your employer pay? 

One final comment:  Remember that EVERYTHING IS NEGOTIABLE.  If your hiring doctor demands that you get insurance with his/her malpractice carrier, politely say you’d rather get it from your own company and then be prepared to give up something else, if necessary, to get this concession.