The American Acupuncture Council (AAC) has several options available for your consideration. Most of these will only need to be selected if someone or something is asking you to add the coverage. However there is one option that can save you money. Many of these options can be requested throughout the policy year.
Additional Insured – is an entity, such as, a landlord, corporation, or another person, that requests to be named on your policy. The purpose of this coverage is if the AI entity is named in a claim that was a result of your actions or inactions, the AI entity will be defended by your policy and if any damages are awarded against the AI those damages will be paid by this insurance policy up to the limits of liability.
There are two types of Additional Insured coverage offered. Shared Limits, which means that both you the named insured, and the AI share in the same limits of liability. This is the most common option our clients select. The Additional Insured shared limits rate is 5% of your annual premium. Separate Limits provide the Named Insured limits of liability and the Additional Insured their own limits of Liability. It is most common for hospitals to ask for separate limits of liability. The Additional Insured separate limits rate is 20% of annual premium. AI coverage is provided upon written request and the issuance of an endorsement.
Premises Liability – commonly called slip or trip and fall insurance. This endorsement covers the potential risks of an invited guest on the premises alleging damage to their personal property or injury in the clinic area such as slipping from a wet spot on the floor, tripping on a frayed rug or fainting and falling off the treatment table.
Business personal property (BPP) – can cover the named insured for lost, stolen, or damaged property of the business, such as equipment. For example; a treatment table, furniture, or other business property that is not a permanent fixture of the building structure can be covered by this insurance policy. The limit of liability is $10,000 and there is a $500 deductible (not offered in New York, Indiana, Kentucky, and Illinois). BPP has higher limits of liability available upon request, up to $100,000 in $10,000 coverage increments.
Other Healthcare Professions Covered – our insurance carrier covers a wide range of allied healthcare professions. These professions include; Massage Therapists, Personal Trainers, Skin Care Professionals, and Nutrition Specialists. Please contact us if you have an additional profession you are seeking coverage. We may be able to add this coverage to your Acupuncture professional liability for as low as $25 per additional profession.
Elite Program – The AAC Preferred program is a standard program that offers reliable malpractice insurance at affordable rates. In addition to the Preferred Program AAC also offers the Elite Program which discounts the preferred rate by 30% if you agree to have each one of your patients sign an arbitration form and an informed consent form. There are many ways to resolve a dispute. When it comes to malpractice insurance, two of the most common ways is through the civil court system or through an arbitration proceeding. Currently, because of the appeals process, a civil court case can take seven to ten years to complete. An arbitration proceeding can take a few months to complete, because there is no appeals process with arbitration. Normally, when it comes to an insurance claim the biggest expense is not the settlement amount it is the legal fees. If an insurance company is able to limit its legal expenses on a claim to months rather than years they are willing to pass those savings on to you in the form of lower rates. This is the genesis of the Elite Program you help the insurance company save on potential legal expenses the insurance company helps you by providing a lower rate for coverage.