It is worth recognizing the fact that doctors in other medical fields are more likely to face lawsuits than acupuncturists. However, this does not mean it cannot happen to the latter. This is why it is a wise decision to have an acupuncture business insurance put in place. It allows you to become better prepared should someone file a complaint against you in relation to your practice. You can rest assured knowing that you have some protection to cover the monetary requirements in case you face a legal battle. In the absence of an insurance, you could be bankrupt and, at the same time, stand to lose your license to practice.
The coverage of acupuncture business insurance takes care of several issues. Sure enough, it will put a cushion on your business should things become unfavorable to you. It is important to note, however, that insurance companies are not created equally. There are those who are way ahead from the rest in terms of their coverages. So, be careful with your choice.
A good acupuncture business insurance should provide several package options that acupuncturists can choose from. Here are some specifics that should be included:
Business and property. This type of coverage should take care of basic business risks like fire and theft.
General liability. It provides coverage in situations where somebody is harmed within your jurisdiction – e.g. somebody trips over an extension cord or gets a nasty paper cut from a file folder.
Professional liability. It covers damages if someone is harmed by your care. When someone is awarded a lawsuit, which can cause a brutal blow to your finances, a professional liability insurance should be able to take care of it. Indeed, it is the most significant type of coverage for your practice.
Cyber liability insurance. Though this might be relatively new, this can also be very helpful for your acupuncture business. It helps your business survive from issues like data breaches and cyberattacks by paying for recovery expenses.