While you've dedicated your life to the betterment of individuals through chiropractic procedures, even the most talented practitioners must protect themselves from malpractice lawsuits. An unfortunate truth is even the most skilled chiropractic practitioner can make mistakes, resulting in a lawsuit. One of the most essential elements of safeguarding not only your practice, but also your financial well-being, is adopting a well-rounded malpractice insurance policy. Much like any other insurance, these policies are available in a wide range of coverages and options. While the ideal policy is based upon your desired coverage, the following are essential elements of an effective malpractice insurance policy for chiropractor's.

Chiropractic Malpractice Insurance Policy Coverage

In the unfortunate event that you're facing a lawsuit, you could potentially lose you business, damage your reputation and experience a myriad of anxiety and stress-inducing scenarios. Diminish the weight and potential for negative outcomes by ensuring your chiropractic malpractice policy covers the essentials, which include:

• Legal Defense Coverage - In the event that you're sued, an effective chiropractic malpractice insurance policy is one that offers, ideally, unlimited legal defense coverage. Since your malpractice insurance company is responsible for providing and paying for legal defense, it's essential this portion of your policy is significant. Even if you've done nothing wrong, defending this type of case can be very expensive. While some insurance companies limit legal defense coverage, the best offer unlimited coverage.
• Indemnity Coverage - Outside of covering legal fees, the primary purpose of malpractice insurance is to pay off settlements and damages to the plaintiff, or patient. When a patient wins a lawsuit, the award is known as an indemnity payment. The amount of this coverage is based upon the limits of liability within your policy. Because malpractice lawsuits are typically a juggling act of negotiation and compromise, it's essential to have as much indemnity coverage to prevent having to pay out-of-pocket to awarded settlements.
• Scope of Coverage - Malpractice lawsuits can not only be brought against the chiropractor, but also his staff. Therefore, a well-rounded insurance policy is one that covers the entire staff. While adding additional members within the policy raises your premium, it ensures all lawsuits brought against you, the chiropractor, or a member of your staff is covered.

Selecting a Malpractice Insurance Company

In recent years, the number of available insurance companies covering chiropractic malpractice are dwindling. Because of the tricky nature of this business, it's essential to select an insurance company who's not only capable of representing your case, but financially supporting your case. When shopping for insurance providers, keep the following in mind:

• Financial Stability - Before signing a policy with any insurance company, check their current financial position. You should delve into their assets and ask to review a copy of their annual financial report. Contact your state insurance department and inquire about the history of this company. It's essential to only work with an insurance company who is, and has been, financially stable.
• Experience With Chiropractic Practices - While gathering information through your state's insurance department, make sure to confirm their interaction within the chiropractic industry. Only deal with a malpractice insurance company who specializes in your scope of practice.

Final Considerations

The process of locating an insurance company and deciding on the best chiropractic malpractice policy for you is not as easy as it seems. With a wide array of policy elements that should be considered, such as blackmail settlement clauses, finding the ideal match for your company can be difficult.

Simplify this process by consulting with a malpractice attorney. These professionals understand current laws and regulations regarding chiropractic malpractice lawsuits, and are capable of providing state-specific advice. Consulting with a malpractice law firm may save you hours of research and potentially thousands of lost dollars due to an ineffective insurance policy.