Finding the right business insurance as an acupuncturist is an important step in protecting your practice and achieving long-term success.
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Working as an acupuncturist can lead to a number of risk exposures, including patients suffering an accidental injury, mistakes being made in treatment, an acupuncturist being injured on the job, or a disaster damaging your property. A costly lawsuit or accident could be devastating for acupuncture clincs. It’s a good idea to obtain a broad range of insurance policies to financially protect you from these risks.
What insurance coverage do I need as an acupuncturist?
There are many types of insurance available, but these types of coverage are particularly important for acupuncturists to consider:
Professional liability insurance is a crucial coverage for acupuncturists as it provides financial protection if clients sue you for any failures or negligence in your professional services. Since acupuncturists work with needles, there’s a possibility that services may accidentally injure clients. Blood-borne diseases can spread if needles and equipment are not properly sterilized. Although you can decrease the likelihood of claims by enforcing proper procedures and conducting background checks to make sure employees have the correct credentials, there’s still a possibility that a mistake will occur.
In addition, since acupuncturists work closely with clients’ bodies, there’s a chance that your business could be sued for sexual harassment or misconduct if you or one of your employees acts inappropriately. Even if your business is blameless, a client could still sue based on their belief that they were treated inappropriately. Professional liability insurance can protect you from these types of lawsuits, whether or not your business is at fault.
- A client sues you, claiming that his pain greatly worsened after receiving treatment from you. Your professional liability insurance would cover the lawsuit and any resulting settlement.
General liability insurance covers third-party property damage, bodily injury, personal injury, and advertising injury. This coverage will protect your business if clients accidentally injure themselves on your premises or if you damage someone else’s property. Since acupuncture clinics are frequented by many clients, and acupuncturists may sometimes provide services at other locations, this is a crucial coverage.
General liability policies also include a personal and advertising injury component, which provides coverage for a number of non-physical injuries, including libel, slander, and copyright infringement.
- Bodily injury: A client trips over an uneven carpet in your office and dislocates her shoulder while trying to catch herself. The client requires medical attention. Your general liability insurance would pay for her medical expenses and for your legal costs if the client decides to sue.
- Property damage: You accidentally knock over a client’s water bottle and the water pours onto the client’s bag, damaging an expensive laptop. Your insurer would pay for the damages.
Many acupuncturists sell creams, ointments, and natural remedies or supplements. It’s important to keep in mind that you could be held liable if your clients suffer property damage or bodily injury caused by the products you sell. If you are sued due to damage or injury your products have caused, product liability insurance can help cover your legal fees and any resulting settlements.
Product liability insurance is typically covered under the products and completed operations portion of a standard commercial general liability policy. Standalone product liability insurance policies are also available for more high-risk businesses.
- After taking an herbal sleep supplement purchased at your acupuncture business, a client suffers a severe allergic reaction. If the client sues, product liability insurance would cover your legal fees and pay any settlement that results.
Commercial property insurance provides protection for the value of your building, tools, equipment, furniture, and other business property. If a fire or storm damages your acupuncture business, it could be difficult to recover. Commercial property insurance can provide funds to replace or repair your business property if it is destroyed or damaged by a covered peril such as fire, explosion, storm, vandalism, and more.
Commercial property insurance covers the following:
- Buildings belonging to or leased by your company
- Contents of the building, including furniture, equipment, and inventory
- Property of others while it is under your care, custody, or control
- A fault in your heating system causes a fire to break out at your offices. The fire damages the building and destroys equipment and supplies. Your commercial property insurance would provide funds to repair the building and replace the destroyed items.
Workers’ compensation insurance provides financial and medical benefits for your employees or their dependents in the case of a work-related injury, illness, or death. Acupuncturists’ risks include puncture wounds from working with needles, disease transmission from working with patients, and other common injuries caused by lifting heavy objects or repetitive strain from working with computers.
Workers’ compensation insurance will pay for medical expenses, lost income, and rehabilitation costs for injured employees. Workers’ comp coverage is legally required for companies with employees in most states, and penalties can be severe if you do not have adequate coverage, so it’s important to make sure that you are complying with state laws.
- One of your acupuncturists accidentally stabs herself with a needle, and the wound becomes infected, requiring medical attention. Workers’ compensation would cover her medical expenses.
Commercial crime insurance provides funds to reimburse you for losses caused by theft, robbery, fraud, forgery, burglary, and other crimes. This coverage applies both to crimes committed by outside parties and crimes committed by your own employees. Acupuncturists may accept cash payments, which means that there may be a higher risk of theft by employees or third parties. Commercial crime insurance can give you financial protection if theft occurs.
- One of your acupuncturists has been accepting cash payments and simply keeping them for himself. Your commercial crime insurance would cover the loss.
- A business owner’s policy (BOP) can be a good choice for many qualifying acupuncture businesses. It combines general liability, property, business income, and extra expense coverage into a single package. BOPs are typically more cost-effective for small and midsize businesses than buying each insurance policy separately, and they can help you ensure that you have a wide range of coverage.
- Business income insurance will reimburse you for lost income and operating expenses if your business is temporarily unable to operate due to a covered reason, such as fire, storm damage, or other property damage.
- Employment practices liability insurance (EPLI) protects your business against lawsuits by prospective, current, or former employees accusing your business of wrongful treatment such as discrimination, harassment, or other employment-related issues.
Pricing and Quotes
Pricing for business insurance will vary based on the type of insurance coverage and the risk profile of your business. Insurers consider factors such as:
- Business size
- Number of employees
- Claims history
Businesses with higher risks will have higher premiums than those deemed lower risk. For example, an acupuncture clinic with a history of frequent claims will face higher premiums. Premiums also rise as you increase the limits of insurance. Different insurance companies have different models for rating risks, so it is worth comparing pricing across different insurers.
In order to get an accurate estimate on pricing, it’s best to get a quote from a reputable insurance company. Below we’ve highlighted a few of our trusted partners who offer coverage for acupuncture businesses:
|Provider||Business Interruption||Business Owner's Policy||Commercial Auto||Commercial Crime||Commercial Property||Cyber Liability||Employment Practices Liability||General Liability||Product Liability||Professional Liability||Workers' Compensation|
Operating an acupuncture business can expose you to a number of potential liabilities, from accidental property damage or injury to client lawsuits. It’s important to prepare yourself and your business for these possibilities by obtaining a wide range of insurance policies. Ensuring that your company has appropriate coverage allows you to feel safe in the knowledge that if an incident occurs, your company will have financial protection.