From your equipment to your reputation, you have a lot of tangible and intangible assets to protect.
The right insurance can help provide coverage for you, your practice and your assets so an unexpected incident doesn’t cause significant impact on your business.
What is a Business Owner's Policy?
You may be wondering, "What is BOP insurance?" or "What is a BOP policy?" "BOP" is shorthand for Business Owner's Policy, which can also be thought of as small business owners' insurance since only businesses with fewer than 100 employees are eligible. BOP combines critical business insurances to cover the building if you own it, your property and your business assets if someone is injured at your practice.
BOP Includes:
Property InsuranceProtects your tables, X-ray equipment, office furniture, computers and more.
General Liability InsuranceProvides coverage if you are sued because of slips and falls, libel, slander, or advertising misprints.
Product Liability InsuranceThis type of insurance is important if you are reselling supplements or orthotics under the original label (and not relabeling).
Business Interruption Insurance If you have to close your practice because of a covered claim, this insurance may provide income you would have made during that time. It can also help cover costs you may incur if you have to practice at a temporary location. (Also called Business Income Insurance)
Business Owner's Policy vs. General Liability
BOP provides more complete coverage than just general liability alone. How does general liability insurance work? It only covers injuries or damage that happens to a patient or other third party, not your own employees. Damage to your property is not covered by general liability either.
Make Sure Your Practice is Protected
Every practice is unique. Discuss your business with one of our agents to determine what insurance program best meets your needs and keeps you protected, whether it's a business owner insurance policy or Depending on your situation, you may want to consider additional insurance protection such as:
Hired and Non-Owned Auto Liability
Provides liability coverage for auto exposures when used for company business. “Hired” provides coverage for auto exposures not owned by you. “Non-Owned” generally describes an employee using their personally owned vehicle that is not owned, leased, hired, rented or borrowed by the named insured for company business.
Data Breach
If patient records are compromised, data breach insurance can provide important coverage for your practice. In many cases, this insurance covers both electronic and paper records.
Employee Dishonesty
This policy provides coverage for employee theft of money, securities and/or property.
Employment Practices Liability Insurance (EPLI)
Coverage in the event of a lawsuit for wrongful termination, sexual harassment, discrimination, violation of the Family Medical Leave Act and more.
Umbrella Insurance
This is an affordable option for additional financial protection when liability limits are reached on other policies such as your BOP or workers' compensation policy.
Product Liability
You may need a separate product liability policy if you are relabeling and selling or manufacturing products under your own business name. This policy is also necessary if you are producing your own treatment equipment such as orthotics or treatment tools.
Group Term Life
You may also want to consider types of life insurance for business owners. Group Term Life is an option offered exclusively to members of the National Business Association for Chiropractors, with coverage amounts from $50,000 to $500,000.