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This coverage helps protect you and your personal assets, your practice and your patients. It compensates for damages, loss or injury suffered by the patient, as well as legal defense costs. Since 1946, D.C.s have recognized NCMIC as the malpractice leader. Today more D.C.s rely on NCMIC’s Malpractice Insurance Plan than all other chiropractic malpractice insurance companies combined.
NCMIC wants to make sure you have the insurance you need for your business and personal life. Whether you need business owners', workers’ compensation, EPLI, data breach/cyber liability, auto, homeowners or long term disability insurance, NCMIC can help you find the right coverage at the right price.
Are you adding or upgrading practice equipment? Would you like to save money on credit card processing? Do you need working capital cash or a no annual fee business card that pays you back? NCMIC Finance Corporation can help you achieve your financial goals.
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At NCMIC, we believe that supporting the chiropractic profession is an important part of our heritage. No other insurance provider has provided more support for the profession than NCMIC.
In the past 5 years, NCMIC has attended more than 1,000 chiropractic events including college homecomings, seminars and state/national association conventions. We also offer business training and malpractice risk management seminars and resources to D.C.s as a complement to the education provided by the chiropractic colleges.
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The business structure you choose will have legal and tax implications. Not only will this decision have an impact on how much you pay in taxes, but it will affect the amount of paperwork your business is required to do, the personal liability you face and your ability to raise money. In addition, many entities (such as Medicare) impose limits and requirements on your practice based on its business structure.
The solo practitioner may choose to make the chiropractic practice a sole proprietorship, which many consider the simplest business structure for a practice.
A chiropractor who wishes to enter a more formal business arrangement with another chiropractor may decide to form a corporation, a limited liability company (LLC) or a practice partnership. With a partnership, there is one practice. The partnership bills all of the patients and pays all the expenses. Profit from the partnership is divided among the doctors according to agreed-upon compensation formulas.
Another option for a solo doctor is to form a corporation. There are several forms a corporation can take, including: S-Corp, C-Corp and Professional Association. Though there are many advantages to incorporating a practice, a doctor must fill a number of roles once the corporation is in place.
For some D.C.s, practicing as an independent contractor (IC) is the ideal mode of practice. It can offer several benefits but should be entered into carefully since it has its own unique business concerns.
The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.