Is the company financially stable?

It is critical that the insurance company you choose will be there for you over the long term.

One good way to check this is to assess a company's financial position, including their A.M. Best ratings. A.M. Best is an independent industry analyst that evaluates insurance companies' financial strength and operating performance. Their ratings range from A++ to S.*

You should look into a company's assets, ask to see a copy of its annual report or financial summary, check on complaints or problems through your state insurance department and find out how long the company has been in business. More specifically, find out how long the company has been in the chiropractic market.

It is important to find out who owns the company. Is the company publicly traded so that shareholders, not policyholders, are the company's focus? Is it a mutual company owned by its policyholders? And who are those policyholders… chiropractors like you or medical doctors? Is it owned by a broker who places your policy with a company of his or her choosing, or are you working directly with the company that is providing coverage?

* A.M. Best ratings range from A++ to S. For more information, visit www.ambest.com.

©2015, NCMIC Insurance Company, Clive, Iowa. The NCMIC family of companies provides professional liability insurance and financial services to health care professionals. All rights reserved. No part of this book may be reproduced in any form or by any means, including photocopying, or utilized by any information storage and retrieval system without written permission from the copyright owner. We Take Care of Our Own is a registered service mark of NCMIC Group, Inc. and NCMIC Risk Retention Group, Inc.