Insurance Offerings for DCs
When it comes to your business insurance, turn to a company that understands the unique needs of both D.C.s, associations and chiropractic institutions—NCMIC Insurance Services.
NCMIC Insurance Services is an independent insurance agency with access to many of the nation’s leading insurance companies. This nationwide network enables us to provide you with options for both coverage and premiums. Our agents will be happy to discuss your specific needs and answer your questions. They can also provide you with a no-obligation quote for your association insurance.
Types of Coverage Available Through NCMIC Insurance Services
Business Owners’ Protection
Having the right business insurance can make a difference in your financial security. An unexpected loss could cause your association to temporarily close, move to a new location or permanently shut down.
A Business Owners’ Policy (BOP) combines two critical kinds of business insurance: property insurance and general liability insurance. This covers the building if you own it, your property and your business assets if someone is injured at your practice. It provides the basic coverage needed by a business for property, liability and crime.
If you’re using your personal auto for work—trips to the post office, driving to a trade show or community event—make sure you have the right auto insurance. How your car is used, how it’s titled and how it’s insured are all important considerations in determining if you’re covered adequately.
If your vehicle is registered in the name of your association, you may need a business auto policy. Business auto policies protect you and your business if you are involved in an accident in which the vehicle is titled to your business.
This coverage includes bodily injury liability as well as physical damage coverage.
Directors & Officers (D & O) Liability
This is a specialty line of liability insurance. It protects directors and officers from liability arising from their actions (or inaction) within the scope of their corporate and organizational duties.
D & O insurance responds to claims of alleged errors in judgement, breach of duty, or other wrongful acts that directors and officers might commit in their capacities. It is important to remember that directors and officers have personal liability. This means their own assets can be at risk. Even if a claim is not valid, defending it can be very costly.
Employment Practices Liability Insurance (EPLI)
This important policy provides coverage for defense costs and damages related to various employment-related claims such as:
- Sexual harassment
- Wrongful termination (including constructive discharge and retaliatory discharge)
- Infliction of emotional distress
- Breach of contract
- FMLA or other leave laws
- EEOC lawsuit
Workers’ Compensation Insurance
If you’ve hired a receptionist, office manager or other employee, state law may require you to have workers’ compensation insurance to cover work-related injuries or illnesses. Whether or not your state requires workers’ compensation insurance, you may still want to consider this valuable coverage.
Employers are legally obligated to take reasonable care to ensure that their workplaces are safe. But accidents happen—and that’s when workers’ compensation insurance provides coverage. Workers’ compensation policies provide two types of coverage:
- Benefits for injured workers regardless of who is at fault for the injury or illness. This is subject to state law and may include medical expenses, lost wages and rehabilitation costs.
- Protection for employers who are sued for damages arising from employment-related accidents or diseases. The employer must be found legally responsible for the employee’s injury or illness for benefits to be paid under this portion of the coverage.
Cyber Liability/Data Breach
Businesses of all sizes face the threat of data breach. Hackers, malware, a disgruntled employee, or a lost or stolen laptop are just a few of the risks your association may face. A traditional business liability policy does not provide coverage against most cyber exposures.
A cyber liability policy can help with the financial burden associated with a breach. The policies cover a variety of expenses associated with data breaches, including:
- Notification costs
- Credit monitoring
- Computer forensics investigation
- Fines and penalties
- Network interruption
This is an affordable option for additional financial protection when liability limits are exhausted on other policies, such as your BOP or workers’ compensation policy.