Acupuncture specialists need malpractice insurance. While injuries and accidents are rare, they do happen, and when they do, you need to make sure that you're covered. Acupuncture is an art-form and a science; it takes a lifetime to perfect. If you own an acupuncture business prepare for the worst and make sure you have malpractice insurance.
Workers' Compensation
Workers' compensation is mandatory in most states. Even if you can meet an exception, you would be foolish to operate without it. Workers' compensation will take care of medical costs that arise when your employees are injured at work. This policy will also reimburse your employees for lost wages while they're out of work. Without workers' compensation, you could face fines or be ordered to pay thousands or tens of thousands of dollars in damages out of pocket.
Property and General Liability Coverage
Property insurance will protect your building and equipment. Without it, you'll have to foot the bill when your therapy table breaks down or when you need to replace furniture. You may also run into a situation in which one of your employees damages a client's property. When this happens, you'll want insurance to take care of the costs to replace or repair this property.
General liability insurance covers bodily injury claims. If one of your employees injures a client, you'll want more than malpractice insurance. Malpractice will protect your license and may cover legal expenses, but it won't take care of the medical bills and other expenses that you may be ordered to pay. General liability is necessary for several reasons. You never know when one of your employees will make a mistake. When they do, you want to be prepared. You'll want to have plenty of insurance to ensure that you're not paying more than you have to pay.
Acupuncture specialists are well-trained, but like all professionals, they're not perfect. Before you open an acupuncture therapy clinic, make sure you have all of the insurance that you need. Speak with your business associates and representatives from insurance companies. Learn as much as you can about insurance and then purchase the policies that you need to protect your interests. Don't forget malpractice, workers' compensation, property, and general liability insurance.
If you own several clinics, you may want to consider excess coverage. This is insurance beyond the initial levels. For example, if your general liability insurance policy covers up to $50,000 in medical expenses per incident, then you can buy excess coverage to cover incidents that cost between $50,000 and $100,000. Excess coverage may or may not be necessary for your business. Consider the costs and keep close track of your claims. If claims are frequently occurring or if you're afraid of the worst, then excess may be what you need. As always, consult with your partners and speak with an insurance representative before you make a final decision.nbsp;