Commercial Property Insurance for Acupuncturists
Your clinic and the objects inside are very valuable. Imagine how costly things can get if such properties get damaged or destroyed. And so, get commercial property insurance to ensure you can recover losses.
Commercial property insurance protects your acupuncture clinic regardless if you own, lease, or rent it. The policy will allow you to cover building repair or reconstruction costs when the clinic is damaged or destroyed by:
Fire
Theft
Vandalism
Malicious mischief
Civil commotion
Riot
Volcanic action
Sinkhole collapse
Sprinkler leakage
Hail
Snow
Winds
Aircraft
Vehicle
Furthermore, commercial property insurance also grants coverage if the perils above cause the damage or destruction of objects inside your acupuncture clinic. Items commonly covered are:
How is Commercial Property Insurance for Acupuncturists Underwritten?
Insurance companies underwrite commercial property insurance for acupuncturists as a replacement cost policy. This means that it will reimburse your loss based on the original market value and not the depreciated value of the covered business property.
How Much Commercial Property Insurance Do Acupuncturists Need?
The amount of commercial property insurance you need must be equal to the value of the business property. For example, if your clinic costs $200,000, you must also get $200,000 commercial property insurance.
Insurance companies offer $10,000-$1 million commercial property insurance coverage. Don’t worry because it’s always up to you to decide the policy's limits.
Which Perils Are Not Covered By Commercial Property Insurance?
Commercial property insurance for acupuncturists doesn’t cover business property or damage or loss caused by:
Floods
Mudslides
War
Landslides
Earthquakes
Normal wear and tear
Employee theft
Also, you must remember that the coverage of commercial property insurance doesn’t apply on:
Business Interruption Insurance for Acupuncturists
You might need to close business in order to renovate, relocate, restructure, or wait for an economic crisis to pass. In this situation, business interruption insurance sees to it that you can mitigate losses while your business isn’t generating income.
Business interruption insurance takes care of the following costs while you’re not providing acupuncture services and generating income:
Taxes
Loans
Mortgage
Payroll
Utility bills
Other operational costs
This type of acupuncturist business insurance is available as a stand-alone casualty policy. However, most insurance companies offer business interruption insurance as an optional coverage in commercial property insurance.
As An Acupuncturist, How Long Will Your Business Receive Money From Business Interruption Insurance?
Business interruption insurance will supplement the lost income of your business for 30 days. However, you can get a rider to extend the policy’s coverage duration to 360 days. By the way, remember that business interruption insurance doesn’t cover:
Workers Compensation Insurance for Acupuncturists
Aside from clients and your business, you must look after yourself and your employees. Acupuncture equipment, especially the needles, if handled carelessly can puncture the skin and cause bleeding. You or an employee might also contract hepatitis B from infected needles.
Get worker's compensation insurance to have a quick countermeasure against the hefty costs when you or an employee sustains a work-related injury or disease. This insurance takes care of the following costs:
EMT service/medical treatment-Workers compensation insurance takes care of private EMT fees, first aid, and emergency medical treatment if you or an employee experiences cuts, burns, fractures, or diseases while working
Hospitalization-If the physician requires intensive medical attention, you or an employee can claim workers compensation insurance to cover hospital bills
Medication-Insurance companies allow you or an employee to use the funds of workers comp insurance to buy medicines for a work-related injury or disease
Rehabilitation and retraining-Workers compensation covers the costs in case you or an employee needs to undergo rehab and retraining to recover from a workplace injury or disease and find a new vocation
Lost wages-Workers compensation insurance covers lost wages by giving a weekly allowance equal to 67% of the weekly wage. The policy provides this until you or an employee is fit enough to work
Death benefits-In case you or an employee dies due to a workplace injury or disease, workers comp will cover funeral expenses and give financial assistance to dependents
How Long Can You Or An Employee Be On Workers Comp?
You or an employee can be on workers comp for 3 years or longer depending on how the state, where you’re working as an acupuncturist, implements its worker's compensation system.
What Kinds Of Employees Does Workers Comp Cover?
Workers' compensation covers full-time and part-time employees regardless if such are family members or foreign workers. Volunteers can’t be covered by workers' compensation insurance. By default, the policy doesn’t cover independent contractors, but you can name them as additional insureds.
When Do You Need To Get Workers Compensation Insurance As An Acupuncturist?
Following the mandate of most workers comp laws, you need to get workers compensation insurance as soon as your acupuncture clinic has one or more employees. You can decide to skip this acupuncturist insurance coverage if you’re working alone. However, it’s a great practice to cover yourself with workers' compensation insurance.
Acupuncture needle stimulators, acupuncture pens, and other specialty devices are costly. Protect them against damage or loss by getting tools and equipment insurance.
Tools and equipment insurance will cover costs for replacement or repairs if acupuncture devices and other valuables in your clinic become lost or damaged due to:
Operator error
Impact
Electrical short
Electrical surge
Theft
Mechanical breakdown
Disposable needle sets can’t be covered by tools and equipment insurance. But they can be covered through the contents coverage of commercial property insurance.
The tools and equipment insurance for acupuncturists provides a $5,000-$15,000 coverage. Note that while it’s available as a stand-alone policy, most insurance companies offer tools and equipment insurance as an optional coverage in general liability or commercial property insurance.
Other Types of Insurance To Consider Having
Employer’s Liability Insurance for Acupuncturists
An employee who sustained a work-related injury or disease can accuse you of not providing adequate compensation. Employer’s liability insurance can help in such a situation. The policy will take care of these:
Settlements
Defense costs
Court judgments
Employer’s liability insurance provides $100,000 coverage for each bodily injury, $500,000 coverage for each disease, and $100,000 coverage for each employee. These are just minimums.
Employment Practices Liability Insurance for Acupuncturist
Employment practices liability is a coverage related to employer’s liability insurance. This also handles employee claims. It takes care of these perils:
Insurance companies underwrite employment practices liability insurance for acupuncturists with a $100,000-$1 million policy limit.
Short-Term General Liability Insurance
Is your acupuncture clinic only open at selected schedules? If this is the case, consider getting short-term general liability insurance instead of an annual general liability insurance.
Depending on your choice, general liability insurance can cover you for hours, days, or weeks. It’s no different from the usual general liability policy because it also takes care of:
Claims for bodily injuries
Claims for property damage
Slander, libel, and copyright infringement claims
Liability over rented premises
