As a naturopath, you take a holistic approach to health that focuses on treating the cause of ailments and diseases rather than simply their outcomes. Using a variety of natural and non-invasive therapies, you bring a big picture approach to helping your clients heal.
Your field is growing at a rapid rate to try to meet the increased demand for an alternative to traditional western medicine, although it can often work in conjunction with more traditional methods.
As you seek the best outcomes for your clients, allow ALIGNED to find the insurance coverage that is tailored to your field of expertise and services offered.
Why do Naturopaths need insurance?
Given that naturopaths offer a wide array of treatments that range from recommending supplements to intravenous infusion therapy and much more, you need to have equally broad-ranging insurance to protect against various risks to your business. It is highly unlikely that any single practitioner or group of practitioners could weather a large claim against their practice. That is the main reason for insurance coverage – to ensure your Naturopath business can withstand something going wrong.
Consider the following scenarios when insurance coverage would be necessary for a naturopath:
- You recommend a particular brand of supplements to your client who is recovering from chemotherapy. Unbeknownst to you at the time, the product was recalled recently due to contamination and it causes your client to become ill. Your client elects to participate in a class-action lawsuit against the supplement manufacturer which names your practice and the practitioner working on your behalf in the statement of claim.
- The hormonal treatment you recommend for a client does not have the desired effect and your client allegations the supplementation plan resulted in depression which lead to the loss of their job and home.
- A windstorm damages the front window of your store, causing interior damage to stock and exterior damage to your building.
- You experience a break in and $30,000 of supplements are stolen and significant damage is caused to you physical space which needs to be prepared.
What insurance coverage do Naturopaths need?
As a naturopathic doctor, you should consider the following types of coverage for your insurance package:
1. Product Recall Insurance – this is insurance to cover you in the event one of the products you manufacture (through third parties) and sell is recalled and you are responsible for recovering, safely disposing and replacing the products sold. This coverage can include the various expenses associated with a recalled product, including replacing the product.
2. Commercial General Liability Insurance – this coverage is recommended for every business open to the public. It protects you in the event of property damage or bodily injury to a third party that results from the operation of your business and has numerous other coverage/ benefits.
3. Errors and Omissions Insurance – this coverage is professional liability insurance for the legal entity that the doctors work on behalf of and can also cover the Naturopathic Doctors themselves. This coverage is specifically related to the service(s), advice, recommendations & treatment patients receive and the financial loss and/or bodily injury they incur as a result.
4. Property Insurance – to protect your physical location and the property associated with your business, including equipment, furniture, leasehold improvements and stock/inventory etc.
5. Cyber Insurance – this coverage is necessary if you keep sensitive client health information on hand, to guard against potential data breaches or hacks to your system. This coverage will also protect your online assets in the event such things as your website is lost or compromised.
6. Small Business Auto Insurance – this might be a coverage to consider if your Naturopath Business uses company vehicles for deliveries, in home visits or to transport staff.
Find the Right Naturopath Insurance from ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.
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