Medical Malpractice Insurance For Medical Practitioners In Canada
Medical malpractice insurance for medical practitioners in Canada is a growing industry. It develops as we improve our understanding of how important these professions are. Did you know that the College of Massage Therapists of Ontario has over 13,000 registrants? Or that 4.5 million Canadians visit a chiropractor each year?
More benefit packages are accepting more claims for medical providers. The industry is expanding. Every practitioner must have medical malpractice insurance in order to protect their business and/or assets. At ALIGNED Insurance, we search through the 65+ top Canadian insurance providers. We find the insurance coverage that fits your needs. Every medical practice and practitioner is different so it’s important to find insurance that understands your business.
Are you a Kinesiologist, Osteopath or Naturopath? We know that your business is different than that of other people in your field. If you are an Aroma Therapist or a Herbalist, your insurance policy should not be the same as a Craniosacral Therapist or a Cholesterol Tester. Although all of these practitioners are classified as complementary medical practitioners, their businesses differ greatly. A Yoga instructor should not have the same coverage as a Chiropractor. If they did, the Yoga instructor will find the cost of insurance much too high. Your insurance policy should reflect all aspects of your business.
Medical malpractice insurance for complementary medical practitioners is divided into two categories. Per Occurrence and Claim-made insurance provide coverage for medical malpractice claims based on different guidelines.
Per Occurrence Insurance for Medical Malpractice in Canada
Per occurrence insurance for medical malpractice in Canada covers for claims that occurred during the time the coverage was in place. This means that you are protected for claims filed outside of your insurance coverage. You are covered as long as the incident happened within the time you had coverage.
A large number of complementary medical practitioners run their own businesses. This might make per occurrence insurance the appropriate choice for some. However the cost of insurance is based on how many clients you service and how often. Per occurrence insurance may be more expensive for you. By talking to an insurance broker from ALIGNED Insurance, you can view different insurance packages to see all your options before committing to an insurance provider. With per occurrence insurance this is particularly important. If you change your insurance as your business expands you need to know that there won’t be a lapse in coverage.
Claims-Made Insurance for Medical Malpractice in Canada
Claims-made insurance for medial malpractice in Canada covers for claims that occur and are filed while you’re under that insurance policy. This type of policy usually requires a longer length of coverage in order to protect your business. Some claims-made policies involve prior acts coverage or tail coverage to protect your business as the policy changes or is cancelled.
You will need to take into account the length of your coverage compared to the length of time your business will be active. For example, you might plan to run your business from home while you transition into retirement. You may find that a claims-made policy is cheaper, but doesn’t cover you after retirement. Talk to your insurance broker so you can find the policy that works for your particular circumstances.
Medical Malpractice Insurance For Specific Fields
You are part of a group of health care professionals with a wide range of business ownership diversity. From Massage Therapists and Chiropractors to Yoga instructors and Acupuncturists, medical malpractice insurance is a necessity for all. The problem with some insurance providers is that the options for insurance are limited to what that provider knows about your specific field. If the insurance provider has an idea about your business, without fully understanding what you do, the cost of coverage may be high. An insurance broker is an ally for your business who can search through multiple providers and products so that you don’t have to.