In recent years, more and more massage therapists (RMTs) and manual osteopathic therapists (MOTs) have been venturing into entrepreneurship, opening their own small businesses. This trend reflects the natural entrepreneurial spirit of these professionals. While running a business comes with its challenges, it offers the satisfaction of making your own decisions and steering the direction of your business.
As a Clinic owner, you have now gone beyond an individual practitioner and grown your practice into a full business entity. This is a huge accomplishment and therefore requires the right protection. Many Clinic owners do not have the proper coverages for their business and have had to close their doors due to lawsuits that have occurred against their business entity, and they have had no coverages.
Your CMMOTA liability insurance is designed to cover you as an Individual practitioner, working with clients one on one, for approved massage therapy and/or manual osteopathic therapy operations. This policy does not provide coverages for a separate Business Entity, Employees, Sub-Contractors, Business Partners or Commercial space you may be renting.
Why Do Clinic Owners Need Additional Insurance?
For clinic owners, securing contents coverage is essential to protect against risks such as fire, water damage, theft, and vandalism. This coverage includes protection for your equipment, massage tables, linens, oils, office furniture, computers, and stock. If you lease your space, you may also need to insure the value of any leasehold improvements.
More critical than content coverage is the need for Commercial General Liability (CGL) coverage. This protects your clinic in case of injury or property damage, such as slip-and-fall incidents. Even if your clinic is not at fault, legal costs to defend a lawsuit can be significant. CGL coverage will help with these costs.
Considering Malpractice Liability Insurance
As a business owner, particularly if you market various services provided by yourself or others, you should consider a malpractice liability policy. This is especially important if you operate as a limited or incorporated company and employ other practitioners. If a practitioner causes an injury, the clinic could be drawn into litigation. While the individual practitioner’s malpractice liability policy would cover their defense, it would not cover the clinic or its owners. The clinic needs its own malpractice liability policy to cover defense costs. Additional clinic policies can be obtained through CMMOTA’s insurance broker.
If your clinic involves only subcontractors who do not bill through your corporate entity and there are no employees, you may not need additional malpractice liability insurance. However, it’s advisable to obtain professional legal advice to ensure your specific arrangement does not attract liability. Judges and juries can sometimes stretch legal concepts, and even if liability doesn’t exist, a plaintiff can still include the owner in a claim, resulting in legal fees.
Conclusion
Running your own clinic as an RMT or MOT offers numerous rewards, but it also comes with responsibilities. Understanding and securing the right insurance coverage is crucial to protect your business from potential risks. Whether you’re just starting out or expanding your clinic, make sure you have the appropriate insurance policies in place to safeguard your investment and provide peace of mind.
BrokerLink has a Clinic Program, which offers competitive policies for clinic owners, this policy was tailored to meet the needs of RMT and Osteopathic clinics. Contact BrokerLink for a quote by calling 1-877-768-2262.