Understanding Naturopath Insurance
Over the years, more and more Ontario residents have decided to make the switch to naturopathy. This is an alternative form of medical which is actually natural and non-invasive. Thanks to the changing mindset of the Ontario population, there is a high demand for people working in this field. If you’re a naturopath, you can pretty much guarantee that you’re going to make a good living in Ontario. Nevertheless, you could also run into several roadblocks along the way. Depending on your practice, you’re probably going to need a naturopaths PLI insurance policy and a commercial general liability insurance policy from insurance companies that are licensed to operate in Canada.
Both policies are going to provide you with a significant peace of mind. Just think about the problems that you may face. You could misdiagnose or mistreat a patient. In return, you’re going to be facing a huge lawsuit. This is something that you must avoid at all costs. Thankfully, you can protect yourself with naturopaths PLI insurance. You should also think about speaking with a naturopaths CGL insurance broker. After all, you’re going to have patients enter your clinic.
If they get hurt during their visit, you’re going to get sued. CGL insurance can protect you in this type of situation. We recommend having a minimum of $1,000,000 PLI coverage plus $2,000,000 CGL if your business demands it. Rates starting from $40/month!
Additional Coverage Options
If you speak with any naturopaths errors and omissions insurance company, you will quickly discover the PLI insurance is only going to help so much. Combining PLI insurance with CGL insurance can help. Nevertheless, you’re also going to need more coverage. The other coverage solutions that you may need will be explored in greater depth below.
Commercial Property Insurance
Since you’re running a medical clinic of sorts, you’re going to need to go above and beyond to protect your property. Without your clinic, you’re going to have a tough time seeing and treating patients. Commercial property insurance can help you protect your property. It’ll give you money to rebuild in the event of a disaster or fire.
Commercial Property Insurance Recommended Limits – $500,000 per claim / $2,000,000 aggregate
You need to understand that you’re always at risk of a malpractice lawsuit. After all, you’re working in the medical field. With that being said, you need to speak with your naturopaths professional insurance broker again malpractice insurance. This insurance can protect you in the event of such lawsuits.
Malpractice Insurance Recommended Limits – $500,000 per claim / $2,000,000 aggregate
Naturopaths should also think about acquiring naturopaths commercial general liability insurance coverage. CGL insurance is going to protect you in the event that someone gets hurt in your clinic. This insurance can be very beneficial in keeping your business afloat for many years to come. Do not skimp on it, because it can make a huge difference in the long run.
Commercial General Liability Insurance Recommended Limits – $1,000,000 per claim / $2,000,000 aggregate
What is the average naturopaths PLI insurance cost? The truth of the matter is that there are no universal prices. The prices are going to differ significantly from one professional to the next. With that being said, you may need to speak with a naturopaths professional insurance broker to find out specifically how much you’re going to be required to pay for professional liability coverage in the long run. They’ll be able to help you acquire naturopaths PLI insurance quotes. Nevertheless, some of the common costs associated with insurance policies that naturopaths needed will be provided below.
- Commercial Property Insurance – $30 per month
- Malpractice Insurance – $70 per month
- Commercial General Liability Insurance – $35 per month
- Professional Liability Insurance – $40 per month
The above average costs are only estimates. To get the most accurate estimate contact our office and request to speak with an agent. The good news is that you can get a quote very easily. All you need to do is get in touch with our company! We recommend obtaining a quote for each of these insurances from our company. The quote is free and will help you determine which insurance policies you can afford.
We offer competitive prices and if you do not believe us, just make a comparison of our quote with other quotes from insurance brokers. Free quotes are available via phone or our official website.
FAQ before purchasing naturopaths professional liability insurance
- How much professional liability insurance do I need as a naturopath?
- How do I get a naturopath insurance policy?
- What does naturopath professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured as a naturopath?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance for naturopaths
- How does the claims process work if I get sued because of my naturopathic services?
- What is the cost of naturopaths professional liability insurance?
- How do I apply for a naturopath professional liability insurance policy?
- How do I qualify for coverage as a naturopath?
- What is the purpose of getting insured as a naturopath?
- How long will it take to get an insurance quote for my naturopathic business?