Acupuncture Insurance Alaska Policy Information
Acupuncture Insurance Alaska. If you own a thriving acupuncture business or if you're just starting out and have opened up a small shop, it's important that you insure your business to the fullest to protect the business and your personal finances from the fallout of any potential litigation.
Acupuncturists apply needles at critical points called meridians in the human body to treat a patient's condition. Acupuncture is often used to relieve pain and potentially cure illnesses. While there is no known anatomical basis for the existence of acupuncture points, various governmental studies have shown acupuncture to be an effective means of treatment for managing some types of pain and post-surgical nausea. Acupuncture may also be an effective treatment for such psychological disorders as anxiety and depression. The FDA now regulates acupuncture needles, just as it does syringes. Most acupuncturists work from their own offices, but some may be employed by clinics or medi spas.
Acupuncture is an ancient art that involves the insertion of needles by a trained acupuncturist into particular pressure points throughout the body. Acupuncture offers a variety of different benefits for the body, but it involves heightened risk due to the needle insertion. Litigation in the acupuncture genre is becoming more common, likely due to the widespread number of practitioners offering the service. Whether you work for a spa or have your own business, protecting yourself with a acupuncture insurance Alaska policy is paramount to keeping your business afloat in the event of a claim.
Acupuncture insurance Alaska protects your business from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Why Do You Need Acupuncture Insurance?
Although acupuncture is mainly focused around healing people, as an acupuncturist or the proprietor of acupuncture practice, you should never brush thoughts of accidents occurring to the back of your mind. As a practitioner offering services to people in the public at large, you have a great risk for liability. This is doubly true when you work with the needles that are used during acupuncture services.
For example, your patient may suddenly shift on the table and fall off, leaving you accused of being negligent. You may find yourself in court facing negligence charges. With the right level of acupuncture insurance Alaska in place, then you can be assured that your personal financial assets are protected, and you can also defend your reputation. This insurance deals with these sorts of business risks.
Malpractice Insurance and Your Business
Health professionals of all types, including acupuncture professionals, require professional acupuncture insurance Alaska liability coverage. This coverage protects you against the inherent risks that accompany your particular field. For example, if a client claims an injury occurred at your hands or that you did not exercise the amount of diligence you should in order to keep him from harm, you can be held liable and face stiff penalties and monetary awards. Even if the suit brought against you isn't a valid one, you still have to pay for an attorney to defend you, and legal costs are not cheap. With this coverage in place, all of that's taken care of for you.
Even if you work for an acupuncture clinic where your employer carries this insurance, keep in mind that policies have limits. If you are personally named in a lawsuit or claim, the company may even decline coverage, leaving you holding the proverbial bag. This means you're responsible for any settlement awards, court costs, and legal fees. If the employer's policy covers you, it probably only provides a specific set amount of money for claims, and it may not be enough. Having personal liability insurance, even if you work in a group, means that you get the peace of mind that comes from knowing you're protected, giving you more energy to focus on pleasing your clients.
Liability Insurance Types to Think About
A commercial insurance agent can help you craft a acupuncture insurance Alaska policy that is just right for your needs, based on the risks that you face. The policy usually begins with a solid foundation made from a general liability policy. This basic insurance is essential for all practicing acupuncturists and most businesses. It protects your business in the event of lawsuits or accidental injuries and property damage.
You can also select several different types of insurance that are focused on specific risks. Some of the most popular for acupuncture businesses include:
- Products liability: If you use products that may irritate the patient or cause pain, then you may be held liable for any medical expenses the person has as a result. For instance, if the patient has overly sensitive skin, and you use an ointment on the skin that results in a rash, the resulting doctor bill and any other expenses may be forwarded your way.
- Premises liability: For times when you visit patients at home or when patients come to you in your office, this protection provides you with peace of mind that any accidents or property damage resulting from your interaction are not your financial responsibility.
- Errors and omissions. If you give advice for treatment and the treatment is unsatisfactory, this type of policy can be advantageous for any claims filed as a result.
There are several other types of acupuncture insurance Alaska that may be essential for your particular business model. A business owner's policy, or BOP policy, can combine property coverage, general liability, and other policy riders you choose.
Commercial insurance for your vehicle (business auto) is also a consideration. If you use a personal vehicle to make home visits, then your auto policy is not sufficient. A commercial auto policy is a must in this situation.
All businesses have their own unique needs. Work with your commercial agent to find the right company for your insurance and the right rate for your budget.
Alaska Acupuncturist's Risks & Exposures
Premises liability exposure is low due to the limited number of visitors to the premises. To prevent slips, trips, or falls, all areas accessible to patients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Steps should have handrails, be illuminated, marked, and in good repair. Parking lots should be maintained free of ice and show.
Professional exposure can be very high. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing (if required by the state). Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS. Needles may puncture organs. If the acupuncturist offers extended or permanent needle insertion, acupressure, cupping, and/or electro acupuncture, the professional exposure increases significantly. Finally, inappropriate touching and sexual misconduct must be considered.
Products liability exposures may include the sales of ointments, herbs or other therapeutic aids to patients.
Workers compensation exposure is due to the possible transmission of disease from a patient and working around bodily fluids. Gloves and masks must be used when working around bodily fluids. Puncture wounds are possible from working with needles, which should be disposed of quickly in proper containers. Lifting should be kept to a minimum to avoid back injuries, strains, and sprains. Since patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Property exposures to fire and crime are usually low because the equipment used is inexpensive, nonflammable, and not attractive to thieves. Ignition sources are generally limited to electrical wiring, heating, and air conditioning systems. The business income and extra expense exposure is very low as operations can be quickly resumed at an alternate location.
Crime exposure is from employee dishonesty involving both money and inventory. Background checks should be conducted on all employees handling money. All ordering, billing, and disbursement must be handled by separate individuals. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposure includes accounts receivable if the acupuncturist bills patients for services and valuable papers and records for patients' and suppliers' information. If the acupuncturist goes to the patient's premises to perform services, off-premises coverage may be needed, but property values are generally low. There may be a computer for office records.
Business auto exposure is generally limited to hired and nonownership liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.
Alaska Economic Data, Regulations And Limits On Commercial Insurance
If you're an entrepreneur who is thinking about starting a business in Alaska, it's important to have a basic understanding of the state's overall economy before you set up shop. Regardless of how high-quality the products and services you are planning on offering may be, if the location where you open your organization doesn't offer a target market that your products and services will appeal to, chances of success are slim. Furthermore, if a workforce isn't available to support your business, you'll have a hard time staying afloat.
With that said, it's important for business-minded individuals who are thinking about starting a company in Alaska to familiarize themselves with the state's economy; it's also a good idea to have an understanding of the commercial insurance requirements.
Following is an overview of economic trends and commercial insurance policies that business owners are required to carry in The Last Frontier.
Economic Trends For Business Owners In Alaska
According to the Bureau of Labor Statistics, the unemployment rate in Alaska was 6.1% in December of 2019. While that's significantly higher than the national unemployment rate, which was 3.4% in December, 2019, it's lower than it was one year prior, when the rate of unemployment was 6.5% in December of 2018. Though the workforce is growing slower than it is in other states, economists do predict that the rate will continue to decline in the coming years.
Despite Alaska's remoteness and cold climate, it's actually a great start to start a business. According to the Tax Foundation, Alaska is the second most tax-friendly state for business owners in the United States, as there's no individual income tax or state sales tax. Additionally, Alaska has the second highest rate of new business owners, as well as the second highest percentage of available employees (as per 2016).
As in most states, the best spots to start a business in Alaska are the state's biggest cities and the surrounding areas. This includes Anchorage, Juneau, and Fairbanks. Other key areas that are seeing a boost in business development in recent years include Homer, Sitka, Prudhoe Bay, and Ketchikan.
While there are several industries that are experiencing growth in The Last Frontier, specific sectors thrive more than others. Businesses that are related to the following industries are booming in AK:
- Fishing, which is also one of the largest contributors to the state's economy.
- Mining, which provides more than 4,500 jobs in Alaska.
- Petroleum, which is responsible for 34% of jobs in the state. In fact, Prudhoe Bay is North America's largest oil field.
- Tourism is the second largest private sector employer in the state. Each year, millions of people from around the globe travel to Alaska to marvel at the numerous natural wonders that can be found here.
Commercial Insurance Requirements In Alaska
The Alaska Division of Insurance regulates insurance in AK. Alaska mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Alaska requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Alaska also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Health & Beauty Insurance
Learn about small business health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.
- Barber Hair Dresser
- Beauty Salon
- Day Spa
- Diet Nutrition Services
- Massage Therapy
- Medical Spa
- Nail Salon
- Permanent Cosmetics And Microblading
- Personal Trainer
- Tanning Salon
- Weight Loss Center
The health and beauty industries help people look good and feel great about their appearance and health. Some of the most popular are:
Cosmetologists - typically can help people with hair styling, cosmetics, and manicures and pedicures.
Estheticians - are trained to work with clients to treat skin care issues.
Hair Dressers & Barbers - offer a variety of services such as; hair cuts, styling, perms, hair dying and highlighting.
Health Club - Gyms, fitness centers, and health clubs focus on promoting healthy lifestyles and active living.
Massage Therapy, Reiki & amp; Acupuncture - can help relieve stress and improve your clients health. Work can be done in a salon, medical office, or home based. Also in your client's homes.
Permanent Makeup & Microblading - Offers coverage for permanent cosmetics, pigment removal and lightening, lasers/IPLs, and needling/MCA.
Salons - Similar to spas, salons are offer customers beauty treatments, services and products.
Spas - Have more exposures for the risks of faulty equipment, products, or unskilled employees that can injure customers.
Tattoo - Tattoo parlor and body-piercing coverage is designed to address the specific risks of artists and their studio.
Yoga & Pilates - forms of exercise designed to improve mind, body and spiritual wellness.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income with Extra Expense, Employee Dishonesty, Valuable Papers and Records, General Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Accounts Receivables, Bailees Customers, Fine Arts, Cyber Liability, Employment-related Practices, Environmental Impairment, Liquor Liability, Business Automobile Liability and Physical Damage, Garagekeepers and Stop Gap Liability.
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Also find AK local small businesses by General Liability Class Code and learn about Alaska small business insurance requirements for general liability, business property, commercial auto & workers compensation including AK business insurance costs. Call us (907) 531-9001.