Acupuncture Insurance Maine Policy Information
Acupuncture Insurance Maine. 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 Maine policy is paramount to keeping your business afloat in the event of a claim.
Acupuncture insurance Maine 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 Maine 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 Maine 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 Maine 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 Maine 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.
Maine 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.
Maine Economic Data, Regulations And Limits On Commercial Insurance
You have a great idea for a business and you have developed excellent products and services that you are certain people will benefit from. You've also developed a viable business plan. Now you need to choose a place to start your company.
In order for your company to be as successful as possible, you need to choose a location that offers a favorable market for your specific business. After all, if the area doesn't offer a job force to support your operation or a target market that will purchase your products and services, you likely aren't going to succeed.
With that said, if you are thinking about starting a business in Maine, having an understanding of the state's economic trends is essential. It's also important to know what type of commercial insurance you'll need to carry. Below, we offer an overview of this information so that you can determine if ME is right for your business.
Economic Trends For Business Owners In Maine
Unemployment rate is a good indicator of a state's economic climate. The lower the rate, the more opportunities exist for business owners, as it suggests that there are ample job opportunities, and the more job opportunities, the more successful businesses there are in the region.
As per the Bureau of Labor Statistics, the unemployment rate in the state of Maine was 2.9% in December, 2019; that's 0.6% lower than the national average, which was 3.5% at the same time.
Additionally, according to economists, more employment opportunities are expected in the coming years, which will further reduce the unemployment rate.
While locations throughout the state offer opportunities for business owners, there are certain locations that are ideal for entrepreneurs. These locations include:
- Bar Harbor
These cities are the largest in the Pine Tree State, so it's understandable why they offer the best opportunities for businesses. While Maine is home to multiple industries, there are specific sectors that do particularly well here, including:
- Finance and insurance
- Hospitality and tourism
- Information technology
- Professional services
- Real estate
Therefore, if you are considering launching a business in any of these industries, Maine is likely a good location for your company.
Commercial Insurance Requirements In Maine
The Maine Bureau of Insurance regulates insurance in ME. Maine mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Maine 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. Independent contractors do not count as employees, but if those contractors employ subcontractors, the subcontractors must be covered by a workers compensation policy.
Maine 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.
Request a free Acupuncture Insurance Maine quote in Arundel, Auburn, Augusta, Bangor, Bar Harbor, Bath, Belfast, Berwick, Biddeford, Brewer, Bridgton, Brunswick, Bucksport, Buxton, Camden, Cape Elizabeth, Caribou, Casco, China, Cumberland, Dexter, Dover-Foxcroft, Durham, Eliot, Ellsworth, Fairfield, Falmouth, Fort Kent, Freeport, Fryeburg, Gardiner, Glenburn, Gorham, Gray, Greene, Hampden, Harpswell, Hermon, Hollis, Houlton, Jay, Kennebunk, Kennebunkport, Kittery, Lebanon, Lewiston, Limington, Lincoln town, Lisbon, Litchfield, Lyman, Madawaska and Wiscasset, Madison, Millinocket, Monmouth, Naples, New Gloucester, North Berwick, North Yarmouth, Norway, Oakland, Old Orchard Beach, Old Town, Orono, Orrington, Oxford, Paris, Pittsfield, Poland, Portland, Presque Isle, Raymond, Richmond, Rockland, Rumford, Sabattus, Saco, Sanford, Scarborough, Sidney, Skowhegan, South Berwick, South Portland, Standish, Topsham, Turner, Vassalboro, Waldoboro, Warren, Waterboro, Waterville, Wells, Westbrook, Wilton, Windham, Winslow and Farmington, Winterport, Winthrop, Yarmouth, York and all other ME cities & Maine counties near me in The Pine Tree State.
Also find ME local small businesses by General Liability Class Code and learn about Maine small business insurance requirements for general liability, business property, commercial auto & workers compensation including ME business insurance costs. Call us (207) 401-4779.