Understanding The E&O Insurance Requirements For Chiropodists In Ontario
In 2015, it was estimated that Ontario Canada was home to nearly 14 million individuals. With so many residents, Ontario is one of the best provinces for healthcare providers. In fact, chiropodists are in high demand in this specific area. If you happen to specialize in foot disorders, you will certainly be able to make a great living in the province of Ontario. However, you should realize that the future is totally unpredictable. You need to take steps to protect your business, your employees and your family. Below, you will learn about the enormous importance of E&O insurance and the requirements for Ontario chiropodists.
A Potential Risky Field
When you decided to become a chiropodist, you probably envisioned yourself helping thousands and thousands of people. You most likely focused on the good aspects of this line of work, while ignoring the hurdles that you’ve be forced to leap at some point or another. Sadly, being a chiropodist can be much more difficult than anyone could ever imagine. These skilled professionals are responsible for diagnosing and treating foot disorders. Often times, it can be incredibly difficult to deliver the correct diagnosis. Choosing the appropriate treatment can be even trickier.
It is safe to say that working as a chiropodist can be somewhat risky. It is very common for these medical professionals to run into disgruntled clients, who claim the chiropodist’s mistake caused them substantial financial losses. With this in mind, it is essential to get covered today! Delaying any longer will only put you at a higher risk.
Prolonged Risk
It is important to realize that some medical conditions will go unnoticed for many years, before they start to cause problems. The patient will only begin to complain when the symptoms become intense and painful. Depending on the problem at hand, this could take many months, if not years. If you’ve served a client several years ago, there is still a risk. That client may begin to experience difficulty walking. Or, the patient’s preexisting problem may return. In either scenario, it is almost certain that the patient will become enraged and they’ll be on the lookout for someone to blame. Unfortunately, it is likely that you’ll be put in the crosshairs.
The risk does not disappear simply because the client was initially happy with the treatment provided. The risk of a lawsuit will remain for many years to come. Therefore, it is recommended that you get E&O insurance early and maintain it for the long run. This will keep you protected, even if the client resurfaces after many years.
No Coverage Puts Your Business In Jeopardy
Initially, you might believe that it is a good idea to avoid coverage or simply obtain as little as possible. While this will give you the ability to keep more money, it could result in a major disaster in 
the near future. While you might be the best chiropodist in the world, you still have no control over the client’s mentality and attitude. You truly never know when the client is going to flip the switch and begin to see the service you provided in a negative light. The patient may begin to experience more pain or their previous symptoms have return. This could cause the patient to lash out at your business with a hefty lawsuit.
If this happens and you’re not covered by your E&O policy, you’re going to be in big trouble! If you have a wife and children, they’ll also be in risky situation. And of course, the jobs of your employees will be put at risk. In order to protect yourself and these individuals, it is essential to get covered immediately. Without coverage, you will be forced to pay out of pocket for your defense and a potential future settlement. This could ultimately end in a bankruptcy.
Get covered to avoid this from happening to your business.
When Do Chiropodists Need Errors And Omissions Insurance?
It is essential to remember that you work in a field that is considered risky. There are a lot of consumers that are out to get one over on their doctor. At the same time, attempting to give the correct diagnosis and treatment will not be easy. This is why it is best for Ontario chiropodists to get covered as soon as possible. If you’ve been delaying doing so, you’re playing a very risky game and it could blow up in your face before too long. If you’ve been hit with a lawsuit, it is simply too late to get covered. However, you should realize that you can indeed get coverage for patients you’ve served in the past.
This type of protection is available in the form of Prior Acts coverage. Most insurance providers will offer this type of coverage and you will strongly want to consider adding it to your policy.
Ways To Decrease Your Costs
The sad truth is that E&O insurance can be somewhat costly. This is why a lot of professionals in Ontario will take the risk and work without the appropriate amount of coverage. While this might seem like a good idea at first, it is not! Thankfully, there are various ways to decrease your costs. Before directly consulting with Intact Insurance or another top insurance provider, you should consider speaking with an insurance broker. A broker will know a great deal about your field and the insurance market. With their assistance, you will be able to obtain a more generous price and a much more comprehensive insurance policy.
Also, it is in your best interest to avoid claims! Racking up claims will make insurance providers hesitant to work with your company. Those that do decide to take the risk will charge you substantially more for the insurance you need! Also, you should increase your training, while also adding a strict quality control protocol to your business practices. Taking these actions could score you points with Aviva and other insurance companies. This could directly lead to a decreased risk and a lower cost. Finally, you should consider joining a professional association, such as the Canadian Federation of Podiatric Medicine.
Such associations can often help you obtain insurance at a discount.
Do I Need E&O Insurance And General Liability Insurance?
There is often a misconception that E&O insurance is identical to general liability insurance. This couldn’t be further from the truth. While both are somewhat similar, they were some major differences that set them apart from one another. In fact, it is generally best for chiropodists and other professionals in Ontario to obtain both insurances. General liability will protect your business from slips and falls, as well as other similar incidents. Errors and omissions is designed to provide you with protection when your company has been sued, due to the professional services you offer.
If your client believes you’ve misdiagnosed their condition or have been negligent, your E&O insurance will cover the costs associated with defending yourself.
Preset Policy Or Customized
In most cases, the insurance provider you consult with has worked with a chiropodist in the past. Therefore, they’ll be familiar with your line of work and the risks you face. Therefore, a lot of insurance providers will offer a preset policy, which is catered to your specific line of work. The preset policy will offer a preconfigured price and predetermined coverages and limits. Alternatively, you may want to consider customizing your own policy. Most insurance providers will give you the freedom to choose one or the other. Since you know your business better than anyone else, it is in your best interest to personally design your own policy.
Make sure you choose a policy limit that will allow you to pay for all legal costs and settlements, without needing to spend your own money. Also, make sure the contract is written in a way the provides coverage for all of the services that you offer.