Insurance for Chiropractors
From a disability insurance underwriting perspective, certain occupation classes require more finesse than others. One such classification is that of the chiropractor, not as risky as an underground coal miner, but definitely more concerning to disability carriers than an accountant. But why? Why are chiropractors such difficult prospects and are frequently unwanted by insurance companies? And why do agents and advisors have problems finding them sources of income protection?
Most insurers admonish chiropractors as high-risk clients. They have for decades. Like certain problematic physician and surgeon markets of the past, the chiropractic professional sector of the DI business has always held a notoriety of heavy claims, and insurance companies are just not in business to write risks that have a history of losing money.
But what are the reasons for such infamous levels of chiropractor claims? Chiropractic practitioners are well educated with years of accreditation beyond a simple bachelor’s degree which is always a positive in the eyes of an underwriter. But the physical nature of their occupation, over time, leads to the early degeneration of their bodies, more so than most medical doctors. Practicing as a chiropractor takes more physicality than the majority of white-collar professions, and as the neck and back become enflamed and as joints weaken, a chiropractor has more difficulty performing the duties of his/her occupation.
Traditional underwriting of disability insurance lends to the side of being conservative, thus the obvious prejudice against the chiropractor market. Few carriers are willing to offer the occupation any disability income insurance, and those that will chance it severely limit the benefits available.
The best source of appropriate levels of disability income and business insurance for chiropractors is through specialty markets represented by Petersen International Underwriters. We offer a wide range of coverage options including personal disability insurance, BOE coverage, business loan indemnification, key person cover and buy/sell insurance.
Chiropractors are highly trained professionals who require disability insurance like any other prospect working in a physically demanding environment. Petersen International can help you provide your chiropractor clients with proper income protection. Call us today at (800)345-8816 to learn more about our comprehensive line of benefits for the chiropractor market.
