What Chiropractors Need To Look For When Shopping For E&O Insurance

Chiropractors – Here is what you need to look at closely

Chiropractors in the Ontario area deal with patients that suffer from all types of back, neck, and leg injuries. The body is a complex system made up of a bundle of nerves and pressure points. Sometimes hitting the wrong nerve or pressure point can lead to further injury of that already injured spot. When a situation like this happens, that injured party might have to undergo surgery or intense physical therapy, which is going to cost thousands of dollars. Of course, the chiropractor that is at fault is going to be sued in the court of law and forced to pay reimbursement for the financial losses.

This is why every chiropractor in the greater Ontario area needs to get covered with error and omissions insurance. However, before you go out and sign up with just any provider there are a few things that you need to understand.

Finding The Right Provider And Policy

While there are an abundance of insurance agents and polices in the Ontario area, you really need to find a provider with expert knowledge in your field. An insurance provider with extensive knowledge in the chiropractor field will
be able to cover and protect you much better than a provider with extensive knowledge in the construction field.

You can find this chiropractor insurance adviseinformation by searching the Internet for local insurance providers in the Ontario area with chiropractic experience.

You also need to be aware of the fact that ever policy offered by insurance providers are going to vary. Some providers might only offer so much coverage where as another will offer more coverage. The amount of coverage that you need is really a personal preference, but court costs and lawyer fees can all add up.

Accessing Post Retirement Claims

If you are nearing your retirement date, you need to be aware of the fact that E&O claims could come up after you have retired. If this is something that you are facing, you need to make sure that your licensed agent will offer coverage post retirement. Once you are not working anymore you are going to be a greater financial risk.

Employee Coverage

It may be possible that you have employees or staff that service customers on a regular basis. These employees or staff members are also at risk of making a mistake and injuring a client, which might lead back to you being sued. Employee or administrative coverage can protect you in the event that your employees make a mistake and cause one of your clients to incur financial losses. If currently have several different employees under your belt, you need to make sure that you are covered from them as well.

Understanding What E&O Insurance Doesn’t Cover

While it is important to understand how E&O insurance works and what type of coverage it offers, you also need to know what it does not cover. E&O insurance policies do not cover illegal, malicious, or dishonest acts. It also does not cover you or your employees, in the event of an accident, while performing daily duties. If your business is at risk of the things, you are going to have to do your homework on different types of liability insurance.

plan for coverage

Not Malpractice Insurance

It is important to note that errors and omissions insurance for professionals in ON, Canada is not the same thing as malpractice insurance. Most medical providers carry both E&O and malpractice insurance, because they are under so many risks, when performing treating patients. You can never go wrong with these professional liability policies, but you can definitely go wrong by not acquiring coverage as soon as possible. E&O insurance is a must-have for any licensed public service provider, who it is at risk of making a minor or major error.

History Of The Surety Bond

Where did it all start

Surety bonds are an important part of doing business these days. In fact, in some industries, a surety bond will be required, before a business entity can begin operation.  Unfortunately, many people are unfamiliar with bonds and Surety buildingwhat they do. If you plan on opening up your own business, it is important that you understand a little bit about the history of surety bonds.

What Is A Surety Bond?

While there is an unlimited array of surety bonds, they all work around the premises. A Surety Bond is classified as a contract that involves three parties. These three parties would include the surety, the principal, and the obligee.

  • The surety – this is the underwriter that issues the bond and ensures the obligee that the principal will fulfill the terms of the contractual agreement.
  • The principal – is the contractor or business that is going to be performing the work and financing the project.
  • The obligee – is basically the client or project owner. This individual will be responsible for bidding out the project and hiring the contractor.

The Existence Of Surety Bonds

Surety bonds have been around for quite a long time. However, they used to be known as a suretyship, but they have always existed to protect the client or consumer. Research shows that the first record of a suretyship was discovered on a Mesopotamian tablet that was written around 2750 BC.

surety bonding history

The first corporate surety was a London-based company developed some time in 1840 and by 1865 the whole concept made its way to America. However, the business failed, but in 1894 congress passed what was known as the Heard Act. This Act required contractors to obtain a surety bond on all projects that were funded by federal agencies.

Surety And Insurance

Oftentimes, people confuse surety bonds with an insurance policy, because they both protect consumers in some sense. However, they are not quite the same thing. For instance, a surety bond is not designed to protect the business owner, in the same way that insurance policy would. If a client files a claim on a surety bond and is awarded the payout, it is possible that the principal may be forced to repay the underwriter.

The License Surety Bond

What It Is And Who Needs One?

If you have a desire to operate your own business or serve the public in any way, you’ll most likely encounter the need to acquire a surety bond. There are thousands of professionals within Canada and these individuals were most likely required to do the same. Before you begin offering your services to the public, it is essential to analyze the information below.

The License Bond

Within Canada, a large number of businesses and professionals are required by law to obtain a license surety bond, business license bondingbefore they can legally obtain their license. There are a few exceptions, so you’ll need to analyze the specific statutes, which govern your profession. Also, the laws may deviate to some degree from province to province.

Why Is It Required?

Initially, it may seem like the requirement of the surety bond is nothing more than a money grab. This isn’t actually the case. In fact, there are a few good reasons for the requirement. First and foremost, the requirement of the bond helps to protect the Canadian public at large. The bond guarantees that a business or professional will conduct themselves according to the Canadian federal laws, as well as any provincial laws that may govern their line of work.

Secondly, the requirement is to ensure that only reliable, worthwhile individuals are able to serve the public.

How To Get The License Bond

If you’ve hit a speed bump and need to acquire a license bond from a Canadian Surety Bonding Company, you’ll need to learn how to move ahead and call a brokerage like SuretyKings. The good news is that the mass majority of Canadian surety providers have simplified the process, so that you’ll be able to complete the application online. Before doing so however, it is often wise to shop around by obtaining and comparing quotes. Most companies will be able to provide you with a quote within 24 hours, so you can get your license bond and licensure rapidly.

Different Types Of License Bonds

Within Canada, there are thousands of individualistic professionals and unique license bonds to suit them. Below, you’ll find a breakdown of some of the most common.

Motor Vehicle Dealer Bond – If you wish to sell cars within Canada, you’ll need to acquire a motor vehicle dealer license. Within News Brunswick, dealers of new vehicles, used vehicles, wrecker dealers, and motorcycles use this bond. Before you can acquire the license, you will need to obtain and submit a motor vehicle dealer bond.

Collection Agency Bond – There is always some degree of risk, when a company is responsible for dealing with another individual’s money. This is where the collection agency bond enters the picture. The Consumers Protection Act and other statutes have been put in place to require the bond to help decrease the potential for devious behaviors and fraud.

Private Investigator Bond – Those that wish to become private investigators within Canada will be forced to obtain a bond. The bond amount will vary depend on your operational location. Within News Brunswick, the professional will need to post a $5,000 bond.


All in all, the license surety bond is truly an integral aspect of Canadian business. It is there to provide protection to the public and can be used to hold the professional responsible for malicious behavior. To read about how much bonding you need in place, refer to CSLB.