July 2008

CBS holds 'grand re-opening'

Chiropractic Benefit Services (CBS) has announced a "grand re-opening" to celebrate the launch of a new line of insurance programs -- including general liability, health, disability, home/auto/umbrella, mortgages, annuities, and workers' compensation.

"Our primary offering remains our malpractice insurance program," stated Timothy Feuling, CBS president. "However, we realize that our clients have many other insurance needs and want a reliable and trustworthy company that provides the convenience of 'one-stop-shopping.' That's what CBS can now offer."

CBS was founded in 1989, and rapidly grew into one of the largest and most highly respected malpractice insurance programs in the United States, insuring thousands of DCs in nearly every state of the nation. Its malpractice program is considered the best protection available for chiropractors and its rates have remained highly competitive.

A key reason for its popularity is the financial strength and stability of its underwriter: CNA, which has been a leader in the insurance industry for more than a century. CNA Insurance Company is the 7th largest US commercial insurer and the 14th largest US property & casualty insurer, providing insurance protection to more than a million businesses and professionals in America and internationally, with assets of close to $60 billion. It is "A"-rated for financial strength by AM Best, and also enjoys strong ratings from the other independent rating agencies. CBS is the only chiropractic insurance program underwritten by CNA.

In addition, the policy available through CBS is widely considered the most comprehensive on the market, with exceptional coverage that many other policies lack.

For instance, many other policies offer policies with deductibles of $5,000 or more. "There's nothing intrinsically wrong with a policy that has a deductible," Feuling explains. "But it can quickly erase any savings you enjoyed on premiums, and end up costing you much more in the long run. CBS does not impose a high deductible."

CBS also provides a high quality defense in case of a lawsuit. This is particularly important today, when some insurance companies skimp on the defense in order to save money, or do not have access to lawyers experienced in defending chiropractors.

The presence of a "consent-to-settle clause" is another benefit of the CBS policy. Without such a clause, an insurance company can make the decision whether to fight charges in court or to force doctors to settle out of court, even if it means a permanent black mark on their name. Many insurance companies are electing to reduce their costs by refusing to defend doctors even when they're completely innocent.

Hammer clauses are equally important. Some consent-to-settle clauses contain what's known as a "hammer clause," which is a way to coerce doctors into accepting settlement offers. With a hammer clause, if a doctor refuses the settlement offer recommend by the insurer, the insurance company's liability is limited to the amount of the recommended settlement offer. That is, if the insurance company urges the doctor to accept a low out-of-court settlement offer and the doctor refuses, the company is only liable for the amount of the recommended settlement.

"The exceptional coverage we offer on our malpractice insurance, combined with our competitive premiums and our top-notch customer service have made CBS the insurance program of choice for much of the chiropractic profession," notes Feuling. "We are now offering those same benefits -- excellent coverage, low rates and outstanding service -- in a full line of other insurance programs."

Doctors interested in learning more about CBS' malpractice insurance, or any of the other policies now being offered, can contact CBS at 800-883-0412 or by e-mail at tfeuling@cbsmalpractice.com.