Insurance for Psychologists
Policies available to meets requirements of Psychology Board of Australia
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Policies available to meets requirements of Psychology Board of Australia
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What is insurance for psychologists?
Having business insurance is an important part of protecting your practice and your livelihood against damaging allegations and risks. Psychologist insurance (the different types of business insurance designed for psychologists) helps cover the cost of common claims, such as mistakes, omissions or breaches of duty.
The Psychology Board also states that the minimum level of Professional Indemnity insurance a psychologist is required to obtain is $2 million cover for any one claim and at least one automatic reinstatement or equivalent.
Other requirements include:
- Civil liability cover;
- Unlimited retroactive cover, or the equivalent, and
- Run-off cover, which should be maintained for at least seven years
For more information contact the Psychology Board of Australia.
Why do psychologists need insurance?
Psychologists may need business insurance to operate in Australia, meet legal obligations and cover unexpected bills.
Meet the requirements of the Psychology Board of Australia
Lease an office or clinic space
Manage a cyberattack
Pay legal costs if you face a liability claim
Let’s cover your small business on the go
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What types of insurance do psychologists need?
We offer a range of policies designed to cover your business, employees and services. Build an insurance package that suits your needs and buy in minutes.
Popular cover types for psychologists:
Psychologists could also consider:
How much does psychologist business insurance cost?
The average cost of business insurance for psychologists is $49 with BizCover. However, the cost of your policies will depend on different factors, such as the services you provide and the size of your business.
Factors influencing cost
Risks of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
*Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.
Get cover that works with the risks of your business
Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.
Unsure how much to choose? Think about:
Statutory Profession Requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
Factors influencing cost
Risk of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.
Get cover that works with the risks of your business
Select different cover amounts for each policy listed below.
This is the most you will be paid out if you need to make a claim.
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
How it works – buying online
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How to make a claim online
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3 Steps to get your biz insured:
- Let us know
Fill out our claims form and provide info to support the claim.
- Receive Extra Support
We’ll assist you with your claim.
- Claims Results
We’ll notify you of the claim outcome.
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See how much others have saved while purchasing policy through BizCover
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^ Savings made from January 2024 to April 2025. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
Frequently asked questions
Professional Indemnity insurance is there to give you peace of mind if claims arise as a result of your professional psychology service. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the practice of your profession.
Public Liability insurance provides protection for you and your business in the event a client, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities.
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.
Consider the client data or personal information you may be storing and the consequences if it were to be compromised. Cyber Liability insurance helps to protect you from claims and supports your profitability in the event of a cyber breach or attack.
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