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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.   

what is insurance for psychologists?

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

Start a quote to see how much you can save and buy online in minutes.

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. 

Public Liability

Covers compensation costs and legal fees if you negligently cause injury to a member of the public or damage to property.

Public Liability insurance

Professional Indemnity

Covers financial losses and legal fees as a result of alleged or actual negligence in your professional services or advice.

Business Insurance Pack

Package cover under one policy to protect assets and liabilities. Can include legal fees, repair costs, and business interruption.

Business Insurance

Personal Accident & Illness

Covers individuals for loss of income if unable to work as a result of an injury or illness in or outside of work. Limits apply.

Personal Accident insurance

Cyber Liability

Protection against claims and supports your profitability following a broad range of cyber events.

Cyber Insurance

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.

psychologist insurance cost

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.

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.

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See how much others have saved while purchasing policy through BizCover

Colette

Disability Care Worker from

NSW

Saved

$1,200

on

Public Liability and Professional Indemnity insurance

Disability care worker
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Beautician from

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$1,500

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Business insurance Pack and,
Public Liability and Professional Indemnity insurance

Andrea, Beautician saved $1,500 on Professional Indemnity, Public Liability and Business Insurance
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Cleaner from

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Public Liability insurance

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