Why do Psychologists need it?
Just as you’ve spent countless hours nurturing your clients, you need to nurture your business too. Having the right insurance is an essential part of protecting your business and your livelihood against damaging allegations. With just a few clicks or a single phone call, you can compare quotes from leading insurers. Simply select your preferred policy and you’ll be covered instantly, so the only thing you’ll to worry about is your clients.
Did you Know?
It is mandatory for all registered psychologists to hold and maintain Professional Indemnity insurance with a minimum of $2 million cover for any one claim.
The requirements for individual PI insurance arrangements also state that cover must include:
- Civil liability cover that is sufficient to cover the psychologist’s practice, with at least one automatic reinstatement
- Unlimited retroactive cover, or the equivalent, and
- Run-off cover for at least seven years
For more information contact the Psychology Board of Australia.
Insurance for Psychologists
Psychologists have a tremendous amount of professional liability exposure. It only takes one unhappy client to disrupt your career and drain your assets if something does go wrong. Even if you’re not at fault, you’ll still need legal assistance to deal with claims whether legitimate or illegitimate.
Thankfully, Professional Indemnity insurance is there to give you peace of mind if you do face legal action as a result of your work. It covers your legal and defence costs, court costs, and compensation awarded to your client. It even covers PR costs should you need to defend your reputation.
Considering the close contact you have with your clients, Public Liability insurance is a no brainer for psychologists. It will protect you from financial losses arising from a claim of accidental injury or property damage as a result of you going about your business – envisage a client tripping over on your premises, or you spilling hot coffee on them or their valuables.
Your clients are your most important assets, but where would you be without your business assets? Without the right cover, you could be hit with a few unwanted challenges that could leave you reaching deep into your pockets. Consider cover for your contents, stock and premises to protect against fire, storm, theft, vandalism and accidental damage.
Business Interruption cover will ensure you get back on your feet in no time if your business is out of action due to an insurable event.
Consider the client data you are storing and the consequences if it were to be compromised. Protect your business against the expense and legal costs associated if your network is hacked and your client’s sensitive information is stolen.
Common causes of claim
- Negligence in rendering professional services, such as:
- misdiagnosis of mental conditions or disorders
- providing incorrect psychological programs
- inadequately supervising patients
- Allegations of professional misconduct
- Breaches of confidentiality
- Mistakes and oversights
Quick and easy. Went through 5 other companies prior, some of whom did not have the facility to email the quote. Crazy in this day and age. Some were incredibly expensive for the same thing
Thanx guys for such a quick and easy transaction… Awesome…5 Star all the way!
Excellent, easy, simple and low cost!
Straight to the point, easy to use system, definite thumbs up!
Very efficient and good service. No issues whatsoever. My renewal of my insurance cover was quick and easy. I appreciated that I got email reminders to let me know it was expiring.
John Bachak Vo