Insurance for Psychologists

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Why do Psychologists need Insurance?

Just as you’ve spent countless hours nurturing your clients, you need to nurture your business too. Having business insurance is an important part of protecting your practice and your livelihood against damaging allegations and risks.  

With just a few clicks or a single phone call, you can compare quotes from some of Australia’s leading insurers. Simply select your preferred policy and you can be cover today, so the only thing you’ll to worry about is your clients. 

Did you know?

The Psychology Board 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.

We know, sometimes you just want a quick idea of how much your insurance is actually going to cost. However, it’s important to note that the data included within this article was sourced from BizCover customer data during 2016/2017 and is intended as a guide only. It may not reflect pricing for your particular business as individual underwriting criteria will apply. Get a hassle-free quote for your business here.

Insurance for Psychologists

Professional Indemnity Insurance*

Psychologists work hard to hone their professional expertise and to build a reputation, but there is always a risk of professional liability.  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, Professional Indemnity insurance may be able to assist you.  

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. Professional Indemnity insurance will also assist with the costs associated with responding to or managing claims which are covered by the policy. 

Public Liability Insurance*

Considering you work closely with your clients; Public Liability insurance is an easy choice. for psychologists. It 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. 

Accidents can and do happen- something as simple as a client tripping over at your premises, or you damaging a client’s property – could result in a costly public liability claim. 

Business Insurance*

Your clients are your most important advantage, but where would you be without your business assets?  

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. 

Cyber Liability*

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. 

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

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“*The information provided is general only and should not be relied upon as advice. No guarantees are provided as to pricing for individual risks.
*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

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