Your clients rely on your expert advice and services as a physiotherapist. You help ease their aches and pains from minor sprains to long-term rehabilitation programs. If something were to go wrong during their course of treatment, you could be faced with a costly claim that could have a career-ending impact on your reputation, a worry you could do without.
Let’s take a look at some of the key insurance products for physiotherapists to consider and how they can help protect your business for the long haul.
Why do Physiotherapists need to consider insurance?
No matter how much care you put into looking after your clients, the reality is things can still go wrong. All it takes is for a client to assert that the treatment plan you provided has caused more pain or resulted in a new injury for a claim to occur.
Another thing to consider is protecting your assets, like your contents and building, which can be an acritically important part of securing the future of your business.
Having the appropriate insurance gives you peace of mind that if the worst should happen, you have financial protection in place.
Understanding what types of insurance to consider
Physiotherapists face a range of different risks every day. Whether it’s a client who is unsatisfied with your treatment or protecting your expensive equipment, here are some of the types of insurance coverages you may need to consider.
Professional Indemnity insurance*
Providing specialised advice and services can come with its risks, especially when clients are putting their health in your hands. Not only does Professional Indemnity insurance provide vital protection, it is a registration requirement for physiotherapists practising within Australia.
Professional Indemnity (PI) insurance is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
Professional Indemnity claims can arise from simple things like giving incorrect advice, a miscalculation, wrong diagnosis or treatment.
Public Liability insurance*
Another common coverage for physiotherapists is Public Liability insurance. Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities.
If you work within a medical centre or leased premises, it may also be a requirement for you to have your own Public Liability insurance policy. Always be sure to check the level of cover required to ensure you have the appropriate level of cover in place.
From laptops to exercise equipment, your business assets are crucial for any practising physiotherapist. You’ve worked hard to get your business going, so it pays to invest in looking after your contents.
Contents insurance covers your business contents or stock if they were damaged in a fire, storm or due to malicious damage or some other defined event listed in the policy.
If you own your business premises, then you will understand how important it is to have your most expensive asset insured. Could you afford to re-build and maintain an income if a disaster were to strike? Building insurance covers your building if it was damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy.
Planning for a disaster like a fire may not on top of your priority list. If your business had to shut up shop for a few days, weeks or even months due to an insurable event, how would you be able to keep your business going?
Business Interruption cover provides protection for the loss of income and increased costs of operating your business caused by a specified insured event (such as property damage or fire). It is also designed to assist your business to recover from an insured event by paying ongoing expenses (such as wages or rent).
Please be aware that Business Interruption cover is an additional cover option available when you take out a Business Insurance policy.
Personal Accident and Illness insurance*
You might be in the business of taking care of others but how could you continue to look after your clients if you were to suffer from an illness or injury?
Accidents can happen even in the most professional and organised working conditions. Should the unexpected happen, even outside the practice, Personal Accident and Illness insurance can cover you for loss of income** if you’re unable to work due to illness or injury.
BizCover offers a range of insurance options for physiotherapists. Access multiple quotes from some of Australia’s leading insurers in the click of a button or a quick call to our friendly team. We’re all about making insurance easy, so there’s no messy paperwork or jargon. Find out how we help you protect your business today.
*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.
** Maximum limits apply