When choosing the best insurance for therapists, you should take into consideration the legal climate in the area where you practice, whether you have some coverage through an employer, and your own financial situation. In many cases, you may need different types of insurance, including malpractice insurance and liability coverage for your office, whether it exists in your home or in a commercial building. You may be able to secure a good premium at a reasonable price through a professional association, as these associations typically work to negotiate discounts through major providers of insurance for therapists. It is also a good idea to regularly review your insurance needs by speaking with your attorney and insurance agent to make sure that your coverage is appropriate to the size and scope of your practice.
Regardless of your financial circumstances or professional competence, you may be the target of a lawsuit by a client at some point in your career. Once this happens, you may have a long legal battle ahead of you and may suffer severe financial distress. By having good insurance coverage, you will be able to defend your reputation and your finances while continuing to work. Some legal experts believe that it is a good idea for you to have your own insurance policy even if you are covered by an employer's policy. This is because your employer's policy is not designed to protect you, an individual employee, but is instead designed to protect your employer. If you end up in a conflict with your employer over the case, you may not receive adequate coverage under its policy.
The nature of insurance for therapists differs by policy. In some cases, your insurance policy may provide you with a defense attorney after a lawsuit is filed against you and may pay for a lawsuit judgment if you lose the case or a settlement if your attorney believes that it is in your best interests to settle the case. In all cases, insurance for therapists can protect you from financial ruin and possibly having to file for bankruptcy.
In addition to malpractice policies, you may need to obtain additional liability coverage for your home or office. If you do treat clients in your home, you should be aware that your homeowner's policy typically will not cover injuries to business guests and clients. This means that if a client slips and falls on your doorstep, unless you have a home business policy, you could be personally liable for any injuries caused by the fall. The same is true for commercial property, as your landlord's insurance generally protects only your landlord against liability, not you.