Tailored insurance for Psychologists
Psychologists insurance includes both Professional Indemnity and Public Liability in one policy.
Why do Psychologists need Professional Indemnity insurance?
You have patients that rely on your counselling to help them with any number of issues they’re dealing with, and it’s your help that can get them back on their feet. As you’re helping people when they may be at their most vulnerable, your advice may be misinterpreted by a patient, and this could have a negative impact on that person’s life. If the patient believes that you wronged them in one way or another, they could make a claim of malpractice against you and hold you accountable for damages.
Psychologist Liability insurance includes cover from malpractice, breach of duty, professional misconduct, professional negligence, and mistakes or omissions claims made against you. A well-chosen policy will also cover legal defence costs, obtained with the Insurer’s prior consent.
If you’re a registered practicing Psychologist, you must have appropriate Professional Indemnity insurance, with a minimum amount of $2 million cover for any one claim.1
Why do Psychologists need Public Liability insurance?
You may practise from your premises, or you might travel to see your clients. Whatever the case may be, there are risks all around you. For instance, Dr Joe Blogs enters your practice to have an animated conversation about the differences between Freud and Jung with you. While he’s walking through the waiting room, thoughts of his mum spring into his head, and he’s so distracted that he runs headfirst into Jane, who has a large cup of boiling herbal tea in her hands. Jane's herbal tea flies skyward and comes cascading down all over poor old Doc Joe. Now Joe is left with burns from the tea and a suede jacket that will never be the same. You could be held liable for Joe's injuries and the damage to his coat.
Psychologist Liability insurance acts to protect you from legal liability for claims of injury or property damage made by patients or members of the public. It aims to help you with the cost of claims from a third-party, like compensation payments and legal fees.