Insurance for psychologists – why it matters
You’d never approach your work with anything less than complete professionalism, careful analysis and attention to detail. But mistakes happen and in a profession built on advice, you always face the risk that a client blames you when things go wrong. Hiscox can put together a business insurance package that’s tailored to your industry and your specific needs, so you know you have a plan in place if anything goes wrong, whoever’s at fault.
Why psychologists need business insurance
Claims of malpractice
You know the road to recovery is often long and complex, but if someone feels that the advice you’ve given them has negatively impacted their mental wellbeing, they might try to take you to court. Even if you followed all the right protocols as a therapist, malpractice insurance helps to take the stress and financial load out of defending yourself.
Data breaches
You hold a lot of confidential information about your clients and you stick to the highest professional standards in keeping it safe. But what if an employee accidentally sends an email to the wrong person or you fall victim to a cyber attack? Data breaches are serious, so make sure you’re protected with both professional indemnity insurance and cyber cover.
Accidents at work
Sometimes what feels like a minor accident can lead to a major liability claim. You might spill a cup of coffee over a client’s high-spec laptop or someone could cause themselves an injury on your premises. Protecting yourself with public liability insurance means all legal and compensation costs of the claim are covered.
If you’re not sure what you need, tell us a little more about what you do. We’ll help you to build your quote and explore any other insurance needs.
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Key types of insurance for psychologists
Public liability insurance
Public liability insurance is there to help if a client of a member of the public is injured and they say you’re to blame, whether or not it’s directly related to your work. It also covers you if you accidentally damage their property. No matter how safe you keep your premises and practices, you can’t see everything coming, so public liability insurance covers the compensation and legal costs of defending or settling a claim.
Cyber and data risk insurance
Working closely with your clients you’ll be accessing and storing private and confidential information. Cyber and data risk insurance protects you against the threat of cyber crime, as well as expensive mistakes that could see data accidentally shared, threatening your reputation and compromising your clients. If someone hacks your online systems and wreaks havoc with your business, or data ends up in the wrong hands, we’ll help to cover the cost.
Professional treatment liability insurance
Medical malpractice insurance is designed to help protect professionals whose work involves providing care or advice to their clients. Even with the best intentions, mistakes can still happen and you can’t be sure how your guidance will be interpreted. If someone claims your treatment has made them ill, or that the advice you gave them led to mental injury, whether you’re to blame or not we’ll cover the legal and compensation costs involved.
These are just some of the types of business insurance for psychologists that we can offer. We can provide other specific types of cover and build them into a policy that’s tailored to the exact needs of your business.
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