Why do psychologists need insurance?
Claims of malpractice
You know the human mind is incredibly complex, so the road to recovery isn’t always linear. This means, whether you’re using psychological expertise in a clinical, health or therapy context, there’s a chance a treatment path may not go to plan. If someone feels the advice you’ve given has negatively impacted their mental wellbeing, they could make a claim. Fortunately, allegations of malpractice are covered as part of combined professional, treatment and public liability insurance – for psychologists, it could help provide indemnity to cover legal fees and compensation demands.
Accidents on placement
Working as a psychologist leads you to clients’ offices, where you provide training within their occupational health department. Unfortunately, during set-up for a presentation, you spill coffee on a high-specification laptop that isn’t yours – and your client seeks compensation. Insurance can help protect a psychology business from the financial implications of claims related to property damage or injuries. It’s welcome reassurance since accidents that seem minor can lead to significant liability claims.
Arriving at your office is usually straightforward – you unlock the door, step inside and begin typing up case studies or working on statistical analysis. One morning, however, an overnight flash flood has caused disruption. Your floors have buckled, equipment is beyond repair and responders say they need to investigate possible problems with electrical cables in the walls. Selecting property insurance can help a psychology professional to withstand problems that strike out of the blue.
What cover is included in insurance for psychologists?
Professional treatment liability insurance and public liability insurance can be helpful for psychologists. So, we have combined them into one product – professional, treatment and public liability insurance. Though we talk about them separately below, professional, treatment and public liability insurance is a combined cover with one combined limit. You can get public liability cover as a psychologist by purchasing this combined cover. Contact us to learn more.
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.Build my cover
Does my insurance cover working from home?
Yes, there are several types of insurance that may benefit psychologists who work from home, all or part of the time.
Our guide to insurance for home-based businesses outlines the key types you could require. This includes contents insurance for business equipment kept within the home and portable equipment cover for psychologists who travel between locations.
Considering ways to tailor insurance according to working arrangements might help to maintain comprehensive cover if your standard home or commercial property insurance policies don’t include working from home considerations.
Do I need specific qualifications or membership to get insurance cover as a psychologist?
At Hiscox, we don’t ask you to provide proof of qualification at the time of taking out insurance, but such evidence might be required in the event of a claim.
For this reason, it’s a good idea to ensure your qualifications and chartered membership status match up to the occupation details you provide.
For professional psychologists, having chartered membership with the British Psychological Society (external link) is typical. This marker of expertise is reserved for those who have completed an accredited degree or conversion course, plus specialist postgraduate training.
How much is business insurance for a psychologist?
The cost of business insurance for psychologists may vary depending on the covers you choose. We allow for monthly payments and let you cancel anytime with no fees.
Individual costs will not only depend on the policies you opt to include, but also the cover limits you select – higher sums of protection may cost more.
We also consider some information about the risks your business encounters when pricing quotes. Read more with our FAQ guide to business insurance costs.
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