General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Medical malpractice insurance is a type of professional liability insurance that protects healthcare professionals from claims of medical negligence or malpractice that results in injury or death. It covers your defense and any settlement costs.
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.
What risks could a Psychologist face?
A psychologist can be sued for not providing proper patient care. They can be liable for claims the treatment was misguided or damaging. When they own or lease a building, the risk of slip and fall claims from individuals entering and exiting is always there. Patient medical records are also vulnerable to cyber attacks and other inadvertent information releases.
What is Professional Liability insurance for Psychologists?
Specifically for psychologists, this insurance will protect you from lawsuits out of your professional services. The insurance will protect your business from remittance in case a patient files a claim against you and is seeking to recover costs associated with your provision of care.
Why is Liability Insurance for Psychologists especially important?
Psychologists are highly trained professionals; therefore any services that you provide are set to very high standards. Any kind of liability risk, no matter how common it is, is the psychologist's duty to report.
What is the difference between claims-made vs. occurrence coverage?
Occurrence coverage protects any incident during the policy period. It covers occurrences during the policy, no matter when it is reported. Claims-made coverage protects incidents reported while the policy is active. This coverage is needed when the incident and resulting claim happen while the policy is in effect. Basically, the difference is being able to claim outside the policy period or not, even though the incident must always occur inside the policy period.