Insurance for Speech Pathologists
We shop for you! Compare rates from +10 top carriers
What Insurance Do Speech Pathologists Need?
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.
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!
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
Frequently Asked Questions
Why do Speech Pathologists need insurance?
Speech pathologists are committed to preventing, assessing, diagnosing and treating speech, cognitive-communication, language, social communication, and swallowing disorders in adults and children. They may practice in other doctor's offices, privately or in facilities such as hospitals.
Speech Pathologists need insurance as it covers the risks that could otherwise force your business to close. Risks like lawsuits not only consume time but a lot of money as well, and without insurance your business can instantly crumble. When you have insurance the costs are covered, therefore your business and even your personal assets are protected.
What risks do Speech Pathologists face?
Below are some common risks speech pathologists can face:
One of your speech pathologists makes a mistake in the diagnosis which causes the patient more harm than good. Because of this, your patient sues your business.
While doing rounds and visiting one of your patients, your driver gets involved in a vehicular accident in which your business is at fault.
How much does insurance for Speech Pathologists cost?
There is no fixed cost of insurance for speech pathologists as the cost mostly depends on the size of your business, the number of employees you have, and the coverage needed for your business. Without taking these into account, below are the most purchased insurance policies for your business and their average costs:
- General Liability insurance costs $500 in annual premiums.
- Commercial Auto insurance costs $700 in annual premiums.
- Workers Compensation costs $1200 in annual premiums.