insurance for psychologists

why do psychologists need insurance?

Insurance for psychologist

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Insurance for Psychologists


Professional liability insurance for psychologists is reasonably priced as psychology is considered to be a low risk category, with just 2% of psychologists are ever sued for malpractice (according to the American Psychological Association (APA). This compares with an average of 7% for all medical professionals.

The impact of a malpractice lawsuit however, can be just as devastating for psychologists as it can for any medical professional, especially a sole practitioner – Even unsuccessful lawsuits consume valuable time, energy, and they can be incredibly stressful.

Without insurance coverage, you have the added worry of the possibility of financial devastation.

The US is becoming an increasingly litigious society and both the number of claims and the awards to plaintiffs are increasing across the board.

A recent report by CNA found:

  • The cost of counselor malpractice claims has almost doubled in recent years: $7.8 million was paid over the 5-year study period, compared with $8 million paid during the previous 10 years.
  • The average total cost of a malpractice claim is $113,642.
  • 43.9% of malpractice claims involved allegations of sexual/romantic relationships.
  • The average cost of defending a license was $5,454 a 46.3% increase from 2014.
  • There was a staggering increase of 456%  in deposition assistance and record request matters since 2014.

A psychologist in session with a patient

How much is professional liability insurance for psychologists?

Because psychologists have a lower risk of being sued than many other disciplines of medicine, professional liability coverage for psychology practices can be as low as $750/year, per psychologist, with a standard limit of $1,000,000 per occurrence. Prices can vary, depending on a number of different factors which may increase the level of risk you face, including your location and claims history.

By consulting with Westwood Insurance, you can be assured of the best cost/coverage package, as we analyze the offerings of different carriers to find the most suitable insurance coverage for you.

what types of insurance do psychologists need?

General Liability Insurance

General Liability Insurance

This is necessary for psychologists with their own facilities. It  covers medical expenses and attorney fees resulting from bodily injuries and property damage your facility or organization could be legally responsible for.

Business owner's policy (BOP insurance)

Business owner's policy (BOP insurance)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for Medical Professionals with small to medium-sized businesses, providing a blend of liability protection and property insurance.

Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance (malpractice insurance) overs any negligence or mistakes made by the individual psychologists during their practice. It differs from General Liability insurance, which covers the practice. 

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for psychologists who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect psychologist practices and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.

Contact Michael Richards now

Michael and the team at Westwood Insurance Group specialize in sourcing the best insurance for medical professionals and facilities at competitive prices.

You can call him on the number below or fill out the form and he will get your message directly:

Michael Richards

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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216.539.0841
855.351.7487

insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.