Why do psychiatrists need insurance?
Whether your focus is psychotherapy or substance abuse treatment, psychiatrists face a variety of risks. An injury, theft, or a data breach could happen at any clinic. Business insurance protects your small practice from the financial impact of accidents and lawsuits. Some policies, such as workers' compensation, may be required by law.
Find affordable coverage
Psychiatrists can save money on insurance by comparing quotes from top-rated providers.
Fill out Insureon's easy online application to get free quotes and advice from a licensed agent.
What types of business insurance do psychiatrists need?
These policies cover the most common risks of mental health services.
General liability insurance
This policy covers basic third-party risks, such as patient injuries and patient property damage. Bundle it with property insurance for savings in a business owner’s policy.
- Slip-and-fall accidents
- Damaged patient property
- Libel and other advertising injuries
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage under one plan. It's one of the most cost-effective types of commercial insurance for psychiatrists.
- Slip-and-fall accidents
- Damaged patient property
- Business property damage and theft
Workers’ compensation insurance
Most states require workers' comp for mental healthcare businesses that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
- Employee medical expenses
- Disability benefits
- Lawsuits over employee injuries
Professional liability / medical malpractice
This policy, also called medical malpractice insurance, can cover legal costs if a psychiatrist's practice is sued for failing to meet the standard of care or negligence that led to the worsening of a mental health condition.
- Incorrect diagnoses
- Accusations of negligence
- Mistakes or oversights
Commercial auto insurance
Most states require commercial auto insurance for vehicles owned by or registered to a business. It helps cover the cost of an accident involving your business vehicle.
- Damage caused by your vehicle
- Medical bills from an auto accident
- Vehicle theft and vandalism
Cyber insurance
This policy helps psychiatric care businesses survive data breaches and cyberattacks. It can often be added to a business owner's policy or general liability policy for savings.
- Customer notification expenses
- Data breach lawsuits
- Fraud monitoring costs
How much does business insurance cost for medical professionals?
A small wellness clinic will pay less for insurance than a larger business.
Factors that affect premiums include:
- Physical and mental health treatments offered
- Type of care, such as inpatient, outpatient, or telehealth
- Medical equipment and property
- Business income
- Business location
- Types of insurance purchased
- Policy limits and deductibles
How do I get psychiatrist insurance?
It's easy to get business insurance for mental health professionals if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare quotes and choose insurance policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your psychiatry clinic, whether you work independently or hire employees.
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