Several factors contribute to the cost of therapy and counseling business insurance, including your level of risk. Cost estimates are sourced from policies purchased by Insureon customers.
General liability insurance costs for therapists and counselors
Therapists and counselors pay a median premium of less than $30 per month, or $350 annually, for general liability insurance. This policy provides protection for third-party bodily injuries and property damage, along with advertising injuries.
Insureon’s licensed agents typically recommend a business owner's policy over a standalone general liability policy. A BOP combines general liability insurance with commercial property insurance to protect your counseling office and equipment, and costs less than purchasing each policy separately.
Your industry risks affect general liability costs
Among therapists and counselors that purchase general liability with Insureon, 79% pay less than $400 per year and 14% pay between $400 and $600 per year. Therapists and counselors in high-risk professions may pay more for this policy.
Common general liability policy limits for therapists and counselors
Policy limits determine how much your insurer will pay on covered claims. A per-occurrence limit is the maximum your insurer will pay for a single incident, while an aggregate limit is the maximum your insurer will pay on any claims during your policy period, typically one year. Higher limits cost more – and provide better coverage.
Most therapists and counselors (82%) choose general liability policies with a $1 million per-occurrence limit and a $2 million aggregate limit. As your small business grows, you may need to expand your policy limits.
Business owner’s policy costs for therapists and counselors
The median premium of a business owner’s policy for occupational therapists, psychologists, and other therapy and counseling professionals is about $40 per month, or $500 per year. This policy combines general liability insurance with commercial property insurance, typically at a discounted rate. The cost is driven by the amount of property coverage included in a BOP.
Business property value drives the cost of a BOP
Among therapy and counseling businesses that purchase a business owner’s policy with Insureon, 27% pay less than $500 per year and 62% pay between $500 and $1,000 per year. The cost depends primarily on the value of your business property.
Workers’ compensation insurance costs for therapists and counselors
To meet your state’s requirements, therapy and counseling businesses with employees typically must purchase workers’ comp insurance. This policy helps cover medical bills and partial lost wages when an employee suffers a work-related injury or illness. With a median premium of about $55 per month, or $635 annually, policy cost is determined by your number of employees and occupational risk, among other factors.
The cost of workers’ comp depends on the number of employees
Among therapy and counseling businesses that purchase workers’ compensation insurance with Insureon, 45% pay less than $600 per year and 32% pay between $600 and $1,200 per year. The cost depends on the number of employees and their level of occupational risk.
Professional liability insurance costs for therapists and counselors
Mental health counselors, speech therapists, and other therapy and counseling professionals pay a median premium of about $40 per month, or $500 per year, for professional liability insurance. Also called malpractice insurance, this policy offers critical coverage, including legal fees related to professional mistakes and accusations of negligence.
The cost of professional liability insurance depends on your risk of a lawsuit
Among therapy and counseling businesses that purchase professional liability insurance with Insureon, 27% pay less than $400 per year and 41% pay between $400 and $800 per year. Professionals who are more likely to face client lawsuits over their work may pay more for this coverage.
Compare quotes from trusted carriers with Insureon
Insureon’s therapy and counseling business insurance agents work with leading U.S. carriers to find affordable coverage that fits your practice. Apply today to compare multiple quotes with one free online application. Work with an account manager specializing in the unique risks of mental health counselors, speech therapists, wellness counselors, and psychologists.