Why do psychologists need insurance?
Even if not at fault, a psychologist could end up facing a damaging lawsuit from a patient who claims your advice caused harm. Whether dealing with a malpractice claim or an injury at your office, psychologist insurance provides peace of mind and protection against unexpected costs.
Get same-day insurance
With Insureon, psychologists can get insurance coverage the same day they apply for quotes.
Fill out our easy online application to compare quotes from top-rated providers.
What types of business insurance do psychologists need?
These insurance policies cover common risks faced by psychologists.
General liability insurance
A general liability policy covers risks common to any psychology practice, such as a patient who trips over a loose rug and suffers an injury during an initial consultation.
- Accidental bodily injuries
- Accidental damage to patient property
- Libel and slander lawsuits
Business owner's policy
A business owner's policy, or BOP, is a cost-effective way for psychologists to buy general liability coverage and commercial property insurance together.
- Personal injury lawsuits
- Stolen or damaged business property
- Business interruption incidents
Professional liability / medical malpractice
Professional liability insurance covers legal defense costs related to negligence, such as a claim that therapy worsened a patient's mental health. It's also referred to as malpractice insurance.
- Accusations of negligence
- Failure to meet the standard of care
- Psychotherapy that causes harm
Workers’ compensation insurance
Most states require workers' comp for psychology practices that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
- Employee medical expenses
- Disability benefits
- Legal costs from employee injuries
Cyber insurance
A cyber liability insurance policy covers financial losses from data breaches and cyberattacks. It's strongly recommended for psychology practices that store personal information.
- Client notification costs
- Fraud monitoring services
- Data breach investigations
Commercial auto insurance
Commercial auto insurance covers the cost of an accident involving a vehicle owned by a psychology clinic. Most states require this coverage for business-owned vehicles.
- Property damage caused by your vehicle
- Auto accident injuries
- Vehicle theft and vandalism
How much does insurance cost for psychologists?
A licensed psychologist who works independently can expect to pay less for insurance than a larger practice.
Factors that affect psychologist business insurance premiums include:
- Healthcare specialty, such as mental health or behavioral health
- Business property and equipment
- Business income
- Types of insurance purchased
- Number of employees
- Aggregate and per-occurrence policy limits
- Claims history
How do I get psychologist insurance?
It's easy to get business insurance for your psychology clinic if you have your company information on hand. Our application will ask for basic facts about your practice, such as revenue and number of employees. You can apply online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose 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 psychology practice, whether you work independently part-time or run a group practice.
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