Professional Indemnity Insurance for Psychologists
Psychologists PI Insurance*
Psychologists are a vital part of the healthcare sector and often provide advice to governments, businesses and individuals. They are also responsible for safeguarding their clients and the public as a whole. They face many ethical challenges and legal hurdles as a result of their duties. These include deciding when to warn a third party of a potential threat, whether or not a child should be reported to child protection services and how to handle clients who are at risk of self-harm or suicide.
Professional indemnity insurance is designed to protect psychologists against any financial loss they may incur as a result of errors, omissions or negligent acts. It covers the cost of legal fees, settlements and other expenses resulting from claims of negligence or misrepresentation.
Although psychologists are highly trained professionals and have a responsibility to protect their clients, they are human beings who can make mistakes. Even the most diligent therapists can miss something and end up facing malpractice claims, so it’s important to have malpractice insurance in place to help reduce your risks.
Choosing the right policy
There are many things to consider when choosing a psychiatric malpractice insurance policy. You should shop around and find a reputable insurer that specialises in the field you work in. You should also look for a policy that offers good terms of service, and one that will provide you with support if you have any claims.
Having an insurance policy is crucial, as a psychiatric malpractice claim can be extremely expensive to settle, with costs including lawyer’s fees and medical bills. Having an insurance policy in place will help to reduce the financial impact of a malpractice claim and can give you the confidence you need to continue providing high quality therapy services to your clients.
The most comprehensive cover available to psychology practitioners: Full prior acts coverage (no retroactive date) and unlimited extended reporting period options for the duration of a member’s career.
Free insurance premium discounts for CE, early career, part time, group and more. Broad affordable occurrence and claims-made coverage with no sublimit for defense of sexual misconduct allegations and a free extended reporting period or “tail” to insureds upon retirement, death or disability.
Our insurance program is easy to switch from your current provider, and offers broad affordable occurrence and claims-made coverage. We’re committed to serving the needs of our profession and offer free legal advice, free run-off insurance for psychologists who cease practice or retire, and a case review process for adverse claim decisions by insurers.