Just as a medical doctor is required to carry medical malpractice insurance, a psychologist needs to have Psychologist Malpractice Insurance to protect his or her practice. There may be variation on how much coverage you are required to have by state, so it is important that you look closely at state and local regulations to know the minimum amount you should have. You can then decide if you need any additional coverage and the extent that you need this coverage. You can also shop around to find the best company to fulfill your needs.
Malpractice lawsuits are fairly common these days. Sometimes, a claimant has a legitimate grievance, but there are some cases in which a claim has absolutely no merit. In either case, you can find yourself with lots of legal defense fees. Should a claimant win the suit, you then have additional damages to pay. You need to have an insurance policy that can cover these expenses so that these fees do not have to come from the business coffers or, worse, out of your own pocket.
Even if you go to work for another employer, you will need to have your own Psychologist Malpractice Insurance. Some employers do provide professional liability insurance for their employees; however, this coverage has the interest of the company at heart. You may not have full protection with an employee policy. If you are named in a lawsuit, you will still need to have individual coverage to make sure your needs are met. It is important to remember that you are not likely to be singled out because you have your own coverage since this will generally not be known.
You should also consider where you practice as you try to create a suitable policy. These days it is possible to work remotely with patients through any number of means. Furthermore, you may visit patients in their homes to administer treatment. Whether you stay on one work site or extend your services off site, you will need to make sure your policy will cover you in any area as well as through any means you take to treat your patients.
You may need psychologist malpractice insurance for any number of reasons. Claims can be made based on negligence or even sexual harassment. You want to find a policy that can protect you from all these kinds of claims and help you keep your reputation intact. As you look for a policy, you need to consider all these factors in order to make sure you get just the kind of coverage you need. Then you can see which companies are most likely to offer you the most ideal policy at the best rates.
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