You will need therapist malpractice insurance to protect your practice from libel, slander and claims of negligence. As a therapist, your reputation is essential in helping keep your practice running smoothly. A good reputation can not only help you bring in new clients, but it can also help you keep the ones you already have. One claim can have dire consequences to your reputation, so you want to have the means to fight such claims. Not having an insurance policy can mean you end up paying expenses out of pocket.
No one is immune to a lawsuit these days for Therapist Malpractice Insurance. You do not actually have to be at fault for someone to make a claim against you. Even if the claim is baseless, it will still take you time and money to fight the claim. No damages may be awarded, but you will still have to pay those legal defense fees. Having to pay these expenses out of pocket can mean having to reach into your personal assets to pay your fees. This can be disastrous, especially if you already have limited resources.
You want to find a Therapist Malpractice Insurance policy that can cover any kind of claim from sexual harassment to faulty treatment. You also want to make sure your policy works specifically for you and protects your assets. This is especially important if you work for an employer. Even if this employer provides you with a policy, you will still need a separate policy to protect your assets specifically. If you are somehow named in a lawsuit, an employee provided policy might not look after your individual needs.
You should also consider how much coverage you need in addition to what kind of policy is best. You can start by checking with state and local regulations and see how much is required for minimum coverage. Much like auto insurance, the minimum regulations may not be enough to keep you fully covered. You should look at all kinds of coverage in both personal and professional liability to determine how much you will need. If you have others working for you as employees or independent contractors, they also need to be covered since you are responsible for any mistakes they make.
Therapist malpractice insurance is a necessary safeguard for your practice. Even if you are capable of performing your job perfectly, you can still find yourself faced with an opportunistic patient who decides to take a chance and seek a good payout. Having insurance will assure you have the means to fight such claims and keep your reputation intact. If you need a little assistance in finding the right policy, you can work with a professional agent or broker to help you through the process.
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