Insurance for Psychologists

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  • Professional Indemnity and Public Liability coverage options 

Why do psychologists need to consider it? 

Psychologists are a hard-working bunch. You’ve done many years of study and have over 1500 hours of practical training. You’ve invested heavily in your training, and chances are you’re a sole trader as well. With all the hard work you’ve put in, it makes sense to take every measure possible to protect your business. While you’re busy looking after patients every day, make the time to ensure you’re looking after your business insurance needs too. Protecting your practice should be a priority and having the appropriate business insurance in place helps safeguard your business from allegations and risks.

Arranging your insurance has never been easier, with a few clicks or a single phone call you can get your coverage sorted in minutes, with policies delivered to your inbox immediately. Let us take care of your insurance while you do what you do best – treat your client’s diverse needs.

Did you Know?

As well as options to protect yourself for the professional advice and services you provide, business insurance is also available to cover your valuable business assets.

Here are just some of the options that psychologists in New Zealand commonly consider:

Public Liability insurance* 

When you work closely with clients, contractors or members of the public, Public Liability insurance can provide you with important protection to save you from financial strife later down the track.

What would you do if your client were to trip and fall on the front steps of your practice, fracturing a bone and requiring months of costly rehabilitation and compensation for lost work? Would you be able to foot the sizeable bill, or would it be enough to send your business under.

Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities. Note that in the case of injury, only aspects of the claim not picked up by the ACC will be covered.

No matter how careful you are, accidents can and do happen. And when they happen, you’ll be glad to have Public Liability insurance. A claim could cost you hundreds of thousands of dollars in legal fees and compensation, heaping debt onto your business, or even forcing you to shut shop. Having Public Liability insurance in place will also give you peace of mind when dealing with a claim. No one wants a preoccupied, stressed-out psychologist!

Professional Indemnity insurance* 

You’ve worked hard to build your trusted reputation among your clients and the last thing you want is for a claim to occur, tearing your professional reputation to the ground. No matter how much care you take, all it takes is for an unhappy client to make a claim against you to throw your business into turmoil.

Actual or alleged, a claim can significantly drain not only your finances, but it means time away from your practice and looking after your clients. It can also undermine your reputation. This is where Professional Indemnity insurance can provide peace of mind and protection when you need it most.

Professional Indemnity insurance (PI) insurance offers protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.

Business Insurance* 

On top of looking after your clients and their wellbeing, taking care of your business assets is something every psychologist needs to keep in mind when running a business. Your premises, electronic data and furniture can add up to a tidy sum. On top of that, there are other intangible goods that a business Insurance package can safeguard.

Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage). A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances.

A business Insurance package is a great option for psychologists because it allows you to pick and choose the insurance covers that are most appropriate for your business and exclude the ones that are not. This will give you cover where you need it most and save you money as well, allowing you to divert these funds to the parts of your business that may need them most.

*As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

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