Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused somebody financial loss. PLI covers your legal defense costs, damages and settlements.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Why do Occupational Therapists need insurance?
An occupational therapist helps people who have physical, developmental, social or emotional issues, to lead independent and satisfying lives. Occupational therapists may work in establishments such as an audiologists' office, a speech pathologists' office, or in a physical therapists' office. They may also practice independently or in big facilities such as a hospital.
Occupational therapists care for those in need of medical care. Even when completely careful things don't always go your way. Your business may be faced with a medical or liability claim, so insurance will make you prepared for it. Insurance will be there ready for any covered risks. When you are faced with a medical malpractice suit, for example, the insurance will cover expenses up to the policy limits, protecting your business and personal assets.
What risks do Occupational Therapists face?
Occupational therapists face a unique set of risks. Below are some examples:
How much does Occupational Therapy Insurance cost?
The cost of insurance for occupational therapists will depend mostly on the size of your business, the number of employees you have and the coverage needed. Without taking these into account, below is the average cost of insurance policies for your business: