Insurance for Psychologists

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Insurance for Psychologists

You help clients protect their mental health and wellbeing. The right insurance could protect you and take some of the stress out of running a small business.

Why Do Psychologists Need Insurance?

Psychologists face unique risks in their job and must also handle the many everyday threats that come with running a small business. An unexpected claim or lawsuit could do more than just bruise your ego. It could drain your bank accounts and damage your professional reputation. In extreme cases, you could be forced to stop practising permanently.

Insurance for psychologists helps you manage the stress of running a psychology practice. Whether it’s a serious complaint from a client, accidentally causing injury to a member of the public, or handling a data breach, insurance can help safeguard you and your small business.

Did you know?

Mental health professional associations may require their members to have minimum amounts of Professional Indemnity* insurance to practice in New Zealand.

What Insurance Do Psychologists Need?

Insurance help remove the anxiety and uncertainty of running a small business. As a psychologist, you might consider these types of insurance:

Professional Indemnity*

Clients trust you to provide them with expert mental health care. This leaves psychologists open to many of the same risks that worry other health providers. A negligence claim from an unhappy client could be devastating for your finances and professional reputation, even if it is untrue.

Professional Indemnity insurance covers claims against your business for losses that result from actual or alleged negligent acts, omissions, and other forms of wrongdoing in the provision of your professional service or advice. Professional Indemnity insurance also assists with the legal costs associated with responding to or managing claims which are covered by the policy.

Beyond professional negligence claims, psychologists may take out Professional Indemnity coverage to protect them against providing incorrect or misleading advice, breaches of privacy, and loss or damage of documents.

What is covered?

A Professional Indemnity policy will typically pay for:

  • Your legal and defence costs
  • Investigating claims
  • Inquiry attendance costs
  • Damages and claimant costs you are ordered to pay
  • Public relations costs

What is typically NOT covered?

Professional Indemnity insurance does not cover:

  • Intentional damage
  • Fraud and dishonesty
  • Known claims and circumstances
  • Bodily injury or property damage

Protect your business today.

Public Liability*

Clients coming and going from your offices increases the chances of a ‘slip and fall’ accident or other unintentional injury happening. You might also invite other members of the public into your premises, such as client family members or delivery people, that could be similarly hurt. Insurance that covers personal injury claims could give you greater peace of mind.

Public Liability insurance provides protection for you and your business if a client, supplier or a member of the public is injured (and not covered by the Accident Compensation Commission (ACC)) or sustains property damage because of your negligent business activities.

What is covered?

A Public Liability insurance policy typically pays:

  • Legal and defence costs
  • Compensation for accidental damage to third-party property
  • Compensation for third-party personal injury or death not covered by the ACC

What is typically NOT covered?

Public Liability does not cover:

  • Employee injuries
  • Damage to your own property
  • Compensation for personal injuries covered by the ACC
  • Known claims and circumstances

Cyber Liability*

Your client’s personal details and payment information is valuable to hackers. A data breach, virus or ransomware attack could cause a major headache for your practice. Recovering lost or damaged data, securing your system, and notifying clients can be expensive—not to mention fines and penalties you’re ordered to pay and the hit to your reputation.

Cyber liability insurance protects your business against the legal costs and expenses related to cybercrime incidents, including data recovery, compensation payments, business interruption costs and crisis management costs.

A Cyber Liability policy can also protect your business against incidents involving client data that aren’t the work of a cybercriminal. For example, if you accidentally send client info to the wrong email address or lose your laptop containing client notes and files, your policy will help you set things right.

Portable Equipment Insurance*

What’s a carpenter without their tools? If your tools or equipment were damaged or stolen, it could cost hundreds, if not thousands, of dollars to repair or replace them. Plus, you might have unhappy clients to deal with if you’re forced to delay or turn down projects until you have what you need to get the job done.

Portable Equipment insurance covers you for loss and damage to your tools and equipment caused by theft, fire and other perils listed in the wording. Your Portable Equipment policy covers you anywhere in New Zealand.

Business Insurance*

Business Insurance is a convenient and customisable insurance package that addresses several risks that psychologists often face in a single policy.

Psychologists may build a Business Insurance package that includes coverage for:

Business Interruption*

Anything can happen when you’re running a small business. A fire, flood or other property damage could force you to close your office for days, weeks, or months. You might want to consider insurance that helps you continue to practice until everything is back to normal.

Business Interruption insurance covers loss of income due to an interruption to your business following an insurable event (such as property damage or fire). It also provides cover for ongoing expenses and the increased costs of operating your business, such as paying employee wages or renting temporary office space.

Portable Electronic Equipment*

Psychologists often rely on different devices to help them run their businesses, such as a laptop, smartphone, or payment system. If any of these were lost or damaged, you might be unable to quickly access your notes or client files, stay connected with your clients, or accept payments.

Portable electronic equipment insurance covers portable computer equipment and cell phones anywhere in the world for loss or damage (for events such as fire, storm, theft by forcible entry or explosion), subject to policy sub-limits.

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.

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Need Help?

Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals. 

You can also access quick links to our self-service portal, where you can download your Certificate of Currency, update your payment details, amend your cover and download your policy documents. 


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