Insurance for Psychologists

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.

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:

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

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

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 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.