4 Reasons Why Psychologists Need Small Business Insurance

When you share with people that you’re a psychologist, you’ve noticed that conversation starts to die down. People suddenly become concerned that you are diagnosing them by the sentences they string together. You assure them that that’s not what you do and not to worry; you will only make a diagnosis in your office!

Your patients don’t worry about this; they seek your help. However, you will come across a patient or two that does not like the treatment plan you have prescribed. If this happens, you will need business insurance for psychologists. You do all you can to help your patients, why not help yourself too?

Here are four reasons why you need to invest in a business insurance plan if you run your own private office.

A patient reacts negatively to treatment

If you have prescribed a treatment program that your patient does not respond well to or proves further damaging to their health, you could be held liable for the results. Small business liability insurance covers third party bodily injury and there are policies that cover the cost of litigation and restitution fees. Speak to a CoverHound representative to learn which liability insurance policy would best suit your practice’s interests.

A staff member shared confidential information about a patient

As a healthcare provider, (and to maintain HIPPA guidelines) it is your responsibility and that of your office to keep the exchanges shared between doctor and patient private. If a staff member should share confidential information about a patient, your practice could find itself saddled with a lawsuit. Liability insurance will cover the costs of a lawsuit and will pay the settlement should you lose the case. To stay out of court though, make sure confidential information is not shared with anyone, ever.

Your office was burglarized

Wanting to get home a little early on a Friday afternoon, you forgot to lock the back door. This gave the burglar casing your office ample opportunity to break-in to your office and steal your front desk computers. These computers held all your patients’ information and software that helped you run the office successfully. This theft has the potential to bury your practice. Small business insurance will cover the cost of the theft and replace what was stolen. Though you won’t get those electronic records back (unless you had them backed up) there is another insurance policy that could help you with the cost of the electronic data loss.

A hacker breached your server

If the theft of your computer equipment results in a hacker getting their hands on your patients’ private data, a cyber insurance policy will pay for the costs of “liability and property losses” including business interruption and litigation. Not only is cyber insurance a financial safety against cybercrime, it’s also required under HIPAA’s Security Rule. If you don’t have a cybersecurity plan or cyber insurance, your office could be shut down permanently.

Your patients’ mental health means everything to you. Your practice is what matters most to CoverHound. Get a free small business insurance quote for psychologists today.