Therapists and counselors spend years receiving higher education to build knowledge and learn the skills necessary to service the public. If you are a counselor, therapist, psychotherapist, social worker or psychologist it is essential that you carry specialized liability insurance for counselors. Liability insurance for counseling professionals is referred to as both Professional Liability Insurance and Malpractice Insurance. While property insurance and contents coverage cover your premises and your commercial property contents, Professional Liability insurance for counselors protects you against financially damaging claims against you because of the services you provide. While you may be professional and truly skilled in dealing with people, even if you genuinely believe in the goodness of people, you must protect yourself against their claims. The amount of malpractice lawsuits against therapists and counselors are increasing. Protect yourself against this by investing in malpractice insurance.
If you choose to take the chance and provide counseling services without carrying liability insurance for counselors, you are risking everything you have worked so hard to achieve. Even just one lawsuit from a client could put not just your career at risk, it could also put your personal assets and your financial future in jeopardy. To protect yourself and have the peace of mind you need to operate on a daily basis, avoid being a tragic story and invest in professional liability coverage for counseling professionals.
If a medical facility or any other type of employer employs you, you may be under the impression that the employer’s professional liability insurance will cover the services you offer to clients. While some employer’s insurance portfolios will have specialized endorsements designed to cover the services you provide on the employer’s behalf, it is important to understand that the primary purpose of your employer’s insurance is to protect them, not you. Because of this, it is strongly recommended to invest in your own independent professional liability or malpractice insurance for increased protection.
When you are receiving quotes for professional liability insurance, the policy will have a per-claim limit and a general aggregate limit. The claim limit ranges between $1 and $5 million dollars per claim. The insurer will pay up to the per claim limit for one single claim. Claims include the cost for investigating the events in question, legal defense costs, settlements, and judgements. Even if a claim is found to be unfounded by the court, professionals could foot a huge bill for the costs of legal representation.
Even if you are careful, you could face lawsuits that could banish you from the field if you are not covered. Protect yourself during these litigious times and purchase liability insurance designed for your profession. Quote policies through leading commercial insurers and bind coverage as soon as possible.