Insurance for Occupational Therapy
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Why do Occupational Therapists need insurance?
Occupational therapists work closely with patients who are injured, ill, or disabled. The relationship formed between them is one built on trust, drawn from years of experience and ongoing education. However, mistakes can happen to even the most experienced and careful occupational therapist. This is why occupational therapists need insurance.
Professional Liability insurance can help lessen the unique risks faced by occupational therapists. It can give you more confidence as you care for your patients, while also giving them peace of mind.
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What is Professional Liability Insurance?
Professional Liability, otherwise known as E&O insurance, protects your business against claims of negligence, misrepresentation or mistake. Typically, the allegation is that your services, products or employees caused some form of financial damage to a third party. Regardless of fault, litigation is expensive, drains time and damages reputation. Professional Liability insurance can protect professional service providers from potentially devastating financial damages resulting from alleged negligence or error in the delivery of your services.
Coverage is provided for:
- Attorney fees and other legal expenses
- Costs and expenses related to a settlement
- Costs and expenses related to a judgment
Professional Liability Insurance for Occupational Therapists
Due to the nature of their job, occupational therapists should consider Professional Liability insurance. A Professional Liability policy helps safeguard your finances against lawsuits alleging negligence, mistakes or omissions in the advice you provide to patients, and more.
Even an invalid claim made against you could result in legal fees of thousands of dollars. Professional Liability insurance covers the cost of hiring an attorney, court costs and other legal administration fees, and settlements or judgements you must pay to a patient.
In a career where anything can happen, Professional Liability helps occupational therapists prepare for the worst, so they can better focus on their patients’ wellbeing.
General Liability Insurance
Being an occupational therapist comes with many risks, and Professional Liability insurance may not protect you from all of them. General Liability insurance can help close this gap.
A General Liability policy can protect you against any claim by an outside party regarding injury or damage to their property. In these instances, your policy will cover your legal expenses as well as your cost to replace or remedy the situation. For example, a patient accidentally trips inside your offices and suffers a serious cut which requires stitches. General liability insurance will help cover medical expenses caused by the accident regardless of fault.