What Will I Pay for Physical Therapists Liability Insurance?

May 8, 2019 · 7 minutes to read

You’ve successfully completed your Physical Therapy training and certification and every day you use that experience to alleviate pain and physical limitations for your patients. Men, women, children, seniors all rely on your expertise in managing chronic illness and accidental injuries. You want nothing but the best for your patients but sometimes things do go wrong.

For the days when something goes wrong, you will be grateful to have Miscellaneous Liability Insurance. A vigorous liability plan that includes Professional (Malpractice) Liability, General Liability, and Cyber Liability Insurance is one of the best ways to safeguard yourself. This coverage will take care of the cost for legal defense and claimant disbursements resulting from a variety of liability claims.

All of this may sound great but thinking about the price tag can be overwhelming. You may be wondering if you can even afford liability insurance and the truth is you can find reasonably priced liability insurance which will actually save you plenty of money should a patient file a lawsuit.

Learn more about Physical Therapist General Liability Insurance. In the meantime, let’s dig into the particulars about Physical Therapists Liability insurance pricing.

Cost of professional liability insurance for physical therapists

Most Physical Therapists make their lives a lot easier by purchasing a Miscellaneous Medical Liability package. This type of liability policy includes Professional (Malpractice) Liability, General Liability, and Cyber Liability Insurance. Each of these coverages will protect you by providing payment for attorney fees, court costs, and financial settlements.

Check out our chart below for a better idea of the Miscellaneous Medical Liability package and what it can do for you.

Policy TypeWhat Policy Covers
Professional (Malpractice) LiabilityProfessional Liability (Malpractice) Insurance is used by health care professionals to protect them from allegations of negligence and incompetence.
General LiabilityGeneral Liability Insurance is commonly known as “slip and fall insurance”. It is meant to protect you from general claims of Property Damage or Physical (Bodily) Injury that happens in the physical therapy facility where you work.
Cyber LiabilityCyber Insurance covers claims for technological crimes like the breach of data. If you use the internet or a network for any aspect of your Physical Therapy business, then you need Cyber Insurance to protect against cyber-crime.

One of the great things about Miscellaneous Medical Liability insurance is you will only pay one premium for one policy that will certainly save you plenty of time and frustration.

You are probably wondering what the premium will actually be for such robust liability insurance. It’s difficult to define as the cost varies depending on numerous factors which are unique to the person or business being insured.

In general terms, Miscellaneous Medical Liability Insurance premiums can range from a few hundred dollars per year to a few thousand dollars per year. If your breakdown the cost of Physical Therapists Liability Insurance you’ll find it comes to a few dollars per day.

Factors That Determine the Cost of Liability Insurance

As we mentioned earlier, there are always different influences on any insurance premium and Miscellaneous Medical Liability Insurance is no different Want to know more about the elements that will impact your Physical Therapist Liability Insurance? Check out the list below.

Carrier’s Rates – Each insurance carrier has basic rates established for liability insurance. The base rate may be lower for insurance companies that are more familiar with your industry and have many Physical Therapists as insureds.

Physical Therapist Information – Are you an individual working at a rehabilitation clinic? Or are you a clinic owner? In what state do you work? How much experience as a Physical Therapist do you have?

Claims History – If you had previous liability claims then you may find your rate increases. This is because you are viewed by the insurance carrier as a higher risk than a peer that has zero claims history. The insurance company figures if a lawsuit was filed against you previously then it could happen again.

Liability Limits – You will have the option to select liability limits for your policy. The amount you pick will determine the maximum amount your liability insurance will cover. The higher the limit amount selected the higher your premiums will be.

Deductibles – The rule of thumb for deductibles is “the lower your deductible the higher your premium”. This is because the more money you are willing to contribute as a deductible show how much risk you are willing to absorb. Paying a higher deductible amount takes some of the pressure off the insurance carrier and will afford you a lower premium.

Keep in mind, if a liability claim does arise then you will have to pay-up. You want to be sure the deductible is one you can actually afford. So select your deductible wisely!

How Do I Save Money On Liability Insurance?

The most significant way to control your liability insurance costs is to control exposures to hazards. The less risk you face then the less chance a liability lawsuit will occur. However, we must be realistic. There are certainly thousands of frivolous liability lawsuits every year.

The financial impact is no different whether the lawsuit is legitimate or concocted. In either scenario, you will have to see the claim all the way through and defend yourself in court.  This effort will cost plenty of money and a Miscellaneous Medical Liability Insurance is able to provide the financial resources you’ll need.

So, what can you do to save money on your liability insurance? Check out the following tips.

Be proactive about managing your risks.

This is by far the most significant way to save you money and to circumvent liability claims. It is recommended no matter whether you are a clinic owner or a staff Physical Therapist.

Each day you work closely with patients in improving their mobility, flexibility, and strength. You may treat your patients at your own rehabilitation clinic or in a hospital where you are employed. It is always your duty as a professional to keep patients safe during their physical treatments.

Here are some ideas for managing your liability risks:

  • If you own a Physical Therapy business, be sure you have an established training program for your employees. Be sure each new Physical Therapist (and other staff members) go through the training and have the information available for future reference.
  • Consider a waiver for your new patients
  • Update your computer network firewalls and virus software
  • Keep your workspace clean, clutter-free, and organized
  • Be sure to protect your patient personal identifying information at all times
  • Make sure the therapeutic exercises and treatment equipment you are using are safe. For example, the equipment needs to be put together carefully and receive regular maintenance.

Let your agent be your guide

Rely on your insurance agent when shopping for Physical Therapist Liability Insurance. An experienced agent will be able to recommend the insurance company that will work best for your needs. Remember, going with a company that looks favorably upon Physical Therapists will more likely result in an affordable premium.

High Deductible, Lower Premium

As we mentioned earlier, choose the highest deductible you can personally afford. By committing to paying a larger amount up-front when a claim is filed, you will experience a reduction in premiums.

What’s next?

No matter the situation or setting it’s important for all Physical Therapists to protect their professional and personal lives from liability claims. The easiest way to do so is by purchasing a Miscellaneous Medical Liability Insurance.

You have invested years and spent thousands of dollars to improve your therapy skills so what’s a few hundred dollars in liability insurance premiums? Paying for liability insurance is simply another investment in your long-term success.

Remember, the premium charge for your Miscellaneous Liability Insurance will be based on several different factors. Your insurance agent will be able to review all the specifics with you and guide you to the perfect policy. In addition, your agent is a great resource as to how you can improve your risk management program and find other ways to keep premiums low.

Feel free to find out more about Physical Therapist Liability Insurance options and pricing.

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