Let’s Talk About It: Insurance for Speech Therapists
Last Updated on October 27, 2022
Speech therapists provide great services to help individuals improve their communication skills. However, as a therapist, it’s important to also provide yourself with the appropriate insurance coverage.
There are several types of insurance that speech therapists should consider, such as public and professional liability insurance. And, when choosing an insurance policy, it is pertinent to find one that covers everything you need and nothing you don’t.
Researching different options can be overwhelming, but it’s important to remember that having proper insurance coverage gives you the peace of mind to focus on your clientele.
You’re in luck because we will be talking about insurance for speech therapists in the following sections. We will discuss the different types of insurance coverage and why they’re important, how to understand your needs, and where to get the best policies for your business.
Table of Contents
Why do speech therapists need insurance?
What types of insurance coverage should speech therapists have?
How much does speech therapist insurance cost?
What are some of the best providers of insurance for speech therapists?
The Bottom Line
Why do speech therapists need insurance?
Speech therapists work directly with clients on a daily basis. This means that there is always a potential for third-party incidents or claims to arise.
Public liability insurance protects against claims from third parties who have suffered injury, property damage, or reputational harm due to the actions of the therapist or their employees. Professional indemnity insurance, on the other hand, covers negligence claims made by clients related to services provided by the therapist.
It’s also important for speech therapists to consider covering their equipment such as their recorders and reference materials with property insurance. And, if you own your therapy space or rent it from another party, building insurance may be necessary as well.
Lastly, adding insurance to your business shows that you’re responsible and trustworthy to both clients and potential referral sources.
Overall, without the proper insurance coverage, these incidents could result in financial stress and damage to your reputation as a professional.
What types of insurance coverage should speech therapists have?
As mentioned earlier, there are several types of insurance coverage that speech therapists should consider. This includes public and professional liability insurance, contents and building insurance, as well as business interruption insurance. Additionally, it may be beneficial to also have cyber security insurance as you handle sensitive client information. These are discussed in detail below.
Professional liability insurance. As a therapist, you are licensed to treat speech and communication problems and there are expected results from your specialized services. Then, there is always a potential for negligence claims made by clients.
This type of insurance covers any mistakes or errors made during services provided as well as failure to deliver them in the first place. Professional liability should be the first policy you purchase as a speech therapist.
Public liability insurance. This type of insurance covers third-party injury, property damage, or reputational harm caused by the speech therapist or their employees. A good example would be if your advertisements are ruled slanderous and you need to pay for the settlement resulting from unintended harm.
Contents or commercial property insurance. This type of insurance covers the equipment and materials used by the therapist such as recorders and reference materials, as mentioned. This also insures other properties such as your stools and other furnishings in your office.
Building insurance. If you own your therapy space or rent it from another party, building insurance may be necessary to cover any damage that may occur. This can include natural events and damage caused by people such as vandalism.
Business interruption insurance. In the case of interruptions to your business, such as disasters or power outages, this type of insurance can cover any loss of income during that time.
Cyber security insurance. As a therapist, you handle the sensitive information of your clients and are responsible for storing it properly. Cyber security insurance can cover the financial consequences of a data breach as well as any damage to your reputation and client trust.
Overall, speech therapists need to assess the potential risks and accidents that may occur in their practice and consider purchasing the appropriate insurance coverage. This can not only protect their business, but also their clients and reputation as a professional.
How much does speech therapists’ insurance cost?
The cost of insurance for speech therapists will vary depending on the specific types and amounts of coverage chosen. It will also vary on your services and who you service, such as whether you treat children or stroke patients. Additionally, your location and the insurance provider can affect the cost. However, most professional liability policies cost about $60 a month or $700 yearly.
This is why it’s worth shopping around for quotes and considering consulting with an insurance broker who can help find the best coverage for your specific needs at a reasonable cost. It’s important to also review and update your insurance coverage regularly to ensure it still meets your needs as your practice evolves.
Overall, while it may seem like an added expense, the importance of being adequately insured cannot be overlooked in the event of an accident or mistake. It can ultimately save you from significant financial loss and negative consequences for your practice.
What are some of the best providers of insurance for speech therapists?
Some reputable insurance providers for speech therapists include Hiscox, biBERK, SimplyBusiness, and InsuranceBee.
Hiscox
Hiscox is an experienced insurance provider to thousands of professions including physical, occupational, and speech therapists. Their insurance experts recommend professional liability, general liability, and business owner’s policy (BOP) for speech therapists in particular, but they also offer customizable professional liability insurance with the option to add on cyber liability for the sensitive information you handle, commercial property for your furniture and equipment, and business interruption coverage for insured events.
This company offers both offline and online support and would be a great choice for established speech therapists as their premiums could be on the higher side, with their general liability policy alone starting at $30 monthly.
biBERK
biBERK offers a range of insurance options for healthcare professionals, including professional liability, property damage, and cyber security coverage.
It is a Berkshire Hathaway Insurance Group company that offers only key coverage options, but customizable coverage and competitive premiums. They also have a 14-hour weekday hotline for immediate support in case of an accident or mistake.
SimplyBusiness
SimplyBusiness is a leading UK-based insurance broker that offers insurance for various industries including healthcare professionals such as speech therapists. They offer professional liability starting at $49 a month, general liability, property damage, and cyber insurance.
They have options for customizable coverage and tailored policies according to trade or business type and offer support through phone and email. So, whether you’re self-employed and only starting or already established in your profession, SimplyBusiness will have a policy for you.
InsuranceBee
InsuranceBee specializes in liability insurance with a personal touch as they have cordial agents to help professionals such as speech therapists through the insurance quote process. The company offers professional liability starting at $22 a month, along with general liability and business owner’s policy.
Ultimately, it’s important to consider your specific needs as a speech therapist and shop around for quotes to find the best coverage at a reasonable cost. Consulting with an insurance broker can also best provider of insurance for speech therapists will depend on their specific needs and preferences.
The Bottom Line
Having insurance as a speech therapist is not only important to protect yourself in case of an accident, but it also protects your practice. Some well-known providers for this type of insurance are Hiscox, biBERK, SimplyBusiness, and InsuranceBee.
To get the best bang for your buck, look around for different quotes and maybe even consult with an insurance broker. To conclude, the importance of insurance protection cannot be overstated. The right coverage can save you from money-related disasters and negative impacts on your business.