Missouri Psychology Insurance Policy Information
Missouri Psychology Insurance. Psychologists are licensed mental health professionals specializing in the prevention, diagnosis, and treatment of mental illness using non-medical interventions. Specialty areas include the administration and interpretation of psychological tests, behavioral analysis, and counseling, clinical research, relationship counseling, school counseling, or sports psychology. As they are not medical doctors, they may not perform surgery.
While a few states permit psychologists to prescribe medications such as antidepressants, psychotropics, or sedatives, most do not. Psychologists often work in conjunction with psychiatrists. They may work in individual or group practices, and provide treatment on an individual basis or in group settings. Some patients may be treated in institutional settings.
Liability claims are a natural risk of becoming a psychologist and helping others. There will be clients who feel as if the practitioner has wronged them in some way or failed them, even when the psychologist was not negligent in their practice or has not made a mistake.
Getting Missouri psychology insurance and maintaining it is a prudent way of combating this risk, ensuring that he practitioner is protected from these claims and potential lawsuits in the course of their career.
Missouri psychology insurance protects your practice from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Why Do Psychologists Need Business Insurance?
There are over one hundred thousand licensed psychologists in the United States of America right now. Out of this pool of one hundred thousand professionals, forty percent of psychologists will find themselves the recipient of a licensing board complaint in the course of a twenty year career. Two thousand of these practitioners will combat a malpractice lawsuit against them during this time.
Anyone who provides a service to others runs the risk of personal injury or financial loss to others; the field of psychology is not exempt. In fact, it may even be more risky for psychologists. A professional liability policy that is created specifically for an individual practice's concerns and risks is the best solution for a practice, to avoid the stress and worry that accompanies working with others who may find themselves at odds with their provider. A psychologist is there to help others, but carrying a Missouri psychology insurance policy is a smart way of protecting themselves from claims related to their noble work.
One malpractice lawsuit is enough to derail a psychologist's career and leave them destitute. When a psychologist is protected by Missouri psychology insurance for their practice, however, they are able to perform their duties every day without the stress of what may come. Malpractice can be called professional liability and errors and omissions insurance as well.
What Does Psychology Insurance Cover?
Missouri psychology insurance can cover legal fees and court costs, in the event that a lawsuit has been filed against a practitioner, some even offering replacement pay for the time a psychologist spent away from their office to attend court. If a psychologist is one of the forty percent that face a complaint from the licensing board, then insurance can also cover the cost of the mental health professional's defense court costs.
Insurance can also cover sexual misconduct claims, advertising issues, personal injury, and liability issues that occur on a practice's premises. Insurance pays for the cost of your defense in the event that you are accused of sexual misconduct, as well as any claims that are directed toward you. It covers libel, defamation, slander, copyright claims, and all other forms of advertising complaints, including false advertisement. It prevents out-of-pocket expense in the event that you are accused of slander or false arrest from your clients, as well. Right to privacy issues are something that is also covered in insurance for a psychologist's practice.
Types Of Professional Liability For Psychologists
There are two types of Missouri psychology insurance available to psychologists and they will need to decide which policy best suits their own individual needs before making a purchase. The two policy types are "claims made" and "occurrence," whose names are somewhat self-explanatory.
Claims made is similar to car insurance, in the sense that the insurance company will only cover a claim if it is made while the insurance is still in effect. The types of claims this kind of insurance will cover will include any and all claims or actions against the practitioner between the date of the policy's purchase and the date of its expiration.
An occurrence policy does not take into account the status of the policy, whether it is active or expired, but instead focuses on the date of which the events surrounding the claim occurred. For example, let's say a policy lasted from January to June. When the Missouri psychology insurance policy cancels at the start of July, you may still be covered for certain claims that are filed after the cancellation of the policy. If someone files a claim against you in August regarding something that happened in April, then your insurance will still cover the claim.
Missouri Psychologist's Risks & Exposures
Premises liability exposures are moderate due to patients' access to the premises. Client areas should be neat with no obstructions. To prevent trips, slips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Adequately lit and marked exits and egresses are mandatory. Steps should have handrails, be illuminated, marked, and in good repair. Parking lots should be maintained free of ice and snow.
Housekeeping should be excellent and spills must be cleaned up. Clients' areas must be designed to include those who are physically impaired. Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical. Consultation rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's' confidential information.
Malpractice / Professional liability exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of services provided, the greater the chance of a professional liability loss. A patient's medical history must be checked prior to prescribing medications in those states that permit a psychologist to order medications.
Unless ordered by a court, very serious losses may result from failure to secure patient approval before admitting to any type of institution. Finally, inappropriate touching and sexual misconduct must be considered.
Workers compensation exposures are due to the possible transmission of diseases from patients to staff members. Unruly or unpredictable clients can cause injury or harm, including bites, strains, back injuries, and contusions. Because patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Property exposures for fire and crime are minor. Ignition sources are generally limited to electrical wiring, heating, and air conditioning systems. Business income and extra expense exposure can be minimized if the psychologist has arranged for temporary facilities with another psychologist.
Crime exposure is from employee dishonesty. The potential for theft, directly or by means of identity theft, is great. Background checks should be conducted on all employees handling money. All ordering, billing, and disbursement must be handled by separate individuals. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposures are from accounts receivable if the psychologist bills for services, computers, and valuable papers and records for patients' records and medical research books. Duplicates of all records and programs should be made and kept off-site.
Business auto exposures are generally limited to hired and non-owned liability for employees who use their own vehicles to run errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.
MO Psychology Insurance
Insurance is an integral part of ensuring that a practice as well as the practitioner are protected against claims and lawsuits as they continue to do business. Without it, a psychologist's career could very well be put at serious risk. Knowing that they have the right policy in place in case of an emergency situation with a client gives the practitioner peace of mind and the confidence they need to continue to help their patients every day.
Missouri Economic Data And Business Insurance Regulations
Are you a business-minded individual who is considering setting up shop in the state of Missouri? If so, before you take the leap and start putting plans into action, it's important that you do your due diligence to determine whether or not the state offers favorable conditions that will allow your business to succeed. It's also a good idea to find out the rules and regulations that are in place within the state regarding commercial insurance.
Below, we provide an overview of key information that relates to business development in The Show-Me State so you can determine whether or not it will be a suitable location for your business operations.
Economic Trends For Missouri Businesses
The latest reports from the Bureau of Labor Statistics reveal that the unemployment rate in the state of Missouri was 3.3 percent in May of 2022; 0.3 percent below the national average. The unemployment rate is a good indicator of whether or not a state offers favorable conditions for businesses, as it directly reflects the labor market; a low unemployment rate suggests that the climate is healthy, as there are enough jobs to sustain the overall population.
More jobs are a sign that more businesses are flourishing in the area, which directly reflects whether or not the economic climate is healthy for entrepreneurs. It's predicted that the unemployment rate in Missouri will remain within the recently reported range through upcoming years.
St. Louis is an ideal spot for business owners who are looking to set up shop in the Show Me State. It's estimated that for every 1,000 residents in the city, a new business is opened, which is rather impressive. Areas outside of St. Louis also prove to be promising for those interested in starting a business, including:
- Creve Coeur
- Des Peres
- Maryland Heights
- Sunset Hills
- Town and Country
While businesses in many areas flourish in the state, the following industries are seeing the most growth in MO:
- Advanced manufacturing
- Agriculture and bioscience
- Financial and professional services
- Health care and social assistance
- Retail trade
Commercial Insurance Regulations For Businesses In Missouri
The Missouri Department of Insurance regulates insurance in Missouri. Of all the things business owners can invest in, commercial insurance is the most important. In the event that something goes wrong, commercial insurance provides financial protection for the owners and operators of establishments, as well as the customers and vendors they work with and the employees that they rely on.
Certain types of commercial insurance are required in the state of Missouri. Business owners must invest in the following policies, regardless of what industry they are in. Workers' compensation insurance, a policy that covers employee-related accidents and illnesses that occur on the job. Other types of insurance coverage business owners need to carry depend on the nature of the business, as well as the size of the organization.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Blood Banks
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Health Maintenance Organizations
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Clinics
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Nurse Registry
- Occupational Therapy
- Osteopathic Physicians
- Physicians Office
- Plastic Surgeons
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
- Telemedicine Business Insurance
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
Request a free Missouri Psychology insurance quote in Affton, Arnold, Ballwin, Bellefontaine Neighbors, Belton, Berkeley, Blue Springs, Bolivar, Boonville, Branson, Bridgeton, Cameron, Cape Girardeau, Carthage, Chesterfield, Chillicothe, Clayton, Clinton, Columbia, Concord, Crestwood, Creve Coeur, Dardenne Prairie, Des Peres, Ellisville, Eureka, Excelsior Springs, Farmington, Ferguson, Festus, Florissant, Fort Leonard Wood, Fulton, Gladstone, Grain Valley, Grandview, Hannibal, Harrisonville, Hazelwood, Independence, Jackson, Jefferson City, Jennings, Joplin, Kansas City, Kearney, Kennett, Kirksville, Kirkwood, Ladue, Lake St. Louis, Lebanon, Lee's Summit, Lemay, Liberty, Manchester, Marshall, Maryland Heights, Maryville, Mehlville, Mexico, Moberly, Monett, Neosho, Nixa, O'Fallon, Oakville, Old Jamestown, Overland, Ozark, Park Hills, Perryville, Poplar Bluff, Raymore, Raytown, Republic, Richmond Heights, Rolla, Sedalia, Sikeston, Smithville, Spanish Lake, Springfield, St. Ann, St. Charles, St. Joseph, St. Louis, St. Peters, Sunset Hills, Town and Country, Troy, Union, University City, Warrensburg, Washington, Webb City, Webster Groves, Wentzville, West Plains, Wildwood and all other MO cities & Missouri counties near me in The Show-Me State.
Also find Missouri insurance agents & brokers, MO local small businesses by General Liability Class Code and learn about Missouri small business insurance requirements for general liability, business property, commercial auto & workers compensation including MO business insurance costs. Call us (314) 499-6799.