Marriage Family Therapy Insurance Policy Information
Marriage Family Therapy Insurance. As a marriage and family therapist, you help your clients manage and overcome problems with their families and romantic relationships. But working intimately with clients and their personal lives can present certain risks for your practice.
To protect your practice, you need marriage family therapy insurance coverage for your most common risks. That way, you have the peace of mind that no matter what unexpected turn comes your way, you have the means to handle the damages and still keep your practice afloat.
Marriage family therapy insurance protects your practice from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked marriage and family therapy insurance questions:
- How Much Does Marriage And Family Therapy Insurance Cost?
- Why Do Marriage And Family Therapist Need Insurance??
- What Type Of Insurance Do Marriage And Family Therpists Need?
How Much Does Marriage And Family Therapy Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small marriage and family therapy practices ranges from $27 to $39 per month based on location, size, payroll, sales and experience.
Why Do Marriage And Family Therapist Need Insurance?
marriage family therapy insurance is designed to provide financial protection from the risks that come with this job. Whether you provide marriage and family therapy full-time, part-time or have a temporary contract there is always a risk of possible liability claims arising following incorrect advice or guidance given.
This insurance provides coverage for such claims as well as for damage, loss or theft of any equipment you use in this profession.
What Type Of Insurance Do Marriage And Family Therpists Need?
Here are some of the most basic therapy insurance coverages:
Professional Liability Insurance: Also know as errors and omissions (E&O), this provides coverage for damages or accidents resulting from carelessness or negligence of marriage and family therapists when performing their duties.
Professional indemnity insurance protects these professionals from claims by dissatisfied clients, providing a financial safeguard from litigation.
Professional liability can offer some or all of the following coverages:
- Inclusive Insurance: Coverage available for employed or self-employed marriage and family therapists.
- Extensive Coverage: Various limit options.
- Your Own Defense: Your own attorney to protect your best interests in a lawsuit.
- Lost Wage Reimbursement: Reimbursement for lost wages.
- Court Costs Coverage: Payment of expenses incurred in your defense.
- Licensing Issues Reimbursement: Coverage for representation in response to licensing board actions, even if a malpractice suit isn't filed.
Commercial General Liability: General liability covers you for anything that happens to anyone that comes into contact with your practice, other than claims that come from the way you do your job. Sometimes, general liability coverage is referred to as "slip and fall" insurance.
Workers Compensation: Do you have employees? workers comp insurance is a legal requirement for any non-owner employees and is designed to protect your staff against injury or while performing their job.
Business Owner's Policy (BOP): This marriage family therapy insurance combines property and general liability coverage in one policy that usually costs less than purchasing them on their own.
BOPs are a smart way for marriage and family therapists to save money on two insurance policies that they usually have to purchase to meet regulatory requirements. The coverage you get with a BOP is likely more thank you would get if you bought CGL and business property insurance separately, and BOPs offer this coverage for a discounted premium.
Business Property Insurance: As a therapist, you might have rent a small office. You have lit candles in the treatment room and one of them is knocked over and catches fire. The landlord sues you for fire damage to that space as well as water damage to the adjacent spaces because the sprinklers turned on.
Property insurance protects you against claims for property damage to the extent you are liable up to your marriage family therapy insurance policy limits.
Libel and Slander Insurance: Libel and slander are the terms used to describe an individual making allegations or accusations about another person. They cover the written word (libel) and the spoken word (slander).
As an example an article appears in a quarterly email newsletter which accuses a local marriage and family therapist of selling goods that are unfit for use. They seek compensation from you for libel.
Sexual Misconduct/Abuse: The marriage family therapy insurance policy pays for costs to defend you against allegations of sexual misconduct, up to the applicable limit of liability, for amounts you are legally obligated to pay as a result of covered claims involving acts of sexual misconduct related to your professional services.
Commercial Auto Insurance: Sometimes marriage and family therapists need to travel to work, whether going to assist clients in their homes, or moving between multiple offices. Also, there are work related errands to run to: picking office supplies, cashing checks, going to business lunches, or visiting a tax specialist.
Commercial vehicle insurance will protect you by helping you to pay for costs associated with bodily injury and property damage from auto accidents.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8322 Individual and Family Social Services
- NAICS CODE: 624190 Other Individual and Family Services
- Suggested Workers Compensation Code(s): 8868 School - Professional Employees & Clerical
8322: Individual and Family Social Services
Division I: Services | Major Group 83: Social Services | Industry Group 832: Individual And Family Social Services
8322 Individual and Family Social Services: Establishments primarily engaged in providing one or more of a wide variety of individual and family social, counseling, welfare, or referral services, including refugee, disaster, and temporary relief services. This industry includes offices of specialists providing counseling, referral, and other social services.
- Activity centers, elderly or handicapped
- Adoption services
- Adult day care centers
- Aid to families with dependent children(AFDC)
- Alcoholism counseling, nonresidential:except medical treatment
- Centers for senior citizens
- Child guidance agencies
- Community centers
- Counseling centers
- Crisis centers
- Crisis intervention centers
- Day care centers, adult and handicapped
- Disaster services
- Emergency shelters
- Family counseling services
- Family location services
- Family service agencies
- Helping hand services
- Homemaker's service, primarily nonmedical
- Marriage counseling services
- Meal delivery programs
- Multiservice centers, neighborhood
- Neighborhood centers
- Offender rehabilitation agencies
- Offender self-help agencies
- Old age assistance
- Outreach programs
- Parole offices
- Probation offices
- Public welfare centers, offices of
- Referral services for personal and social problems
- Refugee services
- Relief services, temporary
- Self-help organizations for alcoholics and gamblers
- Senior citizens associations
- Service leagues
- Settlement houses
- Social service centers
- Telephone counseling service
- Traveler's aid centers
- Youth centers
- Youth self-help organizations
Marriage Family Therapy Insurance - The Bottom Line
There's no time like the present to ensure that your investment i your practice are protected from the risks of claims - warranted or not. A solid and comprehensive marriage family therapy insurance policy can provide the protection you need, and peace of mind.
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.
Additional Resources For Professional Services Insurance
Get informed about small business professional services insurance, including Professional liability, aka errors and omissions (E&O insurance), that protects your business against claims that a professional service you provided caused your client financial loss.
- Answering Service
- Armored Car
- Attorney Lawyer
- Background Music Services
- Business Consulting
- Chemical Engineers
- Civil Engineers
- Claims Adjuster
- Commercial Laundries
- Commodity Broker
- Corporate Wellness
- Court Reporter
- Credit Bureaus
- Debt Collection Agency
- Detective Agency
- Diaper Services
- Electrical Engineering
- Environmental Consultant
- Executive, Career & Life Coaching
- Executive Search Firm
- Expert Witness
- Financial Planner
- Financial Services
- Funeral Directors
- HR Consultant
- Inspection Bureaus
- Insurance Agents & Brokers Insurance
- Mediator - Arbitrator
- Medical Billing
- Music, Drama & Dance Therapy
- Office Machine Repair & Maintenance
- Piano Tuners
- Project Management
- Safety Consultants
- Speakers Bureaus
- Temporary Staffing
- Tax Preparer
- Title Abstractors
- Valet Parking
Let's face reality. People today are claims conscious, resulting in a significant share of malpractice lawsuits against professionals.
Liability resulting from the rendering of or the failure to render professional services is excluded in most liability coverage forms. This means that a policy covering a account's or lawyers' office will cover liability arising out of the maintenance or use of the premises, but specifically exclude liability arising out of the rendering of a professional service or the omission of such a service.
In addition to the professions in which actual physical or mental injury may be caused to clients, certain other professions are exposed to claims for malpractice.
Claims may be brought against lawyers, accountants, architects, and similar professional persons for errors or omissions in their professional capacity. Errors & Omissions insurance pays damages that might be awarded to a plaintiff alleging professional negligence.
Professional liability policies are made available to such risks, and these policies provide essentially the same protection as is afforded under the physicians, surgeons or dentists professional liability policy.
Minimum recommended small business insurance coverage: Business Personal Property, Employee Dishonesty, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits Liability, Professional Liability, Umbrella Liability, Hired and Non-owned Auto Liability & Workers Compensation.
Other commercial insurance policies to consider: Building, Business Income with Extra Expense, Earthquake, Equipment Breakdown, Flood, Computer Fraud, Forgery, Money and Securities, Special Floater, Cyber Liability, Employment-related Practices Liability, Business Auto Liability and Physical Damage and Stop Gap Liability.