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:
- What Is Marriage And Family Therapy Insurance?
- 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 Therapists Need?
- What Does Marriage Family Therapy Insurance Cover & Pay For?
What Is Marriage And Family Therapy Insurance?
Marriage and family therapy insurance is a type of liability insurance that provides financial protection to licensed therapists and counselors who specialize in marriage and family therapy.
This insurance covers the therapist in the event of a lawsuit or claim brought by a client or a third party related to the therapist's professional services, such as allegations of malpractice or negligence. The insurance policy provides coverage for legal defense costs, as well as compensation for any damages or settlements that may be awarded in a lawsuit.
The coverage is designed to help therapists focus on providing quality therapy services to their clients without worrying about the financial implications of potential legal actions.
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 Therapists 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.
What Does Marriage Family Therapy Insurance Cover & Pay For?
Marriage and family therapists can be sued for a variety of reasons, including but not limited to:
Malpractice: This occurs when a therapist fails to provide appropriate care to a client, resulting in harm to the client.
Insurance protection: Professional liability insurance (also known as malpractice insurance) can help cover the cost of legal fees, settlement or judgment awards, and other related expenses in the event of a malpractice lawsuit.
Breach of confidentiality: This happens when a therapist reveals private information about a client without their consent.
Insurance protection: Professional liability insurance can also cover the cost of lawsuits related to breach of confidentiality.
Sexual misconduct: This occurs when a therapist engages in a sexual relationship with a client.
Insurance protection: While insurance companies generally do not cover sexual misconduct claims, therapists can purchase separate sexual misconduct liability insurance to protect themselves in case of a lawsuit.
Unethical behavior: This can include a variety of actions, such as accepting gifts from clients, practicing outside of one's area of expertise, or engaging in dual relationships.
Insurance protection: Professional liability insurance may provide coverage for lawsuits related to unethical behavior, but the specifics may depend on the terms of the policy.
Negligence: This happens when a therapist fails to provide adequate care to a client, resulting in harm to the client.
Insurance protection: Professional liability insurance can help cover the cost of lawsuits related to negligence.
In summary, professional liability insurance is an essential protection for marriage and family therapists, as it can help cover the cost of legal fees, settlement or judgment awards, and other related expenses in the event of a lawsuit. It is important for therapists to carefully review their insurance policies to ensure they have the appropriate coverage for their specific practice and potential risks.
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.
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
- Tax Preparer
- Temporary Staffing
- Title Abstractors
- Valet Parking
- Specialty Consultants
- Specialty Service Business
The professional services industry, which includes occupations such as lawyers, doctors, accountants, and architects, often deals with sensitive and complex issues that carry a high risk of liability. These professionals are expected to provide their clients with expert advice and guidance, and any mistakes or oversights can result in significant financial consequences for both the client and the professional. This is where insurance comes into play.
Business insurance provides protection against the financial repercussions of potential mistakes or accidents that may occur while providing professional services. For example, a lawyer may make an error in their legal representation that leads to a financial loss for their client. Without insurance, the lawyer would be personally responsible for covering the cost of this loss. Insurance helps to protect professionals from these types of financial burdens and allows them to focus on providing high-quality services to their clients.
In addition to protecting against financial losses, commercial insurance can also provide legal defense for professionals facing legal action as a result of their work. This can be especially important for professionals in high-stress or high-risk fields, such as doctors or architects, who may be at a higher risk of being sued for professional negligence.
Overall, the professional services industry needs insurance to protect against financial losses and legal action, ensuring that professionals can continue to provide high-quality services to their clients without the added stress and burden of potential financial consequences.
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.