Speech Therapy Insurance Policy Information
Speech Therapy Insurance. "Communication is key", as the saying goes. But for people with speech impairments, communicating can be a real challenge. That's where you come in. Your expertise as a speech therapist, in helping individuals overcome those challenges by improving their speech, is highly regarded.
But when your work involves close contact with members of the public, there are always certain risks involved. Just one claim against you can mean thousands of dollars out-of-pocket, threaten your career and take significant time away from work to defend.
Luckily, speech therapy insurance can save the day if you're named in a lawsuit accusing you of wrongdoing. In fact, with adequate insurance in place, you can rest assured knowing that even the steepest legal bills can be covered by your insurance carrier so you can continue focusing on doing your work.
Speech 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 speech therapist insurance questions:
- What Is Speech Therapy Insurance?
- How Much Does Speech Therapy Insurance Cost?
- Why Do Speech Therapists Need Business Insurance?
- What Type Of Insurance Do Speech Therapists Need
- What Does Speech Therapy Insurance Cover & Pay For?
What Is Speech Therapy Insurance?
Speech therapy business insurance is a type of insurance coverage designed specifically for speech therapists who run their own private practice.
This type of insurance provides protection for speech therapists and their businesses against financial losses and liability claims that may arise from the delivery of speech therapy services. Coverage may include general liability insurance, professional liability insurance, and property insurance, as well as insurance for injuries to clients or employees, damage to therapy equipment, and loss of income from business interruption.
The goal of speech therapy business insurance is to provide peace of mind and financial security to speech therapists, enabling them to focus on providing quality therapy services to their clients.
How Much Does Speech Therapy Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small speech therapy practices ranges from $27 to $49 per month based on location, size, payroll, sales and experience.
Why Do Speech Therapists Need Business Insurance?
As a speech therapist, you've dedicated your career to helping others, and you should be free to focus on your clients without worrying about a threat to your livelihood.
With speech therapy insurance, you can have peace of mind knowing you're protected in the event of a claim or suit, a grievance from a regulatory board, plus many other coverage benefits.
What Type Of Insurance Do Speech Therapists Need?
The speech therapy insurance coverage you need depends on the details of your business and the risks you want to cover, but these are some of the insurance covers you may find useful:
Professional Liability - Also know as errors and omissions (E&O), this insurance covers negligence claims and allegations made against you by clients and third parties, because of negligence and mistakes you've made and things you've failed to do. Specifically (but depending on the policy language) it covers:
- Intellectual property infringement
- Loss of documents or data
- Negligent misrepresentation or misstatement
- Employee dishonesty
- Breach of confidentiality
- Failure of third-party equipment
Professional liability insurance is integral because no amount of training and experience can prepare you for the unexpected. Unavoidable mistakes occur or a client may simply be displeased with your work and seek to recover damages. These errors can threaten your career, as well as and result in time away from the office and costly settlements.
Commercial General Liability - This speech therapy insurance protects your firm if you cause injury or property damage to a third party. If a client falls and suffers an injury at your office, your CGL insurance covers direct costs related to the claim (e.g., medical bills) as well as lawsuit-related costs if you are sued. CGL insurance also pays for claims related to advertising liability, slander, libel and copyright infringement.
Workers Compensation - Required by law in most states for an non-owner employees, workers comp insurance pays for medical care and replaces a portion of lost wages for an employee who is injured in the course of employment, regardless of who was at fault for the injury. When a worker dies as a result of injuries sustained while working, the insurance provides compensation to the employee's family.
Business Property - business property coverage protects your property in and around your place of business. Many people refer to business property as contents coverage, for it responds when the furniture, computer equipment, inventory and equipment within your office, warehouse or location listed on your policy suffers a covered loss. It is important to maintain enough coverage to replace everything in your location, should you experience a total loss.
Umbrella Insurance - This type of speech therapy insurance policy doesn't cover everything as many people tend to think. Rather, it is an extension of other insurance policies you have already purchased. It is excess liability above the underlying liability policies and thus extends their coverage. It's mainly used for third party claims to ensure a lawsuit does not put you out of business.
What Does Speech Therapy Insurance Cover & Pay For?
Speech therapists can be sued for a variety of reasons, some of which include:
- Misdiagnosis or Delayed Diagnosis: If a speech therapist fails to properly diagnose or timely diagnose a patient's speech or language disorder, they may be sued for malpractice.
- Treatment Errors: If a speech therapist makes an error in the course of treatment, such as administering the wrong therapy or dosage, or failing to properly monitor a patient's progress, they may be sued for malpractice.
- Breach of Confidentiality: If a speech therapist violates a patient's confidentiality by sharing personal information without consent, they may be sued for breach of confidentiality.
- Negligence: If a speech therapist fails to follow proper protocols or standards of care, resulting in harm to a patient, they may be sued for negligence.
To protect against these types of lawsuits, speech therapists typically carry professional liability insurance, also known as malpractice insurance. This type of insurance helps cover legal costs associated with defending against a malpractice claim, as well as any damages awarded to the plaintiff.
For example, if a speech therapist is sued for misdiagnosis and their malpractice insurance policy has a limit of $1 million, the insurance company will typically provide legal representation and pay any damages awarded up to that limit. If the damages exceed the policy limit, the speech therapist may be personally responsible for the difference.
In cases of breach of confidentiality, a speech therapist's malpractice insurance may also provide coverage for the cost of notifying affected patients, as well as any regulatory fines or penalties that may be imposed.
In summary, professional liability insurance can help protect speech therapists from the financial consequences of malpractice claims and other lawsuits, and can provide peace of mind for both the therapist and their patients.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8049 Offices and Clinics of Health Practitioners, Not Elsewhere Classified
- NAICS CODE: 621340 Offices of Physical, Occupational and Speech Therapists, and Audiologists
- Suggested Workers Compensation Code(s): 8832 Physician & Clerical
Description for 8049: Offices and Clinics of Health Practitioners, Not Elsewhere Classified
Division I: Services | Major Group 80: Health Services | Industry Group 804: Offices And Clinics Of Other Health Practitioners
7299 Miscellaneous Personal Services, Not Elsewhere Classified: Establishments of health practitioners engaged in the practice of health fields, not elsewhere classified. Practitioners may or may not be licensed or certified, depending on the State in which they practice. Establishments operating as clinics of health practitioners, not elsewhere classified, are included in this industry.
- Acupuncturists, except M.D.: offices of
- Audiologists, offices of
- Christian science practitioners, offices of
- Dental hygienists, offices of
- Dieticians, offices of
- Hypnotists, offices of
- Inhalation therapists, registered
- Midwives, offices of
- Naturopaths, offices of
- Nurses, registered and practical: offices of, except home health
- Nutritionists, offices of
- Occupational therapists, offices of
- Paramedics, offices of
- Physical therapists, offices of
- Physicians'assistants, offices of
- Psychiatric social workers, offices of
- Psychologists, clinical offices of
- Psychotherapists, except M.D.: offices of
- Speech clinicians, offices of
- Speech pathologists, offices of
Speech Therapy Insurance - The Bottom Line
The financial and emotional cost of work-related lawsuits is high. Having insurance for speech therapists provides you with a defense team that works on your behalf to safeguard your livelihood. Being able to turn the burden of your lawsuit over to a team of experts, means that you can continue to care for your patients, and maintain your practice and your personal life with minimum disruption.
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
- Specialty Medical Centers And Clinics
- Specialty Medical Malpractice
The medical industry is a crucial sector that plays a vital role in ensuring the health and well-being of individuals. It is a complex and highly regulated industry that requires specialized knowledge and expertise. As a result, the medical industry is exposed to a variety of risks, including legal and financial liabilities.
One of the main reasons why the medical industry needs commercial insurance is to protect against medical malpractice. Medical malpractice occurs when a healthcare provider deviates from the standard of care and causes harm to a patient. It can lead to costly lawsuits and significant financial losses for the healthcare provider. Business insurance helps to cover these costs and protect the financial stability of the medical facility.
Another reason the medical industry needs business insurance is to cover the cost of regulatory fines and penalties. The medical industry is subject to strict regulations and any violations can result in significant fines and penalties. Business insurance helps to cover these costs and protect the financial stability of the medical practice or facility.
In addition, the medical industry is vulnerable to data breaches and cyber attacks. These incidents can result in significant financial losses and reputational damage for the medical facility. Business insurance helps to cover the cost of recovering from a data breach or cyber attack and helps to protect the reputation of the medical facility or practice.
Overall, business malpractice insurance is an essential component of the medical industry. It helps to protect against the financial and reputational risks associated with the medical industry and helps to ensure the financial stability and success of medical practices and facilities.
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.