Most physical therapists opt to purchase their own insurance as an added layer of security and peace of mind. This could be either an addition to their employer’s plan, or entirely separate one altogether.
Malpractice insurance can protect physical therapists against potentially costly claims of malpractice; however, other forms of liability coverage can help safeguard their careers as PTs.
Liability Coverage
Sometimes this decision is determined for you based on requirements from employers or teams; other times it is an individual choice designed to give peace of mind.
Liability coverage (sometimes referred to as professional liability) provides physical therapists with protection in the event someone alleges negligence on their part and causes bodily injury to themselves or someone else. Liability insurance will cover your legal fees to defend against such allegations as well as settlements or judgments that become legally binding after trial, helping avoid bankruptcy or financial ruin altogether.
One may assume that physical therapists who purchase their own malpractice insurance are more liable to be sued, but Bassett and Daniels indicate otherwise: simply having the policy may dissuade some plaintiff attorneys from filing suit against them.
An independent malpractice policy may provide you with more peace of mind in other ways, too. Beyond providing financial protections, such as deposition defense and license protection coverages; many state licensing boards require their licensees to have a policy as protection during disciplinary hearings; this cost won’t be covered by their employer’s policy.
First aid expense coverage and personal injury protection may also be essential in protecting yourself against claims made against your clinic. First aid coverage covers costs such as ambulance rides or emergency medical attention required after someone is injured while visiting, while personal injury protection provides extra security against suits for assault and battery, libel/slander accusations etc. Furthermore, physical therapists may opt to include HIPAA (Health Insurance Portability and Accountability Act) fines not usually covered under their employer’s general professional liability policy.
No matter your profession – private practice, clinic employee or otherwise – finding affordable PT malpractice insurance that meets your needs should not be difficult. Many providers offer online quoting to make this easier; you’ll be able to compare quotes easily in one location and buy direct for quicker access to documentation, renewal notices and key information through an online self-service portal.
Defendant Expense Coverage
Physical Therapists work directly with patients to restore their range of motion. Although it can be an immensely rewarding career, Physical Therapy can also be physically and emotionally draining – it is no secret that like other medical professionals, Physical Therapists may face lawsuits from patients; even when false claims arise they can pose significant financial strain and threaten professional stability; malpractice insurance provides financial security as well as peace of mind.
Supplementary policies offer coverage against claims related to non-malpractice incidents like assault and battery, slander or libel during your work. An insurance company will defend you against such accusations, paying settlements or judgments that become your legal obligations if necessary. Furthermore, this type of policy also covers personal injury as it protects PTs for injuries they cause to third parties during the course of their duties – for instance accidental equipment injuries or slip and fall incidents which occur as part of their job duties.
Physical Therapists usually receive malpractice insurance through their employers; however, many also opt to purchase individual policies as a supplement. Independent policies generally offer greater coverage limits and asset protection than what may be offered through employers, while offering extras like first aid expense coverage in case an unexpected medical emergency occurs in their clinic.
HPSO provides physical therapist professional liability (PLI) policies designed to safeguard both your career and personal assets in the event of a claim against you. PLI policies cover defense costs and expenses related to malpractice suits such as lost wages. Furthermore, these policies often cover license reinstatement fees should a board or licensing agency investigate your professional conduct.
Physical Therapists (PTs) can easily obtain a quick and free quote for both supplemental or primary malpractice insurance policies quickly. Once signed up and coverage has begun, access documents about their policy online, renew it themselves through self-service portals or get notifications that it needs renewing in time.
First Aid Expense Coverage
Physical therapists’ work should help patients to make breakthroughs and enhance their lives, yet sometimes things don’t go according to plan. If one of your patients is unhappy with the results of treatment, they could file a medical malpractice suit against you and file for damages as a result of negligence on your part. Therefore it is vital for physical therapists to have professional liability insurance (PLI) policies as this will cover legal fees as well as any damages awarded as part of any malpractice suit filed against them.
Most malpractice policies also include first aid expense coverage. This will cover ambulance rides or any emergency expenses that arise at your practice; having this protection can be especially useful if you work in a busy clinic environment.
Malpractice suits can be costly to defend against, which makes it essential that physical therapists secure adequate liability coverage. Without an appropriate liability policy in place, you could find yourself spending thousands in legal fees and compensation payments alone; an affordable malpractice policy gives physical therapists peace of mind.
Many physical therapists find their employer-based insurance is inadequate when it comes to protecting against medical malpractice claims, so purchasing a separate supplemental liability policy may provide added protection and ensure any settlements don’t deplete your malpractice limits.
Physical Therapists who own their own practices should consider investing in an additional liability policy to cover any third-party bodily injury or property damage claims filed against them, and will help safeguard their business if named as a defendant in a malpractice claim.
Malpractice claims can have devastating repercussions for employers and self-employed alike, leaving their careers and finances at stake. To reduce this risk and ensure you remain financially secure, investing in professional liability insurance policies such as those offered by us could make all the difference in defending against potential claims made against you in court. We offer multiple specialized PT liability policies including coverage with up to $1 Million limits available as both primary and supplementary policies at rates starting from just $158/year for supplemental policies or $451 for primary policies respectively.
Personal Injury Coverage
No matter if you work within an established physical therapy practice or as an independent practitioner, your goal should always be helping patients reach their health goals. Malpractice lawsuits can be a serious distraction to practice and the legal fees can quickly mount up; for this reason every practicing PT should carry professional liability insurance.
Individual physical therapist liability policies provide coverage against both malpractice claims and personal injuries to patients or visitors to your clinic. Should someone get hurt from using an exercise band improperly or slip and fall inside your clinic, personal injury coverage will pay their medical expenses or lost wages should they need to miss work during their defense. Furthermore, physical therapists and their assistants often touch clients excessively while working with clients – something which may cause discomfort as well as result in injury; although such claims are more rare than malpractice suits but still should have coverage should anything occur!
If you own your own physical therapy practice, a Business Owner’s Policy (BOP) could be beneficial to ensure its survival. This plan combines professional liability insurance and commercial property coverage into one package for small businesses; providing essential protection to cover employees and vehicles related to your practice.
Physical therapists may find they don’t have sufficient coverage through their employer, and purchasing an independent PT insurance policy could prove invaluable. Though lawsuits against physical therapists are relatively uncommon, they do happen and having your own PT malpractice insurance may provide great peace of mind. Supplemental policies provide essential protection in the event that your employer’s policy is cancelled or discontinued, making them essential if you work as an independent contractor or have transitioned into private practice. You can obtain quotes from various insurers through an insurance broker’s website; they’ll do all the legwork for you, shopping around for you and finding you the ideal PT malpractice coverage to meet your specific needs.
