Physiotherapy business insurance
By the nature of your profession you often find yourself in the company of people who are in pain, physical discomfort and possibly stressed.
That is a tricky start to anyone’s job, let alone a physiotherapist whose job is to make the problem go away. The client expectations are high but they’re not alway prepared to put the required work in. The result? You are being blamed for lack of progress or worse, exacerbating their condition.
Physiotherapists need insurance to protect themselves and their businesses from potential financial losses resulting from unexpected events or incidents that may occur in the course of their work.
Why do physiotherapists need insurance?
It is usually a requirement for any physiotherapists registered with a professional body to have certain types of insurance.
And even if you are not registered, it would be unwise to practise without liability insurance. There have been plenty of claims against physiotherapists over the years and they tend to be quite costly. Common causes are:
- Alleged malpractice: A patient claims that the physiotherapist failed to diagnose a serious condition or provided incorrect treatment, resulting in further injury or harm to the patient.
Sara is a professional martial arts instructor who needed to engage a physio to sort out a minor injury. However, the advice and treatment led to a further more serious injury which has prevented Sara from earning a living. She is now making a compensation claim against her physio for the cost of past and further treatment as well as the loss of earnings.
- Accidental injury: A patient suffers an injury during a physiotherapy session, such as a fall or strain, and makes a claim against the physiotherapist for compensation.
- Professional misconduct: A physiotherapist is accused of unprofessional conduct, such as breaching patient confidentiality or engaging in inappropriate behaviour during a treatment session.
Professional indemnity insurance for physiotherapists
Also known as physiotherapy malpractice insurance, this cover offers legal protection against the scenarios mentioned above.
Whether ar fault or not, under professional indemnity insurance for physiotherapists you will receive qualified legal help to defend your position. And if it comes to it, the insurance will also pay any compensation due.
This is one of the covers very likely required by regulators of the industry, insurance companies sending you referrals and other business partners such as GPs.
When selecting the right cover, look through the exclusions, make sure the policy excess isn’t too high and the reputation of the provider is good.
Public liability insurance for physiotherapists
Unless you practise online only, as a physiotherapist, you will have face to face contact with your clients. It would be unwise not to consider public liability insurance to protect yourself against accusations of causing an accidental injury or property damage.
Public liability insurance is also a legal cover which responds to claims of causing an accidental harm to someone or their property. That someone could be your client but it could also be a third party who you come in contact with during the course of your work.
Other insurances to consider
Business equipment insurance
Physiotherapy is getting a lot more technical and some equipment can be quite costly these days.
If damaging or even losing an expensive piece of equipment would mean a financial strain on your bank balance, consider reducing the risk with business equipment insurance.
Income protection for physiotherapists
In order to earn, you have to be physically present at your work. That may not be possible if you’re very ill and unable to work.
It is therefore wise to consider the financial burden if the illness should take longer to recover from. How would you financially cope?
Even if you practise what you preach to your client, you are not immune to an unexpected illness. Income protection insurance can be a welcome safety net during those times and can provide a substitute financial help for up to a year or until you’re well again to work.
Personal accident insurance
This is another layer to your health backup plan. Serious accidents are rare but more serious for you, a physio, who needs their body to do their job.
You may need a quick cash injection to get you over the worst and perhaps give you time to reconsider your future options. That’s what personal accident cover provides, a quick one off payment. It is usually very cost effective starting at a price of less than a cup of coffee a month.
Life insurance for physiotherapists
If you are working for yourself, you are not receiving any employee benefits such as death in service benefit. Therefore protecting your loved ones against the worse is that much more critical.
No one wants to think about the worst but as a self-employed physiotherapist with a family, it’s essential to consider what would happen to them.
Talk your situation through with a life insurance specialist. They can take you through all the options and, if you decide to go down that route, help you design cover to protect your family.
