Compare business insurance quotes with Savvy to find the best policy for your allied health business.
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As an allied health professional, you probably have more direct contact with patients over an extended period than many doctors do. Therefore, it’s vital that you and your business have maximum protection just in case something does go wrong.
You can compare quotes for many types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need and you’ll have a wide range of offers to consider instantly from some of Australia’s most respected insurers. Compare with us to help you get the best-value insurance for your allied health business today.
Whether you’re a therapist, hygienist or pathologist, having good liability insurance is a must for all allied health professionals. These are the types of insurance you should be looking at to make sure you’re covered for all eventualities and liabilities:
Professional indemnity insurance
Professional indemnity insurance covers you against claims that the treatment or service you provided was negligent or fell short of expected professional standards. It is also called malpractice insurance for this reason. It’s compulsory for registration as an allied health professional, and for membership of most professional associations.
Practitioners who are union members may have this malpractice liability cover provided through their union fees, but if you’re a business owner or aren’t a union member, you’ll need to arrange this insurance yourself. Cover is available starting from $250,000, but can extend up to $10 million or more.
What it covers
Public liability insurance
Public liability insurance is also essential for anyone working with members of the public as patients and clients. It will cover you against claims that your activity caused injury to a member of the public or damaged their property. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
Cyber liability insurance
Cyber liability insurance is another form of insurance which allied health professionals (including private physiotherapists) will need if they keep clients’ financial or medical records on your business computer. It will protect your data from cybercrime in an age when there are many bad actors actively trying to get hold of sensitive information.
What it covers
General business insurance
General business insurance may also be worthwhile if you have portable equipment, including therapy equipment and laptops, as part of your business. Commercial vehicles aren’t included in general business insurance, so you may need separate commercial vehicle insurance if you make house calls and have a work vehicle.
What it covers:
What isn’t covered under business insurance for allied health professionals?
The most common exclusions for these types of insurance include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your business insurance is the profession you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. Insurers use these ratios to calculate the comparative risk of any one business compared to another.
However, the cost of insurance also varies depending on where you live. For example, public liability insurance in Tasmania won’t cost the same as for an identical allied health professional in Sydney.
There are many more variables that will affect the cost of your public liability insurance, so the best way to find out exactly how much your insurance will be is to get a free, no-obligation quote through Savvy so you have exact numbers to compare. Whether you’re employed in a hospital or private practice or run your own business, you’ll be able to find a policy which is perfect for your needs right here.
You worked hard to get qualified and likely spent plenty of time setting up your own business too, so it makes sense to want protection in case things go wrong. Because we’re all human, mistakes can be made, so you want to know you’re protected just in case you are the subject of a legal claim.
Business insurance offers protection in case anything does go wrong and it can give you peace of mind knowing you’re protected no matter what happens. If you do have adequate insurance, you’ll stand a much better chance of getting back on your feet quickly if an issue does arise.
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Disclaimer:
Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
