Written by 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.
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What types of insurance should I buy for my allied health business?
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
- Payment of compensation if there’s a successful claim against you
- Cover for your legal defence costs
- Payment of court-awarded damages to the litigant
- Cover for the cost of disciplinary proceedings or investigations
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:
- Third-party personal injury claims
- Damage to a third party’s property
- Legal fees to defend yourself
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
- Data breaches including theft of client information
- The cost of forensic investigation into the cause of the breach
- Data recovery costs
- Cyber extortion and denial of service threats
- Crisis management costs
- Advertising and communicating with customers
- Legal costs including any fines and penalties imposed
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:
- Fire, storms, theft, vandalism and collision which cause damage to your business assets
- Specialist cover for electronic equipment and other portable equipment
- Limited business interruption insurance
What isn’t covered under business insurance for allied health professionals?
The most common exclusions for these types of insurance include:
- Injury to yourself or your employees
- Flood damage
- Unlawful activity or criminal negligence
- Reckless behaviour or intentional damage
- Anything to do with asbestos
- The effects of pollution caused by your business activity
- The upgrading of a system not related to cybercrime
- Power outages or failure of satellite or telecommunication services
- Prior known circumstances or risks
- Intentional or fraudulent acts
How much will my allied health business insurance policy cost?
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 state you’re in
- Whether you live in a rural or urban area
- Whether you’re a sole trader, partnership, or run a business
- Your business size or turnover
- If you have any employees
- Your credit history
- Your insurance history, and whether you’ve made a recent claim
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.
Why do I need business insurance as an allied health professional?
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.
The types of business insurance
Questions about business insurance for allied health professionals
This will depend on what type of insurance you choose to buy and the extras you select. Business expenses insurance is a type of insurance designed specifically to cover your business running expenses if an insured event takes place. Another form of insurance that may assist you in these circumstances is accident and illness insurance, which can replace up to 75% of your normal salary if you suffer from a long-term illness.
Yes – many allied health professionals opt to take out management liability insurance as an additional precaution, which is particularly important if your business employs several other people as well. This can help shield you from claims of mismanagement.
The information you should have to hand when you contact your insurance company to make a claim will include:
- The name of the policyholder, your policy number and start date (which can be found on your certificate of currency)
- A detailed description of the incident or what happened, including specific dates and times
- Contact details of any other parties involved or witnesses to the event
- Details of your police report number (if a crime took place)
- Details of the property if you’re claiming for property damage or loss
- Your bank details for settling the claim
Yes – the Australian Taxation Office recognises that having business insurance is a legitimate cost of doing business, so the full cost of your insurance premiums can be claimed as a business expense and offset against your income.
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Disclaimer:
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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.
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