Compare business insurance quotes with Savvy to find the best policy for physiotherapists
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Just like many other allied health professionals, physiotherapists work very closely with their patients to help alleviate and treat a wide range of ailments. Because a physiotherapist’s work involves so much close contact with patients, the risk of something going wrong is always present. This is why liability insurance is so important and indeed compulsory in Australia for those working in the industry.
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 multiple quotes from a range of respected insurers to consider instantly. Use our quick and easy comparison service to make sure you get the best value insurance today.
There are several types of insurance you should consider if you run a physiotherapy business, including the following:
Professional indemnity insurance
Professional indemnity insurance (also known as malpractice insurance) covers you against claims that the advice, recommendations or physio service you provided were either wrong or negligent. All physiotherapists are legally required by the Physiotherapy Board of Australia to have this type of insurance. Professional indemnity cover can offer you protection against many types of claims, including:
Cover starts at $250,000 and can go up to $10 million or more. It's compulsory for all physiotherapists and is also a requirement to join many 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 don’t belong to a union, you’ll need to arrange this insurance yourself.
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 cover.
What it covers:
General business insurance
General business insurance may also be worthwhile if you own a physiotherapy business and have portable equipment and tools which you wish to protect in addition to your office or clinic building. Commercial vehicles aren’t included as part of general business insurance, so if you provide a mobile service or have a work vehicle you may need separate commercial vehicle protection.
What it covers:
Cyber liability insurance
Cyber liability insurance is another form of insurance that physiotherapists and other allied health professionals (including nurses) will need if clients’ financial or medical records are kept on a computer or laptop. This type of insurance will protect you from the effects of cybercrime in an age when many bad actors are trying to get hold of sensitive information.
What it covers
What isn’t covered under business liability insurance for physiotherapists?
The most common exclusions for the above 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 insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers 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 Victoria for a physiotherapist won’t necessarily cost the same as for an identical professional in Sydney.
There are many more variables which 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. Whether you’re employed in a hospital or private practice or run your own business, you’ll have a great chance of finding a top policy for your needs right here.
You worked hard to get qualified and may have 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 happen, so you want to know you’re protected just in case you’re the subject of a legal claim. In addition, public liability insurance is compulsory for physiotherapists in Australia, so you do need to have this insurance in place in order to work.
Business insurance offers protection if a covered event takes place and can give you peace of mind knowing you’re protected for a range of incidents. 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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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.
