Your audiology practice helps patients manage and treat symptoms of hearing, which can result in language problems that speech therapists must treat. Audiologist insurance is a policy that can protect you from the financial burdens of doing business, like lawsuits, injuries, and legal judgments. This article will cover standard policies you may want as part of your audiologist insurance policy.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $300,000/$1,000,000 | $300,000 | $100,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | No | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
The general liability policy of your audiologist insurance package covers third-party claims of injury and property damage. Some examples of coverage are listed below.
One of your audiologist patients trips while getting examined and requires knee surgery
A patient brings an electronic device to your audiologist's office, which gets damaged
This audiology liability insurance could also benefit from add-ons. Some are outlined below:
Employment practices liability–Covers employee claims of discrimination, workplace harassment, wrongful termination, and other workplace-related claims
Cyber liability–Protects your audiologist medical practice from the financial cost of a cyberattack or data breach
Excess liability–Extends the protection of your existing general liability policy to get a higher coverage amount than you could generally get
Your audiologist general liability policy will have an average coverage limit of $1 million per occurrence and $2 million in total aggregate across the policy lifetime.
No. General liability insurance will not cover acts of intentional damage. Many insurers will spell out this exemption in the policy language as “intentional acts of the insured.”
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
| HIPAA coverage included? | No | No | No | No | No |
| Sexual misconduct coverage included? | No | No | No | No | Can be included |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
An audiologist covered by insurance will want to ensure he or she has a comprehensive malpractice policy. This protects your business from costs like legal defenses, court fees, and lawsuits stemming from accusations of negligence and oversights. Everyday situations can include:
A patient accuses you of failing to deliver a promised audiologist service
You make a mistake in administering care that causes a patient an injury or other damage
Additional insured–Allows you to add other parties to your malpractice insurance policy
Excess liability–Extends the coverage limits of an already existing malpractice policy
The coverage limit for audiologist malpractice insurance is between $100,000 and $1 million and $1 million and $3 million for all claims.
Certain factors like the location of your practice, insurance claim history, number of hours worked, and the insurer you choose can all affect your audiologist's malpractice insurance cost. This means you will want to research to ensure you get the best price for ideal coverage.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Included | Excluded |
Audiologist insurance may include a commercial property policy if you have business premises. This policy protects your commercial building and the property contained within it. Examples of coverage include:
Your office is vandalized with graffiti, and you need help removing it
A fire occurred near your office and caused substantial damage to the building
Equipment breakdown–Protects equipment from internal damage like a mechanical or electronic failure. This policy will not cover damage from poor maintenance or wear and tear
Earthquake insurance–This helps repair damage to your business property when exposed to earthquakes, landslides, and mudslides
Commercial property insurance for audiologists will possess a coverage limit of $50,000 for your business building and $50,000 for the equipment inside it.
Yes, even though your leaseholder may have insurance coverage to protect the real estate you are leasing, you will still want commercial property insurance because it helps protect your business property from damage. A landlord’s insurance policy will only protect things in their interests and have no obligation to help you pay for any damages to your business.
