For your best business protection and savings, we recommend bundling GL with some other important coverages on one Business Owners Policy!
A lot of dangerous jobs exist such as tree cutting, high-rise window cleaning, and construction. Occupational therapists help individuals recover and return to work after they experience an accident.Â
Just like physical therapy, insurance is a crucial factor that cannot be ignored when it comes to occupational therapy. Occupational therapy and insurance go hand in hand, as insurance coverage provides protection and peace of mind to the therapists and their clients.
You work hard to help your clients improve their quality of life. However, no matter how careful you are, accidents can happen. That's why it's important to have the right occupational therapy insurance coverage to protect yourself and your practice. In this article, we'll go over the different types of insurance available to occupational therapists, the costs, and the best insurance companies to consider.
| 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 |
General liability insurance is basic coverage that protects you and your practice from bodily injury or property damage claims. Occupational therapy assistants (OTAs) can also benefit from liability insurance coverage as they are also involved in providing therapy services to patients.Â
Common situations where general liability insurance for occupational therapy assistants and licensed therapists can come in handy include slip and fall accidents in your office, damage to a client's property during a therapy session, or a client getting injured during a therapy session.
Some add-ons to the general liability policy included in your occupational therapist insurance package are as follows:
Cyber liability coverage–Protects against data breaches and cyber-attacks
Product liability coverage–Protects against claims related to products you sell or use in your practice
Tools and equipment coverage–This add-on allows general liability insurance to grant a reimbursement in case a covered business equipment gets damaged or lost because of fire, theft, vandalism, and other covered perilsÂ
Coverage limits for general liability insurance vary depending on the policy but expect at least $1 million per occurrence and $2 million aggregate.Â
Yes, you can get occupational therapy liability insurance if you work from home as an occupational therapist. Many insurance providers offer coverage for home-based businesses, including those in the healthcare industry. However, it's important to check with your insurance provider to ensure that your specific work-from-home situation is covered under the policy.
| 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 |
Professional liability insurance, also known as occupational therapy malpractice insurance provides coverage for claims made against therapists due to alleged negligence or errors while providing therapy services.
The costs covered by professional liability insurance for occupational therapists include legal fees, court costs, and settlement or judgment amounts up to the policy limit. It may also cover the costs of disciplinary proceedings by a state licensing board or professional association. However, coverage may vary between insurance providers, so it's important to read and understand the policy before purchasing.
Add-ons to professional liability insurance for occupational therapy may include:
License defense coverage–This grants coverage for legal costs in case licensing boards decide to conduct an investigation following a malpractice claim against your services
Sexual abuse and molestation coverage–Sexual abuse and molestation coverage grants coverage for legal expenses if you’re accused of harassment, assault, and other related actsÂ
HIPAA coverage–This add-on allows professional liability insurance to cover claims filed because you allegedly committed violations of the HIPAA act
Some policies have limits as low as $100,000 per occurrence and $300,000 aggregate, while others may provide coverage up to $1 million or more.
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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 |
Commercial property insurance is an insurance policy that provides coverage for occupational therapists' business property, such as buildings and equipment in case of damage or loss due to unforeseen events such as fire, theft, volcanic action, lightning, sinkhole collapse, aircraft, winds, and other covered perils.
The costs covered by commercial property insurance for occupational therapists typically include:Â
Repairs or replacement of damaged or lost property
The cost of temporarily relocating the business during repairs
Lost income during the period of repair or replacement
Add-ons to commercial property insurance for occupational therapists may include
Business interruption coverage–Provides coverage for lost income and ongoing expenses during a period of business interruption due to a covered loss
Equipment breakdown coverage–Covers the cost of repairing or replacing damaged equipment due to mechanical or electrical breakdowns
The coverage limit of commercial property insurance for occupational therapists typically ranges from $50, 000 to $500,000 or even more.Â
