Speech therapy is a vital service for individuals who experience communication and swallowing disorders. As a speech therapist, it is essential to protect yourself from potential liabilities that may arise from your practice. This is where speech therapist insurance comes in. Having the right insurance coverage can protect you. Moreover, customers will opt for speech therapy covered by insurance. It's because insurance provides a guarantee that they can get something in case something goes wrong.Â
In this article, we will cover all aspects of speech therapist insurance. Know the inclusions, the coverage limits, and the best companies.Â
| 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 covers claims of bodily injury, property damage, and advertising injury. Speech therapists can use general liability insurance when faced with a liability claim due to an accident or incident that occurred during therapy sessions, such as a patient slipping and falling during a session. The costs covered by general liability insurance for speech therapists include legal fees, settlements, and judgments.
The coverage limit of general liability insurance for speech pathologist ranges from $1-$2 million per incident and $2 million-$3 million aggregate.Â
Add-ons for general liability insurance can include:Â
Non-owned and hired auto liability–Grants coverage for bodily injuries or property damage that a borrowed or hired vehicle deals to third partiesÂ
Excess liability insurance–Excess liability insurance grants an extra amount of coverage in case a claim exceeds the amount of coverage provided by general liability insurance
You don’t need to purchase this coverage since it’s not mandated by law. Nonetheless, to become a speech pathologist covered by insurance, protection usually begins by purchasing a general liability policy. Moreover, some clients or facilities may require speech therapists to have this insurance before working with them.
| 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 |
Also known as speech therapy malpractice insurance, this protects speech therapists from claims of negligence or errors in their practice. As speech therapists work with clients to improve communication, errors can result in million-dollar lawsuits. This can include claims of misdiagnosis, failure to diagnose, or failure to provide appropriate treatment.
Malpractice insurance for speech language pathologists provides financial protection in case of a malpractice claim or lawsuit. This insurance can also cover hiring an attorney or expert witness to defend the therapist in court.
Add-ons for professional liability insurance for speech language pathologists can include:
License defense coverage-Grants a $25,000-$50,000 coverage in case licensing boards conduct an investigation following a malpractice claim
Abuse and molestation coverage-This add-on allows professional liability insurance to cover claims for harassment, abuse, assault, and other related acts
The coverage limit of professional liability insurance is $1 million-$2 million per occurrence and $2 million-$3 million aggregate. Higher limits to this type of speech therapist liability insurance are available if you talk with the insurance company.Â
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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 can help protect speech therapists from financial loss resulting from damage or loss of their business property. The policy can cover repairing or replacing the building, equipment, furniture, and supplies. Additionally, it can provide coverage for lost income as a result of renovation or relocation.
The costs covered by commercial property insurance for speech therapists typically include the following:
Reversing structural damage from fire, theft, vandalism, sinkhole collapse, vehicles, aircraft, wind, lightning, and other covered perils
Costs of repairing or replacing equipment and furniture damaged due to a covered event
Yes, there can be limitations or exclusions in a commercial property insurance policy that speech therapists should be aware of. Usually, commercial property insurance exclude coverage for earthquakes or floods. Normal wear and tear is another exclusion.Â
| CoverWallet | Thimble (Best) | NEXTÂ | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $2,000,000 | $2,000,000 | $300,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $500,000 | $260,000 | $25,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner's policy combines commercial property insurance and general liability insurance into a single package. This grants comprehensive protection at a rate cheaper than when you bought general liability and commercial property separately.Â
A business owner’s policy for speech therapists typically covers the costs of repairing or replacing business property damaged due to a covered event. Additionally, it can provide coverage for liability claims, such as if a patient is injured while visiting the therapist’s office.
Insurance providers offer add-ons to the business owner’s policy for speech therapists, such as professional liability insurance or cyber liability insurance. It’s also possible to include equipment coverage and HNOA coverage.Â
| NEXTÂ | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance is a policy that provides coverage for the tools, equipment, and supplies that speech therapists use in their practice. This is available as a stand-alone policy or as an add-on to general liability or commercial property insurance.Â
Tools and equipment insurance can cover the cost of repairing or replacing tools and equipment that are damaged, lost, or stolen. It can also cover renting temporary replacement equipment if the therapist's equipment is being repaired.
The coverage limit for tools and equipment insurance can vary depending on the policy and provider. However, it typically ranges from $5,000 to $50,000.
Yes, there may be limitations or exclusions in the policy that speech therapists should be aware of. For example, the policy may not cover borrowed equipment. Additionally, there may be limits on coverage for certain types of equipment, such as high-end cameras or specialized medical equipment. It's important for therapists to carefully review their policy and understand the coverage and limitations.
