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Thursday, May 17, 2012
Importance Of Counselor Insurance
If you are a mental health counselor or therapist, it is important to protect yourself and your practice against founded and unfounded claims. While you may have a Business Owners insurance policy, also referred to as a BOP insurance package, you could be at risk for financially damaging claims if you choose not to carry mental health malpractice insurance. Malpractice insurance, otherwise known as a professional liability or errors and omissions policy, is designed to protect you against malpractice claims relating to the profession in which you offer services. If you hold a degree in counseling or another mental health profession, it is important to protect everything you have worked so hard for. Educate yourself on why you need professional liability insurance for mental health and do not become one of the many who have faced a claim without insurance.
If you reside in the United States there is no denying that you are living in a litigious nation. With the current economic crisis, some people will do anything for a buck. While this is not true for everyone, it is important to protect yourself against those who are looking for a reason to file a claim against you relating to your profession. Professional liability insurance for mental health professionals will protect you against these litigious times by protecting you against lawsuits that are either founded or unfounded. While purchasing mental malpractice insurance does not mean you should not work at your highest caliber, it means that even when you do make a mistake, as all humans do, you will be protected.
Professional in the Mental Health field need insurance no matter if they are self-employed or employed by a separate entity. If you are self-employed, it is important to understand that your General Liability insurance coverage will not extend to liability claims that arise because of professional advise you have given or because of medical malpractice accusations. General Liability insurance is designed to cover physical injuries or damages to a third party's person or property. If you are employed by a health organization, chances are their insurance portfolio is designed to cover their business assets and not you. Because of this, you will need to take proactive steps to cover yourself.
Malpractice insurance can be tailored to suit the needs of any medical professional in the nation. If you are shopping for comprehensive coverage, compare the premiums and coverage limits offered by several different well-known commercial insurers in your area. Be sure to review their financial stability in the industry and ratings of their company in terms of claims payouts and customer service. Make a well researched decision and protect yourself against financially damaging claims. With the resources available online, you can investigate companies and quote premiums from the comforts of your own home or office.
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