In today’s company climate it’s very complex to run a successful practice as a practicing psychologist insurance. Patients have befallen more litigious than before and the cost of managing a private practice has augmented. Government regulations are insidious and also add onto the cost. Therefore carrying Psychologist Liability Insurance becomes mandatory to protect your assets and liabilities against any type of lawsuit.
The type and cost of coverage available wholly depends on the psychologist. He/she should possess the basic certificates, fully qualified or is working under someone who has a license because only then he has the clout to purchase this insurance. Even the years spent under practicing, age of the psychologist and the type of firm he works in matters to the insurance company.
The policy will cover the cost of the court case till the time it’s not settled. It will also cover emotional anguish, pain and misery, cover costs, malpractice suits and many other elusive things. If an attorney feels you are implicated in the charges made against you, then still you will be in the defendant’s list no matter you have an insurance or not.
There is a myth that psychologists think that if they carry this insurance then it will give their customers a chance to sue them. The clients won’t come to know until you don’t tell them. Also it might just scare them from suing you if they themselves do not have insurance. Therefore investing now in psychologist liability insurance can keep you out of bankruptcy and brings mental peace.