Physical Therapist Insurance

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Whether through a private practice or a solo practitioner, physical therapists deal with a lot of vulnerable and often disabled patients all the time. And as such - they have a tremendous amount of responsibility on their shoulders.

And since physical therapists must always operate on an error-free basis - making a mistake in treatment can lead to complications in the patient’s overall health, which can then land the physical therapist in legal and therefore financial trouble.

As a medical practitioner - taking the necessary steps to protect your financial standing is crucial. And though there are many things you can do to minimize risk - the best way to protect your business is through insurance.

How Much Does Physical Therapist Insurance Cost?

The total cost you’ll be expected to pay for your insurance premium will depend on various factors like the size of your business, the state you operate out of, and the level of cover you want to take out.

The average physical therapist in the United States pays around $55 per month or $660 per year for a business owner’s policy insurance. This policy combines general liability insurance and commercial property insurance into one. This way, not only is your physical practice protected by so are any third party like your patients in case of an accident.

General liability insurance is another very popular policy for physical therapists. In the U.S. - they pay an average of $35 per month or $420 per year for this insurance.

If you have employees that work for you, your business also needs to take out worker’s compensation insurance, which costs around $60 per month or $720 per year. Such a policy will cover your employees in case they get sick or injured at their place of work. Medical bills, hospital fees, lost wages, and other costs associated with the accident at work will be paid for by the insurance company.

As medical practitioners - physical therapists also take out professional liability insurance. This policy costs around $100 per month or $1,200 per year and will provide your business with cover in case you get sued for medical malpractice, unsatisfactory treatment, or negligence.

What Types of Insurance Do Physical Therapists Need?

Physical therapists typically have several insurance policies to choose from. Factors like the size of your business, whether you have employees or not, and the level of cover you want to take out will depend on the types of insurance you should take out.

Below, you can read more about the most commonly recommended insurance policies for physical therapists:

Why Do Physical Therapists Need Insurance?

Physical therapists have the responsibility of helping patients recover and manage bodily injuries such as dislocated or broken joints as well as conditions that may have resulted from accidents or other health conditions.

And as such - the margin for error is usually very thin - meaning that an error in the treatment can make the condition of the patient a lot more complicated. And without insurance - if the patient decides to sue you for negligence or unsatisfactory treatment, you will have to pay for all the costs involved out of pocket.

And while you can control and ensure that every patient gets proper treatment, there are other accidents that can happen, which are out of your control.

For instance, if your physical therapy clinic suffers property damage due to vandalism or poor weather conditions, when you’re insured, the insurance company will cover all the repair costs.

For all those reasons and many more - getting physical therapist insurance is always a good idea if you want to protect your financial standing from any unforeseen risks and accidents.

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