Why You Need Malpractice Insurance for Your Physical Therapy Clinic and What It Covers

As a physical therapist, it’s always important to be prepared for the worst – in case of client accidents or injuries. A small injury could lead to an ongoing lawsuit, which could lead to heavy payouts for your client. Physical therapists are always at risk of potential malpractice lawsuits that could harm their career. Patient claims and accusations can be concerning for a PT’s reputation and have a chance of sinking their business. That’s why physical therapists need to find the best physical therapy malpractice insurance available, to ensure full protection for their practice.

Keep reading to find out more about the factors for physical therapy malpractice insurance pricing and the current state of malpractice cases.

What is physical therapy malpractice insurance and what does it cover?

Physical therapy malpractice insurance is designed to protect physical therapists from potential malpractice lawsuits. Physical therapy malpractice insurance was created for malpractice court cases and is meant to protect a physical therapist’s reputation and business. In other words, physical therapy malpractice insurance is a safety net – one that physical therapists should take the time to invest in. Good physical therapy malpractice insurance plans can save your business from disaster.

Typical physical therapist malpractice insurance coverage includes 24-hour protection, coverage for claims up to $1 million, license protection, etc. Some insurance companies also offer coverage for attorney fees, settlement fees, and bond premiums. Types of insurance available include individual professional liability insurance, student insurance (for students and interns), and firm coverage. The type of coverage received depends on plans purchased. For many physical therapists, it may be worth spending more for a better range of coverage.

How is physical therapy malpractice insurance priced?

Physical therapy malpractice insurance is priced according to coverage needed. For physical therapists, organizations like HPSO provide coverage that includes: professional liability coverage, license protection, defendant expense benefits, personal liability coverage, etc. Some insurance companies will also provide defense attorneys and cover things like first aid expenses, medical payments, etc. Coverage can range from $10,000 to up to $3 million, depending on coverage needed. Prices to purchase physical therapist malpractice insurance can also range depending on usage, such as professional liability or for students, and can be as little as $35 per year. Many companies will also offer free quotes for physical therapists.

What is the current state of malpractice cases?

According to the American Physical Therapy Association, the number of malpractice claims has increased steadily over the years. The costs of malpractice claims have continued to rise, with payments for claims rising to $42 million within the past five years. Some examples of claims filed have included: failure to do proper patient assessments, improper use of exercise, failure to cease treatment for pain, failure to properly report patient conditions, and more.

However, disasters can be avoided with physical therapy malpractice insurance. With the right coverage, physical therapists can be protected from a variety of different claims and lawsuits. Don’t let a malpractice lawsuit destroy your business. Investing in insurance can help safeguard your physical therapy business, and you’ll thank yourself for making the right choice.

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