Compare business insurance quotes with Savvy to find the best policy for your occupational therapy business.
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All occupational therapists work very closely with their clients and are relied on to provide the best advice. However, mistakes can happen and the treatment you offer may not always go according to plan, which is why it’s vital to have comprehensive business insurance to offer protection in case things do go wrong.
You can compare quotes for all types of business insurance here with Savvy. Just answer a few simple questions about your therapy business and the insurance you need and you’ll have multiple quotes from a range of respected insurers to consider instantly. Use our quick and easy comparison service to make sure you get the best value insurance for your occupational therapy business today.
There are several forms of business insurance you should consider if you’re an occupational therapist. These include:
Professional indemnity insurance
Professional indemnity insurance covers you against claims that the advice, recommendations or service you provided were either wrong or negligent. This type of insurance (sometimes also called malpractice insurance) can offer you protection against many types of claims, including:
Cover starts at $250,000 and goes up to $10 million or more. This is a compulsory type of insurance for many occupational therapists working in hospitals or clinics and also may be needed to join many professional associations or gain certain accreditations.
Public liability insurance
Public liability insurance is also very important for anyone who runs their own therapy business or who has a commercial premises they work out of. It'll cover you against claims that your business activity caused injury to a member of the public or damaged their property. This insurance is available for sums between $5 million and $20 million.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have a business clinic or portable equipment or machinery you need coverage for. Commercial vehicles aren’t included in a general business insurance package, so you may need separate commercial vehicle protection for your work vehicle.
What it covers:
The most common general exclusions include:
There is no set cost for any insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another. Therefore, the cost of insurance for one business based in Perth may be similar to one in Adelaide.
You can find out how much insurance will cost for your occupational therapy business by comparing quotes right here with Savvy. Whether you need insurance for yourself as an occupational therapist, or whether you offer any other allied health services, you’ll be able to find a policy that is perfect for your business needs right here.
Any situation where you are offering highly personal advice and therapy to the public comes with its own risks. A client may be disappointed with their healing progress or claim the therapy you offered didn’t work or resulted in further injury. As such, it’s important to have good business insurance protection to cover you against any eventuality. Business insurance is there to protect you and your reputation no matter what claims are made.
Most small to medium-sized businesses have some contingency funds available, but they’re rarely sufficient to cover the cost of a major personal injury claim, which can amount to millions of dollars. If such a claim is made against you or your business and you do have adequate insurance to protect yourself, you’ll have a much better chance of recovering quickly and getting back on your feet.
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Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
