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Business Insurance For Occupational Therapists

 Compare business insurance quotes with Savvy to find the best policy for your occupational therapy business.

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, updated on July 17th, 2023       

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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.

What types of insurance should I buy for my occupational therapy business?

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: 

  • Allegations the therapy you provided was not suitable, did not achieve the desired results or was ineffective  
  • Claims your therapy caused personal injury 
  • Claims the advice you offered was negligent, misleading or contrary to professional standards in your industry 

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:  

  • Third-party personal injury claims 
  • Damage to a third party’s property 
  • Legal fees to defend yourself 

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: 

  • Fire, storms, theft, vandalism and collision which cause damage to your business assets 
  • Specialist cover for electronic equipment and other portable equipment  
  • Limited business interruption insurance 

What isn’t covered under my general business insurance?  

The most common general exclusions include: 

  • Injury to yourself or your employees 
  • Flood damage 
  • Glass breakage 
  • Unlawful activity or criminal negligence 
  • Reckless behaviour or intentional damage 
  • Anything to do with asbestos 
  • The effects of pollution caused by your business activity 

How much will my occupational therapists’ business insurance policy cost? 

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 state you’re operating in  
  • Whether you live in a rural or urban area 
  • Whether you’re a sole trader, are in a partnership or run a larger business 
  • Your business size and turnover 
  • If you have any employees 
  • Your credit history 
  • Your insurance history 
  • Whether you’ve made an insurance claim in the past five years 

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. 

Why do I need business insurance as an occupational therapist?

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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Frequently asked questions about business insurance for occupational therapists

Will my professional indemnity insurance still cover me if I do home visits?

Yes – your professional indemnity or malpractice insurance will protect you no matter where you deliver the therapy to your clients, so you can visit your clients at home or their workplaces knowing you still have the same level of protection. 

What other forms of insurance may be relevant to occupational therapists?

If you have detailed client information stored on your computer or in a database, you may want to consider cyber liability insurance. This will offer you protection in case hackers get past your defences and steal your confidential client information, resulting in a claim against you for professional negligence. 

Can I buy a bundled package of insurance for my occupational therapy business?

Yes – it’s possible to bundle all your insurance needs into one business insurance liability package, which can save you time and money. In the event you need to make a claim, it can be far easier having to deal with only one insurance company rather than several. You can compare quotes for insurance packages right here with Savvy to help you find the most affordable offer which provides the protection your business needs. 

What information will I need to make a claim?

The information you should have to hand when you contact your insurance company to make a claim will include: 

  • The name of the policyholder 
  • Your policy number and start date (which can be found on your Certificate of Currency) 
  • A detailed description of the incident (what happened to cause the damage or loss) 
  • Specific dates and times when the incident happened 
  • Contact details of any other parties involved (or witnesses to the event) 
  • Details of your police report number (if a crime took place) 
  • Details of the property lost or damaged (including its age and value) 
  • Your bank details for settling the claim 

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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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