The following features are a few of the highlights: Most members will not need to purchase tail coverage from their current insurance provider. American Professional Agency's proposal provided greater value for our members than any of the other bidders. Speak with a licensed insurance agent: To show our appreciation to those mental health professionals who show dedication to their career by participating in membership associations, we often will extend a discount, pending regulatory approval by state agencies, to members for comprehensive, affordable malpractice insurance for psychologists, mental health counselors or behavioral health analysts. December 11, 2020 APA is working with states to advocate that psychologists who provide in-person services remain among the high-priority health care providers to … By Stuart Benas, CIC and Bruce E. Bennett, Ph.D. May 1, 2010 - Last updated: May 31, 2011. Yes, American Professional Agency offers coverage for both individuals and groups in the psychologists program providing that the lead purchaser is a psychologist. Association membership not required Broad coverage at affordable rates With a single focus on Small Business Insurance, we provide fast, customized coverage just for you. In most cases you can apply online or you may contact the psychologists department by calling (800) 421-6694 ext. For a list of all of the discounts and benefits on the policy you can review the brochure (PDF, 758KB). Just fill out a quick form and a representative will contact you at the appropriate time. M–F, 7a –10p ET. The Trust knows not everyone's situation is the same – we're psychologists too, so we understand the challenges you face. It was a very simple process and big relief to get a policy. This change in APA's sole authorized and preferred liability insurance provider does not affect state psychological associations. Our Reputation Is Solid - More psychologists purchase their malpractice coverage through The Trust than from any other provider. Download this page as a brochure (PDF, 422KB). Malpractice Insurance 101: Claims-made vs. occurrence coverage. The best thing to do is to call for a quote several months prior to your renewal date since a policy can be issued 90 days prior to the effective date. What Risks Do I Face as a Psychologist That Warrants Malpractice Insurance? A representative from the American Professional Agency can help you understand your options and obligations related to retirement coverage. American Professional Agency, Inc. is committed to serving the profession of psychology not only by providing professional liability insurance but also by offering risk management services and general guidance. While APA has switched insurance partners, this will have no impact on current insurance policies held by members themselves. Defense expenses related to licensing board hearing and other proceedings are available with limits as high as $150,000. Professional Liability Insurance for psychologists. Unlike its major competitor, American Professional Agency will provide full defense of a sexual misconduct allegation (with a sublimit of $25,000) and does not require repayment of the defense should you be found guilty. There is no contractual liability exclusion when working as an independent contractor and you may request that an additional insured or landlord be listed on your policy. Full Screen. I am glad I found a company that allows me to tailor insurance for my business. Our programs offer you great insurance coverage at the right price. Protect your business, plan for the unexpected, and help your business grow. This first-hand experience allows us to design insurance programs that not only address the unique needs of psychologists, but also provide affordable options throughout every stage in one's career - from student, to mid-career practitioner, and beyond. Learn More. Psychologist LIABILITY INSURANCE BENEFITS At Hiscox, we understand how much work goes into running a small business. Join your colleagues who have already made the switch. Total liabilities were $562,932,793 (inclusive of $236,274,591 of lossreserves) and paid up capital stock was $4,242,000. Professional Liability insurance, or Malpractice insurance, is a must for any psychologist. The CPH Way: What Makes Us Different Over the last decade, more than 500,000 people chose CPH for liability insurance. *Discounts and coverage features are subject to individual state approval and underwriting guidelines. If you would like a reminder quote closer to your policy renewal date, American Professional Agency offers a quick and easy solution. If you need any assistance regarding our insurance please call (877) 740-1777. Trust Risk Management Services Psychology Coverage is available for employed or self-employed School Psychologists and we offer full-time and part-time rates for individuals. The Trust provides professional liability insurance and financial security products for psychologists, with affordable rates and discounts. You have decided that you are going to start a private practice and are ready to take a major step into running a business. Tail coverage (ERP) essentially extends the reporting period to report for coverage of future claims that are made based on events that occurred during the time period your policy was in force . Psychiatrist – APA Member We are proud to offer members of the American Psychiatric Association a premier program for Psychiatrists Medical Professional Liability Insurance. NASP does not recommend one insurance provider specifically. American Professional Agency (800) 421-6694 Offers discounted professional liability insurance for NASP members. Trust Liability Insurance Psychologist . While fraudulent acts and property damage are not covered by professional liability, this form of insurance is essential for anyone who provides a professional service or regularly advises clients, such as psychologists. In addition to our comprehensive … If you purchased coverage from a broker and would like to update or change your policy, please contact your broker. One component of that business will be to make sure you have adequate professional liability insurance. Our program's carrier, Chubb, holds the strongest rating from A.M. Best: A++(Superior). If you are on insurance panels, be sure to confirm whether they will reimburse for services provided in this manner. Psychologist (APA member) American Professional Agency is the sole authorized and preferred provider of professional liability insurance for American Psychological Members. Knowledge of malpractice rules may help to protect clients from harm and to protect individual psychologists from costly and embarrassing malpractice claims. Being insured through someone else’s malpractice policy doesn’t guarantee you will be a priority or receive personal coverage when you need it the most. Details about the APA ethics consultations service are available here. (The Trust was then given an opportunity to match the terms in the American Professional Agency agreement and declined to do so.) When providing clinical care, psychiatrists are required to have malpractice insurance. Individual and group coverage is available and the policy will be tailored to your needs. Our Psychologists Professional Liability Insurance program is available to psychologists in all types of practice including industrial, applied and organizational psychology. Each psychologist who is an APA member will benefit every year from the 20 percent APA membership discount. The American Professional Agency provides a “free tail” in the event of your death or if you become permanently disabled. The site was easy and comprehensive. APA members who switch to the American Professional Agency will receive a 10 percent new business discount the first year and a 20 percent discount in every year that a policy is purchased. American Professional Agency is the new preferred provider of professional and business liability insurance for APA members. We insure self employed and employed individuals, groups and students in all of the mental health fields and have earned our reputation for exceptional customer service, ask your colleagues. The agreement with our former partner, The Trust, was set to expire in June 2018, so APA and The Trust initiated discussions over a period of months in 2017 to consider terms for renewal. According to estimates by The Trust, which provides professional liability insurance and financial security products for psychologists, over a 20-year career, 40 percent of psychologists will receive a licensing board complaint. If you prefer, you can call us at 1-866-283-7545 and speak with a Hiscox licensed agent, Monday – Friday, 7am – 10pm ET. American Professional Agency has been insuring psychologists since 1976. Those associations are free to continue to seek sponsorships or other revenue from other sources. Yes, American Professional Agency offers free risk management consultations with claims experts with no appointment required and no time limit on the conversation. Professional liability insurance—sometimes referred to as E&O Insurance—offers a number of potential benefits to practitioners, including coverage against alleged or actual negligence, bodily injury, defense costs, personal injury (i.e., libel and slander), claims arising from past-rendered services and more. As a member of the National Association of School of Psychologists you are eligible to purchase the professional liability insurance providing that you are credentialed in school psychology in the state in which you practice. Malpractice Issues; Jay Shore, M.D., M.P.H. Why is liability insurance for psychologists especially important? 2304 or by email or online. Call: 800-477-1200. Incorporated BUSINESS ENTITY Malpractice Insurance. A Primer on Malpractice for Psychologists This article defines malpractice and explains the statutory and judicial criteria used in determining malpractice. While American Professional Agency does not currently offer ethics consultations with psychologists, APA does provide that service to its members and is considering expansion of that program. This information is provided to assist you in understanding the coverage we offer and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. In addition to the APA member discount you may qualify for a new business discount, a part-time discount, a new graduate discount, a continuing education discount, a risk management discount and a practice setting discount. Purchase coverage for a specific period of time. Advancing psychology to benefit society and improve lives, Download this page as a brochure (PDF, 422KB), Documentation in Behavioral Health (PDF, 1MB), Risk Management Tips in Behavioral Health (PDF, 592KB), Risk Management Considerations When Treating Suicidal Patients (PDF, 1.1MB), © 2021 American Psychological Association, 20 percent discount for APA members every year, 35 percent part-time discount for up to 20 client hours a week — employment can be excluded, 35 percent new graduate discount for the first year, 10 percent new policyholder discount (applicable to new American Professional Agency, Inc. accounts only; must be claims-free for the last six months), 5 percent risk management discount for three risk management credits, 5 percent continuing education discount for six CE credits, Discounted online risk management and continuing education courses, Broad coverage for psychologists including industrial, occupational, applied, research and academic, Defense expenses coverage related to licensing board hearings and other proceedings, Information privacy (HIPAA) and peer review coverage, Limits up to $2 million per occurrence/$4 million per policy, Payment of defense expenses in addition to the limit of liability, Insuring company has an A.M. Best rating of "A" with strong financial stability, Experienced and knowledgeable claims professionals, Expedited, streamlined, same-day online application process in most cases, Switching coverage is easy with prior acts coverage and there is no need to purchase tail coverage, Interest-free quarterly payments (annual premium over $1,000), Excellent customer service and risk management consultations, no appointments required. Obtaining liability insurance is an effective way to mitigate risk while providing beneficial mental health services to the community—especially for therapists working in private practices. The Trust understands the concerns surrounding coronavirus (COVID-19) may be causing fear and anxiety. It protects their livelihood and assets against board complaints and lawsuits, and in short, it’s peace of mind. For a charge simple process and big relief to get a policy, Suite,! 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