Skip to content

The 6 Best Malpractice Insurance Providers for Physical Therapists

Physical therapists are responsible for helping injured or ill people recover their mobility and ease their pain. It’s a lot of responsibility, especially with your hands on the patients some of the time. Accidents can happen, and sometimes physical therapists can get sued. Should you carry your own malpractice insurance? With the average cost of an indemnity claim averaging almost $100,000, you don’t want to pay that out of pocket. Here are the 6 best malpractice insurance companies we recommend for physical therapists. 

The 6 Best Malpractice Insurance Providers for Physical Therapists

Below are the 6 best providers of malpractice insurance for physical therapists that we compare and recommend. We got a quote from each provider for comparison.

1. HPSO (Healthcare Providers Service Organization) – Best for Their Winning Rate

HPSO insures more than 70,000 physical therapists, and they’ve been insuring healthcare professionals for 24 years. Their carrier has won more than 90% of the cases that went to trail. They have discounts for members of professional organizations and a great reputation. Timeline

Description automatically generated

>>MORE: 4 Best Choices for Cheap Chiropractic Malpractice Insurance

2. NACAMS (National Associations of Complementary and Alternative Medicines): Best for a Fast and Easy Quoting Process

NACAMS offers protection from the minute you sign up for coverage. They can often get your covered in under three minutes. And it’s portable, so if you change jobs or decide to volunteer somewhere, you’ll still be covered. There are membership discounts for several physical therapy associations. Getting a quote is remarkably easy, and the whole process is super quick.

Graphical user interface, text, application, email

Description automatically generated

>>MORE: The 5 Best Malpractice Insurance Companies for Nurse Practitioners

3. Proliability: Best for a High Level of Policy Customization to Your Needs

Proliability is probably the easiest way to get malpractice insurance, no matter what business you’re in. There are discounts if you’ve participated in a risk management course, and you can customize your policy with highest amounts of coverage. They’re available in all 50 states. You can choose between claims-made or occurrence based coverage. 

A picture containing graphical user interface, application, timeline

Description automatically generated

>>MORE: The 5 Best Providers of Medical Malpractice Insurance

4. Berxi: Cheapest Quote, Even With Additional Free Defense Attorney

You can get a quote in less than two minutes from Berxi. They also have great financial strength and claim they can save you 20%. Everything is sold directly online, making it very easy to get a policy. They can offer you a defense attorney as well, in case you do get sued. They have a good reputation for customer service and they have policies for both individual physical therapists and physical therapy businesses. 

Graphical user interface, text, application

Description automatically generated

5. CM&F: Best If You Change Workplace Often

CM&F has been providing malpractice insurance for physical therapists for over 30 years. They offer coverage options of up to $2 million, license defense, and telemedicine coverage. Your coverage travels with you wherever you go, so it’s not tied to a certain practice. 

Graphical user interface, text, application, chat or text message

Description automatically generated

6. My PT Insurance: Best if You Prefer Working with an Agent

You can get instant coverage with My PT Insurance, and they provide an immediate certificate of insurance. There is no online quoting, as they only sell policies through agents. However, they do have the estimate listed below. 

Coverage is available in all fifty states, and they offer only occurrence based coverage, which is the preferred type of insurance in the industry. 

Graphical user interface, application

Description automatically generated

>>MORE: Professional Liability vs. Malpractice vs. E&O Insurance: How Are They Different?

What does Physical Therapist Malpractice Insurance Cover?

When shopping around for malpractice insurance, otherwise known as professional liability insurance, you should look for certain things:

  • License coverage
  • Lost wages
  • HIPAA coverage
  • Portability
  • Medical payments
  • Property damage
  • Assault coverage
  • Deposition coverage
  • Defense attorney provision

Anyone who works with patients, especially hands-on, needs to know that some patients will blame you for anything that goes wrong, whether it’s your fault or not. And of course, accidents can happen. Maybe you trip over someone while trying to massage their broken elbow and make it worse. Things happen that are hard to predict—that’s why they call them accidents. 

>>MORE: The 5 Best Malpractice Insurance Companies for Nursing Students

Occurrence vs. Claims-Made Coverage

There are two types of liability insurance options (malpractice insurance is a type of liability insurance): claims-made and occurrence based coverage. 

Claims-made coverage only covers you while the policy is active. Occurrence coverage covers you for anything that happened when you were insured, regardless of when the claim is made. Claims-made insurance is less expensive, but occurrence based coverage is preferable. Many patients take some time thinking things over before they decide to sue. 

If you’re confused, here’s an example: John has insurance from January 1, 2019 to January 1, 2020. Margo sees him a few times, in November and a few times in December. Margo decides she is steadily getting worse under John’s treatment and decided to sue. She files suit on January 15, 2020. If John had occurrence based coverage, he would be covered because the appointments in question took place while he still had the insurance. On the other hand, if he had claims-made coverage, he would be out of luck and would possibly have to pay for any settlements out of pocket. 

You can get something called tail-coverage, which would cover any gaps between one claims-made policy and the next policy, so you would be protected. 

>>MORE: Top 4 Providers of Malpractice Insurance for Psychologists and Counselors

Why Do Physical Therapists Need Malpractice Insurance?

There are many reasons why discontented patients may try to sue their physical therapist. You have your hands actively touching a patient, at least some of the time. This can result in injury and misinterpretations. 

According to HPSO’s Professional Liability Exposure report, here are some of the reasons why physical therapists get sued:

  • Failure to properly treat a patient
  • Improper performance of manual therapy
  • Failure to monitor or supervise
  • Improper management over the course of treatment
  • Improper use of therapeutic exercise
  • Improper behavior by the therapist

As you may have noticed, people are getting more litigious in general these days. You probably don’t want to pay for the cost of a lawsuit out of your own pocket, not to mention the risk to your license. 

Last Thoughts 

Since physical therapists can get insurance for a fairly low price, it’s probably worth it to buy coverage. For less than $200 a year you’ll have peace of mind, just in case the worst happens and someone decides to sue you.  As with any insurance policy, make sure you shop around and compare quotes, so you get the best price. 

Click to rate this post!
[Total: 0 Average: 0]
Share on facebook
Facebook
Share on google
Google+
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

No comment yet, add your voice below!


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tax-Free Retirement Savings Plan - IUL Quotes Comparison

We only need a few data from you (3 mins) to compare quotes of 30+ Indexed Universal Life Insurance (IUL) products from 15+ reputable companies. We’ll recommend the best 5-8 quotes for your consideration.

Completely free and no commitments! * Required

Guaranteed Life Insurance Policy (GUL) Quotes Comparison

We only need a few data from you (3 mins) to compare quotes of 40+ Guaranteed and Permanent Life Insurance (GUL) products from 15+ reputable companies. We’ll recommend the best 5-8 quotes for your consideration.

Completely free and no commitments! * Required
%d bloggers like this: