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As with all professional health practitioners today, speech pathologists are wise to take out indemnity insurance. A tailor-made policy has been drafted for the industry and this can take out a lot of the guess work for individual speech pathologists and also helps reduce premium prices.
Speech Pathology Australia
The most prominent association in Australia for speech pathologists is Speech Pathology Australia. They have worked closely with Guild Australia, one of Australia’s top insurers for health practitioners, to develop a policy and appropriate coverage for speech pathologists.
What insurance do speech pathologists need?
Insurance for speech pathologists can be divided into three main areas of operation: private (for private practitioners), restricted (for those working less than 16 hours a week) and public (for practitioners employed in public health services, TAFEs, universities, corrective services, defence or government).
The policy negotiated by Speech Pathology Australia also provides some retroactive cover, meaning that if a claim is made against a practitioner some time after the policy lapsed, but it was for a time when the policy was still active, then the speech pathologist will still be covered, regardless of whether or not they are still practicing.
The speech pathologist insurance cover can also include, along with professional indemnity for malpractice claims, public liability, cover for goods and advice on goods sold, defamation and unlawful restraint, $75,000 in legal fees cover, principals previous practice, Trade Practices Act cover and retirees run-off cover. Again, the contents of the policy depend on the working arrangements of the practitioner.
Speech pathologist duty of disclosure
For the policy to be valid, speech pathologists need to disclose certain information to the insurer when applying for the policy. This is part of the duty of disclosure clause of the policy. Questions may include whether or not the practice has ever been bankrupt, whether or not any claims have previously been made against the practitioner, and whether or not any previous insurers have either declined insurance or placed special conditions upon a former policy.
What limits of liability are available?
When deciding upon the level of cover required, speech pathologists can choose from three limits of liability: $2 million, $5 million or $10 million. It is worth noting that the premium prices are much cheaper for Speech Pathology Association members. In fact, speech pathologists who are not members can expect to pay double the estimated premium cost.
Some other health practitioners’ indemnity insurance provides unlimited liability and unlimited legal expense coverage. Unfortunately for speech pathologists, this is unavailable to them, and they may want to consider whether or not this cover is enough. If not, speech pathologist may want to look into additional cover.
