An estimated 1 in 7 people in Hong Kong may experience some mental disorder. There is a growing need for therapy and therapists. Many need a therapist to help them improve and recover- whether mental health or an injury.
Therapists are professionals that guide patients about their feelings, improve health and take action for a better future. Psychotherapists are the most common therapists when people imagine therapy. However, there are many different types of therapists. For example, some include family therapists, physical therapists, speech therapists, sports therapists and many more.
Each therapist has common risks that can affect their practice, clients, and liability. To avoid and protect against these risks, each therapist must purchase a set of insurance.
Hence this article will highlight the top insurance needed to protect Hong Kong therapists.
Insurance for Hong Kong Therapists
Medical Malpractice Insurance
Most Hong Kong therapists provide a service to their clients/patients, giving them verbal or physical advice. Providing any service to a patient comes with various risks. Patients may believe the therapist’s negligence or poor service caused them more pain. These patients may take their anger or frustration to legal matters by suing the therapist.
Therapists are not magicians; they can only attempt to help patients with the skills they know. Unfortunately, therapist lawsuits are common, which is one of the most significant risks of being a therapist.
Hence all therapists need medical malpractice insurance to protect their liability. The insurance will cover most costs related to the counselling negligence lawsuits. It is important to know that insurance will not cover criminal or illegal acts. Therefore, it is the perfect insurance for dealing with sudden liability lawsuits for Hong Kong therapists.
Therapist store a huge amount of data electronically, from patient information to payment methods. Patient data stored is very sensitive information, and patients trust medical professionals to keep it private. However, what happens if their servers are hacked and victims of cyber attacks?
Cybercriminals can attack these businesses to steal and sell data over the dark web. So no matter how small or big the Hong Kong therapist business is, they are always at risk of cyber threats. There has even been a case where patients have been blackmailed by hackers due to a therapist clinic data breach.
For this reason, Hong Kong therapists must purchase cyber insurance with their cyber security. The insurance will help recover from most cyber attacks. Cyber insurance will provide financial cover for cyber expert’s advice, threat removing, data recovery, informing third parties and financial loss. When storing any sensitive data electronically, cyber insurance is a must.
Public Liability Insurance
Many therapists in hong kong work on-site, where they meet patients face-to-face. The site could be a clinic or even their home. Patients coming in and out of the premises brings public liability risks.
These public liability risks include lawsuits due to public injury on the premises or business activity causing property damage. For example, a therapist provides their services while the patient is on the sofa and the sofa breaks. The broken sofa can cause injury to the client, which will allow them to sue the therapist and the business.
Slip and fall to freak accidents are why Hong Kong therapists need public liability insurance. The insurance will cover the cost of lawsuits due to third-party injury or property damage. However, therapists that provide their service online may not need this insurance.
Employee Compensation Insurance
Many therapists work and own their clinics. Clinics involve staff that assist in taking appointments or even help during the therapy (physical therapy). These employees are essential to the clinic, and the therapist’s business is liable for their safety.
Work injuries could occur at any point, from a slip and fall to getting injured while helping a patient.
In hong kong, employee compensation insuranceis mandatory if hong kong therapists hire staff to help run their business. The insurance will help the therapy company financially cover the work injury or illness. The costs include medical bills, salary and compensation. Work injuries may be rare in most therapy clinics, but the founder must follow the local law.
Benefits of Insurance for Hong Kong Therapists
Having the right insurance is crucial for any therapist or health counselling business. In addition, insurance has many benefits when actually facing lawsuits, cyber-attacks or accidents.
One of the best benefits for Hong Kong therapists is the financial coverage each insurance will provide. Each insurance will cover costs related to that specific situation. The saved costs can help the therapist recover from the unfortunate situation and become stronger.
Another benefit is the peace of mind it provides professionals and the therapist team. Therapists have to provide the service they feel is correct and accurate; they can not worry about every action or decision they take. Insurance allows therapists to focus on the best service and help their patients.
With insurance, Hong Kong therapists will always be protected when things go wrong, as long as the situation is not criminal/illegal.