Why do Psychologists need insurance?
As a psychologist, your specialty is human behaviour, and you can explain the reason behind almost anything anyone does. However, unlike human behaviour, there are some incidents and mishaps that don’t always have a reason, and some that are even harder to predict. Therefore, having appropriate insurance cover in place that addresses the risks you face in your field is important for your practice.
Your patients rely on your counselling to help them with any number of issues they’re dealing with, and it’s your help that can get them back on their feet. As you’re helping people when they may be at their most vulnerable, your advice may be misinterpreted by a patient, and this could have a negative impact on their life. You also have your own financial risks, for example, events such as storms and fires damaging your office could also have a significant impact on your finances if you had to suddenly find extra cash to replace your office equipment. Having adequate insurance is therefore important to help make sure your livelihood isn’t severely impacted if you do experience an unfortunate incident.
Aon is the approved insurance broker for Australian Psychological Society (APS). As sector experts, we have worked with APS to listen to the needs of Psychologists and negotiated with insurers to develop to cover that is easy to understand.
Insurance Aon can arrange
Cover Benefits of Professional Indemnity and Public & Products Liability
You could save hundreds of dollars on outside legal costs with 2 hours of complimentary legal advice on risks insured under this Policy. Legal advice relating to your policy is not included.2
Choose a level of Professional Indemnity cover that to suits you: $5 million, $7 million, $10 million or $20 million.2
$5,000 for Therapy and Counselling Expenses which is required as a result of a Claim covered by the Policy.2
Professional Indemnity Insurance for Psychologists arranged through Aon includes unlimited retroactive cover for unknown claims or circumstances. This means it does not matter when the act, error or omission giving rise to the claim occurred, provided you did not know of the impending claim prior to the Period of Insurance.2
Subject to eligibility criteria and must be stated in the Schedule.
You can be subject to claims for professional wrong-doing even after you retire or sell your business. Run-off cover extends your insurance policy for up to 7 years after your business ceases, to respond to claims which arose while the business was operating.2
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Frequently Asked Questions
Is it mandatory for Psychologists to hold Insurance?
Professional Indemnity Insurance is a mandatory requirement for Psychologists to hold as per requirements set by the Psychology Board of Australia. While Professional Indemnity is the only insurance which is mandatory, it may not be enough on its own to protect your business from the range of risks you face, so it’s worth speaking to your broker to fully understand the range of risks you face and decide which other forms of cover you might need.
Why do Psychologists need Public Liability insurance?
Public Liability is an important cover for any business that interacts with members of the public. One of your clients or a member of the public could take a spill and hurt themselves or damage their property on your premises. This could lead to them making a claim against your business, and you could be held liable.
What level of complimentary legal advice do I receive?
A total of 2 hours of complimentary legal advice is offered if you hold the Aon Health Combined Professional Indemnity, Public & Products Liability Policy. You can call the Legal Helpline up to a total of 2 hours in each policy year, per policy, for general legal advice relating to your practice. Legal advice relating to your policy is not included.2
The Legal Helpline is entirely confidential, and you'll be supported by a network of lawyers who work independently of Aon. This conversation will not impact the future cost of your insurance premium.
Can I provide training under my policy?
Training and teaching services you provide in relation to the professional services you are covered for, will be covered under your policy.
Can I place my policy on hold when I go on Parental leave?
If you’re a member of the Australian Psychological Society (APS), you can apply for complimentary cover while you’re taking Parental Leave. This provides a limit of liability of $2 million for Professional Indemnity, strictly limited to the professional services you conducted when you were working. The Parental Leave feature is a benefit for APS members, as a means of managing your insurance costs while you’re not working, however, please remember it’s your responsibility to contact Aon prior to commencing leave and apply for the complimentary parental leave, so that you will be insured for your professional services when you start working again.2
Why might I need run-off cover?
Even after you've retired or are no longer practising, you could still be subject to claims from the time you were in business. Under the Combined Professional Indemnity, Public & Products Liability Policy arranged through Aon, run-off cover allows you to arrange complimentary run-off cover for a period of up to 7 years in relation to incidents that happened while you were practising.2
When will I receive my certificate of currency?
When you purchase your insurance online you will receive your certificate of currency in minutes to your elected email address. If you purchase your insurance with one of our experienced brokers, the time line may vary.3
How do I make a claim?
You will find details of how to make a claim in the policy wording you receive from us. However, we also appreciate that having to make a claim can be a stressful time. That's why as your advocate we are always on hand to help with any questions. Please do not hesitate to call us on 1800 805 191 during business hours or email [email protected]
What if I need to make a change to my policy?
It is important to keep your policy up to date with the changing shape of your business but also to keep your business and personal information up to date in the event of a claim.
Should your business circumstances have changed, for example you have moved into new premises or you have changed the services that you offer and you are not sure if your existing insurance covers it anymore then you can always call one of our experienced friendly brokers to discuss on 1800 805 191 or [email protected]
How do I renew my policy?
Your renewal offer, schedule and tax invoice will be emailed to you approximately 30 days before your renewal date. Please ensure you review the details of our offer carefully (remember pricing and coverage levels may have changed so it is important to review). If you are happy with the offer and wish to accept, simply make payment by the date specified on the tax invoice.
What should I do if I have not received my certificate of currency or renewal offer/documents?
Please accept our apologies. At Aon, we strive to deliver best in class service, so we are sorry to hear you have not received your documents. Please request your Certificate of Currency here or alternatively contact us on 1800 805 191 or [email protected] and we will look to send your documents as soon as possible.
What are your opening hours?
Our opening hours are 8.30am to 5.00pm Monday to Friday (AET, except public holidays). If you need to contact us out of hours you can email us at [email protected] and we will pick up your query on the next business day.
Can I pay for my policy monthly?
Yes you can, monthly payments can be arranged through a premium funding agreement with Hunter Premium Funding4 to help you spread the costs of your insurance across the year. Please note that the total overall cost is higher if you pay monthly. Contact us on 1800 805 191 or by email on [email protected].
Self Service – Certificate of Currency
Request a Certificate of Currency for your Combined Professional Indemnity and Public & Products Liability policy.*
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Ways to get in touch
Or call us on 1800 805 191, or email us on [email protected]
*The self-service Certificate of Currency request form is available for insureds who have a current and paid Combined Professional Indemnity and Public & Products Liability policy.
2Subject to full terms, conditions and limits of the policy. Please review the full policy wording for more information.
3We will process your certificate of currency request instantly but, depending on your internet speed and email server, it could take a few minutes to get to your inbox. If your arranging the policy via one of our Brokers the time line may vary, however it is likely, it will be a minimum of 24 hours.
4Hunter Premium Funding is a third party independent of Aon, however Aon will receive a commission if you pay for your policy through a premium funding agreement with them.
Combined Professional Indemnity Public & Products Liability Insurance Policy Wording for Psychologists is arranged by Aon Risk Services Australia Limited ABN 17 000 434 720 (Aon) on behalf of the underwriter, Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. If you purchase this insurance, Aon will receive a commission that is a percentage of the premium. Further information can be provided upon request.
Please also note that the Australian Psychological Society Limited ABN 23 000 543 788 (APS) act as a referrer of the above listed insurance/s to Aon. Where you purchase this insurance as a result of a referral from APS to Aon, APS will receive a fixed fee from Aon’s total remuneration. Please feel free to contact us for further information.