Student counsellors face risks and need student counsellors insurance to protect them against the unexpected losses that can arise from these risks. There is a diverse range of risks and, as such, there is a range of different insurance products that student counsellors need to protect themselves.
The main risks that student counsellors face are:
- Compensation claims being made against them
- Accidental damage to or loss of their business property
- Loss of income through injury or illness
- The cost of legal bills if they find themselves involved in legal action
Compensation claims are expensive to settle. A compensation claim for a serious injury can easily cost in excess of £250,000 when the associated costs and the claimant’s loss of earnings are taken into account. In addition, compensation claims often involve complex legal arguments, so it’s important to have insurance because your insurer will be able to handle the claim on your behalf.
Counselling Insurance against compensation claims comes in a number of forms.
Employer’s liability insurance covers you if one of your employees makes a compensation claim against you. This type of insurance is compulsory if you employ anyone, even if you only employ them on a temporary or a casual basis.
Public liability insurance is similar, although unlike employer’s liability insurance it isn’t required by law. However, you might not be able to operate without it because it might be a contractual condition that you have this type of insurance. Public liability insurance covers compensation claims made by members of the public and other third parties.
Public liability insurance does not cover compensation claims arising out of bad advice that you have given, so you should also have medical malpractice insurance. This type of liability insurance covers you if a compensation claim is made against you alleging professional negligence on your behalf.
Accidental damage to or loss of business property
As well as insuring yourself against any compensation claims that are made against you, you should also insure your business property against it being accidentally damaged or stolen.
You might not think that you have much property to insure, but it can be surprising just how much you have when you add up the value of all of your items, particularly when you include the office equipment that you use to run your business. You should make sure you insure for the full value of your business equipment because you could be penalised in the event of a claim if you are found to be underinsured.
Loss of income
If you’re unable to work because you’ve been injured or you’ve fallen ill, you’ll be unable to earn but your bills will still need to be paid. Personal accident and sickness insurance covers your lost income if you find yourself in this situation.
It pays a weekly benefit if you are temporarily incapacitated or a lump sum if you permanently incapacitated and won’t be able to return to work. A lump sum is also payable if you die, or in the event of certain injuries such as the loss of an eye or a limb.
The cost of legal bills
Becoming involved in legal action can be expensive. And as well as the legal bills that you could be facing, legal action can also be complicated to deal with.
Legal expenses insurance covers you if you become involved in a range of legal action, including employment tribunals, disputes with your neighbours or clients, tax or VAT inspections, or have criminal charges brought against you.
As well a covering your legal costs, your legal expenses insurer will also help you deal with any legal action. This can prove invaluable because the insurer will have a fully-trained team that can help ensure you get the best possible outcome.