Glossary of Common Terms You’ll Find in Physical Therapist Liability Insurance Policies
Assault Upon You – covers expenses which physical therapists can incur from a bodily injury or damage to their personal property resulting from an assault while traveling to and from their place of employment
Assets – a resource with economic value, whether that be completely monetary, or a material resource
Biomedical Defense – coverage that protects against claims alleging bodily injury or damage arising from biomedical waste
Damages Incurred – charges or punishment that a physical therapist is obligated to pay as a result of a malpractice dispute before malpractice insurance benefits are paid out?
Deductibles – the amount of money a physical therapist must pay before the insurance company will finance a claim
Deposition Fee Coverage – financial assistance for fees that result from a deposition that the insured PT is required to attend
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Employment Practices Liability – a type of liability insurance that covers wrongful acts arising from the employment process, including wrongful termination, discrimination, sexual harassment, and retaliation
Extended Reporting Period – also known as tail coverage, extends coverage for incidents that happened during the time you had your policy, but a claim was not filed until after the policy was expired or canceled
A – E
F – M
First Aid Coverage – financial help to insured PTs in the event of an emergency that requires immediate attention. Expenses can cover things such as the cost of an ambulance or emergency medical procedures
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Good Samaritan Coverage – protects an insured off duty physical therapist who offer help in an emergency situation. They are protected from liability claims if an injury or accident occurs.
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HIPAA Defense – covers expenses that result from HIPAA infractions
Incident – an event or occurrence that spurred a liability or medical malpractice claim
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Insurance Claim – a request for benefit compensation as a result of a covered incident
Liable – legal responsibility for an action
License Defense Coverage – assists insured PTs with expenses incurred from protecting their professional license due to an investigation or proceeding originating from a malpractice claim
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Loss of Earnings Coverage – provides assistance for lost wages, costs, and expenses due to an insured PTs required attendance at a trial, hearing, or arbitration proceeding as a defendant
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Medical Payment Coverage – reimburses third parties for medical expenses incurred to treat injuries sustained arising from business activities
Negligence – the failure to exercise care that is reasonably expected of a physical therapist.
PT Insurance Policy – a contract between an insurer and a physical therapist who purchased insurance that details what the insurer is legally obligated to pay if an incident were to arise
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Physical Therapy Professional Liability Insurance – also known as malpractice insurance, provides physical therapists with financial and legal protection from injuries and damages to patients and or property
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Physical Therapists Malpractice Insurance – used interchangeably with physical therapist liability insurance, malpractice insurance for physical therapists is designed to protect PT professionals from claims of negligence or improper treatment
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Premium – monthly or annual payment amount physical therapists pay for malpractice insurance
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Risk Management – the process of mitigating the chances of something going wrong
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Sexual Misconduct Coverage – provides indemnity to insured physical therapists for improper sexual misconduct claims including assault, harassment, defamation, or improper handling of misconduct allegations
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Workplace/Premises Liability – protects landowners and tenants when someone gets hurt on their property due to dangerous conditions
N – Z
CM&F was founded over a century ago. Through up and down markets, CM&F’s dedication to physical therapists has never wavered. CM&F remains committed to making it easy and cost-effective to secure vital professional coverage with: