Insurance For Physical Therapists

Insurance Options for Physical Therapists in New Mexico

At Elemental Risk Management, we offer a wide range of insurance policies tailored to meet physical therapists' individual needs and requirements in New Mexico.

Professional Liability Insurance 

Professional Liability Insurance is among the most important forms of coverage for physical therapists in New Mexico. This type of policy provides financial protection from claims arising from professional negligence, errors, and omissions while providing care. It also covers legal fees associated with defending against such claims.

Our comprehensive Professional Liability Insurance policies for physical therapists include:

• Defense costs, which are covered even if the claim is groundless or fraudulent.
• Damages, which include court awards and settlements for any claims or lawsuits filed against the insured physical therapist.
• Coverage for malpractice includes any harm caused by the physical therapist or their employees while providing care.
• Extensions to cover negligent acts performed by the physical therapist off-site or outside the scope of their usual duties.
• Coverage for services that may fall outside of traditional physical therapy protocols.
• Insurance for physical therapists in the event of a breach of contract with a third party.
• Coverage for claims arising from medical advice or opinions given by the physical therapist.
• Coverage for claims arising from errors in documentation, record-keeping and coding.
• Coverage for mental anguish and emotional distress.
• Coverage for libel, slander and defamation of character.
• Coverage for personal injury, including invasion of privacy or wrongful eviction.
• Coverage for loss of income due to a claim or lawsuit.
• Coverage for damage to third-party property.
• Coverage for claims arising from the use of technology, including telemedicine and electronic medical records.

Professional liability insurance is one of the most important types of policy for physical therapists in New Mexico. Without it, the risks and costs of a lawsuit could be enough to put your practice out of business.

Property Insurance

Property Insurance is another important form of coverage for physical therapists in New Mexico. This type of policy provides financial protection for any damage to the physical therapist’s office, equipment, and supplies due to fire, wind, theft, vandalism and other causes.

Our comprehensive Property Insurance policies for physical therapists in New Mexico include coverage for:

• Physical therapist’s office building, furniture, equipment and supplies.
• Loss of business income due to a covered event, such as a fire or theft.
• Office contents, including any documents, records or other materials.
• Computers, phones, and other devices.
• Damage to the physical therapist’s vehicles or equipment.
• Accidents that occur on the physical therapist’s office premises, such as slips and falls.
• Legal fees associated with defending against a property claim or lawsuit.
• Any damages due to a natural disaster, including earthquakes and flooding.
• Any damage due to power surges or outages.
• Damages caused by any water leaks, including those due to plumbing issues.

Besides protecting physical therapists and their practices from financial losses due to property damage, property Insurance also helps them comply with local and state laws that require certain types of insurance for businesses.

Workers’ Compensation Insurance 

New Mexico law requires physical therapists to carry Workers’ Compensation Insurance (WCI) if they have one or more employees. WCI is a type of insurance that provides financial protection in the event that an employee is injured or becomes ill while on the job. It covers medical costs, lost wages and other benefits for injured workers.

Our comprehensive Workers’ Compensation Insurance policies for physical therapists in New Mexico include coverage for:

• Medical costs associated with treating work-related illness or injury.
• Lost wages due to time taken off from work while recovering from an injury or illness.
• Rehabilitative services such as physical therapy, counseling and occupational therapy.
• Funeral expenses in the event of an employee’s death.
• Legal fees associated with defending against a workers' compensation claim or lawsuit.
• Permanent disability or disfigurement caused by a work-related injury.
• Vocational training and other services to help employees return to the workforce after a job-related injury or illness.
• Disability benefits for employees who are unable to work due to a work-related illness or injury.
• Job replacement benefits for employees who are unable to return to their pre-injury job after recovering from a work-related illness or injury.
• Death benefits for the family of an employee who dies as a result of a work-related illness or injury.

By providing the financial resources needed to treat and recover from work-related injuries and illnesses, WCI helps physical therapists protect their businesses from financial losses due to employee-related incidents. Additionally, it helps them comply with state laws that require certain types of insurance for businesses.

Commercial Vehicle Insurance

Physical therapists in New Mexico who transport patients or equipment to and from the office may need Commercial Vehicle Insurance. This type of policy provides financial protection for vehicles used in a physical therapy business, including liability coverage for bodily injury or property damage caused by an accident and collision coverage.

New Mexico auto insurance law requires a minimum amount of liability coverage for commercial vehicles, including $25,000 per person and $50,000 per accident, as well as property damage coverage of at least $10,000.

Our Commercial Vehicle Insurance policies for physical therapists in New Mexico provide coverage for:

• Bodily injury and property damage due to an accident involving a covered vehicle.
• Medical expenses associated with treating any injuries sustained in an accident.
• Legal fees associated with defending against a lawsuit related to an accident caused by a covered vehicle.
• Theft of the vehicle or its contents.
• Damage due to vandalism, fire or floods.
• Towing and roadside assistance costs if the vehicle.

In addition to providing financial protection in the event of an accident, Commercial Vehicle Insurance helps physical therapists comply with state laws that require certain types of insurance for businesses.