Hiscox launches new coverages for mental health professionReprints
Specialty insurer Hiscox Ltd. said Thursday it was introducing new coverages in its insurance policy for U.S. businesses in the mental health industry.
Hiscox PRO Outpatient Mental Healthcare Professional Liability offers specialized benefits for mental health professionals intended to cover emerging risks in the allied health care field, Hamilton, Bermuda-based Hiscox said in a statement.
Coverage will apply to claims involving outpatient mental health care, behavioral therapy, substance abuse counseling, medication management, partial hospitalization or intensive outpatient programs, and remote therapy, or teletherapy.
Medical directors, non-physician employees, independent contractors, students, volunteers (including mid-level providers) and employed or contracted physicians by endorsement are also included as insureds and receive certain benefits.
Some of the benefits include waiver of retention available for outpatient mental health care practices following exemplary risk management standards, billing and regulatory errors sublimit, and sexual abuse and misconduct sublimit.
The coverage can be combined with other insurance products, including general liability, technology errors and omissions, and crime and privacy, to create bespoke packages of coverage to fit business needs.
Hiscox cited U.S. Bureau of Labor Statistics that predict job growth for mental health counselors will increase by as much as 23% by 2026. In contrast, the average projected job growth rate for all occupations during the same time period is 7%, Hiscox said.