Doctor Insurance

You Can't Be A Doctor Without This

In 2012, a payout for medical malpractice was made every 43 seconds. Medical malpractice insurance is crucial for physicians to carry - but that isn't all doctors have to care about from an insurance perspective. What other kinds of coverage will protect your practice and keep your finances and your reputation safe?

Working in the field of medicine, you’re likely familiar with the importance of a good health insurance policy. Patients with optimum health insurance are more likely to take advantage of preventive care and consult a doctor on health related matters. For your part, you must have the right doctors insurance to protect your practice.

Medical Malpractice and Doctors Insurance Data

  • In 2012, 12,142 total payouts were made for medical malpractice claims, totaling $3.6 billion
  • 5% of these claims were paid by judgement, while 93% were paid after insurance settlements
  • The state of New York had the highest total amount of claims, at over $7.6 million
  • The top alleged injuries cited in medical malpractice claims were death, quadriplegia, and brain damage

The Risks of the Healthcare Industry

Whether you own a small general practice or are the lead heart surgeon of a large hospital, you have a number of risks that a good insurance policy can address. Common risks involve doctor-patient interaction. You’re responsible for the acts and advice that you dispense to patients. If a patient believes that you’ve made a medical error, you could potentially face a lawsuit. Other risks that doctors and medical practices face can include employee theft, property damage, employee or patient injury and commercial vehicle accidents.

Doctors Insurance: Forms of Coverage

Understanding what types of doctors insurance you need depends on the nature of your practice. You must analyze your risk, which helps you set the right coverage amounts. If you make home visits, you may need more malpractice insurance than a doctor that only sees a few patients a month. You’ll also need commercial vehicle insurance.

Here a few common insurance policies that doctors can invest in:

  • Medical malpractice: This is a form of professional liability insurance specific to health practitioners. It provides the coverage you need against the risk of performing a procedure incorrectly or providing medical advice that results in a patients injury, illness or death.
  • Doctor disability insurance: This is a policy often overlooked by medical professionals, but it’s statistically proven that you’re more likely to get injured rather than die young. Disability insurance will help you while you’re recovering from your injuries by replacing a significant portion of the income you would have been earning.
  • Workers compensation insurance: Depending on your state, holding a workers compensation policy for your employees may be the law. While it may seem like another cost, this policy allows injured employees to collect wages while they’re recovering. In exchange, employees have limited rights to sue you for their injuries.
  • Business liability insurance: If a patient or another client suffers an accident on your property, you could be held responsible for bodily injuries. Or, if you’re making a house call and somehow damage a client’s personal property, this policy could also help pay for property damages.
  • Umbrella liability insurance: This is extra liability insurance that works on top of your primary liability policies. It can be used in conjunction with your general liability policy or your commercial auto policy. This affordable protection helps to protect you against catastrophic liability claims.
  • Property coverage: This policy will help cover any damages that your office building suffers from severe weather, fire, theft, or vandalism. Premiums will depend on coverage amount and risk factors.

The Importance of Medical Malpractice Insurance

For any business, mitigating liability risks is a huge concern, but for many doctors, it’s a debilitating issue. Some doctors have even chosen not to go into private practice due to the risks and the costs of malpractice coverage. If you’re a doctor operating on an individual basis, you need doctors liability insurance, or malpractice coverage. Even if you’re a doctor working in an office, you need this critical form of professional liability insurance.

While your general liability insurance will protect you in case a patient slips and falls, your malpractice policy will protect you specifically from claims arising from the treatment of your patients. If a patient believes that you’ve been negligent in your care, whether it’s physical treatment or even professional advice, you could be held responsible for the resulting damages. A malpractice lawsuit is very expensive and your doctor malpractice insurance can help offset the cost.

Finding Affordable Doctors Insurance Quotes

If you’re looking for doctors insurance, you have lots of options. The trick will be to find an option that's highly rated and meets all your needs. You may need to involve an attorney in your hunt for coverage. These professionals can help you assess your liability risks so that you understand what kind of insurance might fit your practice best.

From there, make sure you're choosing a highly rated insurer by checking rating agencies and consumer reports. Get a few quotes from reputable companies before you buy so that you can be sure you're getting the best value for your insurance dollar.

Now, who's ready to get their insurance problems solved?