Everything About Insurance for Physicians

Insurance for Physicians – Overview

Doctors are tasked with maintaining public health. At times, doctors may also need assistance with their medical problems.

Several different types of insurance are available today to help doctors in such situations.

Why do physicians need insurance

Every experienced doctor knows that running a medical practice has risks and liabilities. During your career, you may face malpractice claims and other liabilities.

These malpractice claims can be time-consuming and often result in losing hard-earned money.

To remedy this, physicians can purchase malpractice insurance. Malpractice insurance is specifically designed to protect against medical errors and negligence lawsuits.

As a doctor, you are tasked with everything from diagnosis to treatment. Your job is to help people recover from ailments and injuries.

With malpractice insurance, physicians can protect themselves against medical errors and negligence claims.

Malpractice insurance can help reduce the uncertainty and risk associated with medical errors and negligence claims. You can even buy physician insurance to cover damage to medical equipment, injuries to staff and more.

If you have employees on the payroll, you must also buy workers’ compensation insurance, as mandated by law.

How much does insurance for physicians cost?

Several factors help determine physician insurance costs in the United States. Some of the major aspects that decide the overall cost of insurance for physicians in the US include:

Number of employees
Location
Revenue
Medical equipment
Medical practice property
Type of medical specialty (such as dermatology or cardiology)

Let’s quickly examine some of the more popular physician insurance policies.

Business Owner’s Policy for Doctors

This policy combines general liability insurance with property insurance. You can often buy this policy at a heavily discounted rate.

A business owner’s policy defends physicians against property damage and patient injuries. It also offers covers compensation for any damage to your business infrastructure.

Insurance experts highly recommend the business owner’s policy due to its increased affordability and wider coverage.

Professional Liability Insurance for Doctors

Medical malpractice insurance is also known as professional liability insurance. It protects doctors, physicians and surgeons against lawsuits from patients accusing of errors or negligence, such as misdiagnosis.

The cost of professional liability insurance for doctors may vary according to the specific level of risk at your practice.

Worker’s Compensation Insurance for Doctors

Physicians can obtain malpractice insurance, but premiums vary widely by specialty, location, and coverage limits, not necessarily averaging $985 per year.

Workers’ compensation insurance is mandatory by law in almost every state in the US for businesses with employees, including medical practices.

This insurance policy is designed to cover lost wages and medical expenses for work-related illnesses and injuries to employees.

Cyber Liability Insurance for Doctors

Cyber liability insurance defends small medical practices against the cost of a data breach or virus attack. It covers the cost of credit monitoring, customer notification, legal fines and fees for the policyholder.

Medical practices need to store sensitive patient information, which can often face the risk of being compromised.

When you buy cyber liability insurance for doctors, you are protected against the cost of:

Regulatory fines and penalties
Business interruption cost
Business recovery expenses
Data leak lawsuits

The cost of this insurance policy is determined by the level of cyber risk, the volume/type of sensitive data stored, and your specified coverage limits.

Conclusion

These are the top four types of physician insurance available in the US in 2022. Medical business experts strongly advise doctors to buy business and liability insurance to avoid the burden of malpractice lawsuits.

To find the best-suited physician insurance, you can also contact your current health insurance provider and request a quote.

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