Insurance for Physicians – Overview
Doctors are tasked with taking care of the public’s health. At times, doctors too may need assistance with their medical problems.
To help doctors in such situations, there are several different types of insurance for physicians available today.
Why do physicians need insurance?
Every experienced doctor knows that running a medical practice comes with its own risks and liabilities. There are chances of malpractice claims and other liabilities during your career.
These malpractice claims can be time-consuming and often result in loss of hard-earned money.
To remedy this, you can choose to buy insurance for physicians. Thanks to the right business insurance, you can effortlessly handle lawsuits, cyber-attacks and other such incidents.
As a doctor, you are tasked with doing everything between diagnosis and treatment. Your job is to help people recover from ailments and injuries.
With physician’s insurance, you can safeguard your medical practice against many risks and liabilities.
An effective doctor’s insurance can help your medical practice to lessen the uncertainty and risk of malpractice 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, then you also have to buy workers’ compensation insurance, as mandated by the law.
How much does insurance for physicians cost?
Several different factors help determine the cost of physician insurance 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
- Medical equipment
- Medical practice property
- Type of medical specialty (such as dermatology or cardiology)
Let’s take a quick look at some of the more popular insurance policies for physicians.
Business Owner’s Policy for Doctors
On average, doctors can pay a premium of around US$ 795 per year (US$ 65 per month) for a business owner’s insurance policy. Under this cover, you are eligible for up to US$ 1 million per claim.
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.
Owing to its increased affordability and wider coverage, the business owner’s policy is highly recommended by insurance experts.
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
You can buy private medical malpractice insurance with an average premium of US$ 985 per year (US$ 85 per month).
This insurance for physicians is mandatory by law in almost every state in the US for clinics that have employees.
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 level of cyber risk, the volume/type of sensitive data stored and your specified coverage limits decide the cost of this insurance policy.
These are the top four types of insurance for physicians 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 insurance for physicians, you can also contact your current health insurance provider and request a quote.