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Malpractice Insurance for Physicians

Malpractice Insurance for Physicians 

Insurance is an essential safeguard for physicians, offering protection against the financial and legal risks associated with medical practice. Medical malpractice insurance is critical for covering claims of negligence or errors in patient care, including defense costs, settlements, and judgments. Complementary policies, such as general liability insurance, protect against accidents on clinic premises, while cyber liability insurance addresses the growing threat of breaches involving sensitive patient data.

Many hospitals, medical boards, and state regulations require physicians to carry specific insurance to maintain licensure and practice privileges. By securing robust coverage, physicians can focus on delivering exceptional care to their patients while mitigating the risks and uncertainties inherent in their profession.

Get a Free Quote Now

The fastest way to find the most suitable insurance coverage for physicians is to fill out our quick quote form, so we can give you an idea of the type of insurance coverage that best suits you.

Westwood Insurance works with a number of different carriers to ensure you have the most suitable insurance coverage at the best price.

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Malpractice Insurance for Physicians can include:

  • Shields against malpractice claims arising from patient care, procedures, or treatment decisions.
  • Protects against allegations of diagnostic error, surgical complications, or failure to refer.
  • Designed for solo practitioners, hospital-employed physicians, and outpatient-based providers.
  • Includes coverage for documentation issues, patient consent, and scope-of-practice disputes.
  • Limits up to $1M per claim / $3M aggregate; tail and prior acts coverage available

More information

Why do Physicians need Malpractice Insurance?

One in every three physicians will be sued for medical malpractice. This harsh reality for US physicians is highlighted by the latest analysis conducted by the American Medical Association (AMA). The study which was released in 2022, reveals that 31.2% of U.S. physicians, reported being sued at some point in their professional careers.

AMA President, Dr. Jack Resneck Jr., emphasizes that even the most highly skilled and capable physicians in the country may face a medical liability claim at some juncture in their careers. Importantly, he said that being sued doesn’t necessarily indicate medical errors. It does however, put the physician under a lot of unnecessary stress.

The AMA’s analysis gives us a compelling insight into the legal landscape that physicians must navigate. Two-thirds of claims are ultimately dropped, dismissed, or withdrawn without any determination of fault. However, a number of cases do go to trial and result in large compensation payouts to plaintiffs.

The study underscores how important it is for physicians being properly covered with medical malpractice or professional liability insurance. It also underscores the importance of working with a specialist broker like Westwood Insurance who can compare policies offered by a number of different insurance carriers and select the most suitable coverage for physicians, at the best price.

How Much is Medical Malpractice Insurance for Physicians?

The average cost of Medical Malpractice Insurance for physicians is $7,500 a year. However, costs do vary widely depending on a number of factors, including your location, the size of your practice and any previous claims that have been filed against you. More details on malpractice insurance cost.

Insurance carriers are constantly reevaluating their risks depending on external factors, such as legislation that allows venue shopping, the size of jury awards in different venues etc. Carriers may withdraw from markets altogether, or raise prices relative to the risk they face.

For this reason, Westwood Insurance Group regularly conduct interviews with the underwriters with different carriers, to keep up-to-date with changes in their policies, so we can source the most suitable policy for physicians depending on their circumstances. Get a quote now

Additional Resources

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Coverage Tailored to Physicians can include:

  • Covers claims of medical negligence, including missed diagnoses, incorrect treatment, or improper follow-up.
  • Defense for adverse procedural outcomes, including complications from surgery, injections, or minor in-office interventions.
  • Protection for prescribing-related allegations, such as unsafe combinations, dosage errors, or off-label use without adequate documentation.
  • Applies to physicians in internal medicine, pediatrics, surgery, OB/GYN, emergency medicine, pain management, and more.
  • Includes liability for charting omissions, miscommunication with patients or referring providers, and failure to document consent.
  • Optional coverage extensions for telemedicine services, mobile practice, or multistate licensure.
  • Designed to support both traditional claims-made policies and physicians transitioning from other carriers or self-insurance trusts
  • Coverage limits are available up to $1,000,000 per claim / $3,000,000 aggregate, with options for tail coverage, prior acts coverage, and shared or individual limits for physicians affiliated with groups or entities.

What types of Insurance do Physicians need?

 
General Liability Insurance

General Liability Insurance

General Liability covers medical expenses and attorney fees which result from bodily injuries and property damage that your facility or organization could be legally responsible for.
 
 
Business owner's policy (BOP insurance)

Business owner's policy (BOP) insurance

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for Medical Professionals with small to medium-sized businesses. It provides a blend of liability protection and property insurance.
 
 
Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance overs any negligence or mistakes made by the individual physicians during their practice. It differs from General Liability insurance, which covers the practice itself. 
 
 
Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for physicians who use a vehicle for practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.
 
 
workers compensation insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law. It protects physician practices and employees in case of work-related injuries or illnesses.
 
 
Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.
 
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Michael specializes in sourcing the most suitable Tail Coverage Insurance at the best price. You can call him or fill out the form and he will get your message directly.