Malpractice insurance for Physicians- Get a Quote

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.

Malpractice Insurance for Physicians can include:

Option to include general liability insurance
Coverage limits of up to $2 million per individual claim
Complete authority to approve settlement decisions
Protection for telemedicine and telehealth services
Legal defense coverage for professional license issues
Legal defense expenses covered in addition to liability limits
Defense coverage for allegations of sexual misconduct
Protection for HIPAA-related privacy violation claims
Portable coverage available 24/7, applicable in volunteer work, telehealth roles, per diem, or moonlighting assignments

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 Two-thirds of claims are ultimately dropped, dismissed, or withdrawn without any determination of fault.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