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.
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
Additional Resources
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malpractice insurance for physicians in Florida
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malpractice insurance for podiatrists
warning signs that a patient is litigious
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how doctors can manage malpractice risks
What types of Insurance do Physicians need?
General Liability Insurance
Business owner's policy (BOP) insurance
Professional Liability Insurance
Commercial Auto Insurance
Workers Compensation Insurance
Cyber Liability Insurance
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Michael Richards
Michael specializes in sourcing the most suitable insurance for physicians at the best price. You can call him or fill out the form and he will get your message directly.