Malpractice Insurance for Podiatrists

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The fastest way to find the most suitable insurance coverage for podiatrists 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.

Why is podiatry insurance coverage essential?

Podiatrists face several challenges that necessitate the need for malpractice or liability insurance.
These include:

1. Misdiagnosis or Delayed Diagnosis: Failure to diagnose conditions like fractures, infections, or tumors in a timely manner, can lead to a decline in the patient’s condition. It can also result in legal claims.
2. Surgical Errors: Podiatric surgeries, such as bunionectomy, hammertoe correction, or Achilles tendon repair, carry inherent risks. Surgical errors, including wrong-site surgery, nerve damage, or improper wound closure, can lead to patient harm and even result in malpractice lawsuits.
3. Inadequate Treatment or Follow-Up Care: Providing inadequate treatment or failing to provide appropriate follow-up care, can result in complications and patient dissatisfaction. Podiatrists must ensure that patients receive proper postoperative care to prevent complications and potential legal action.
4. Medication Errors: Podiatrists must be vigilant in prescribing correct medications and monitoring their patients for any adverse effects to avoid malpractice claims.
5. Failure to Obtain Informed Consent: Podiatrists are required to obtain informed consent from patients before performing procedures or treatments. Failure to adequately inform patients about the risks, benefits, and alternatives of a procedure can lead to legal claims if complications arise.
6. Negligence in Foot Care: Podiatrists may be sued for negligence if they fail to provide appropriate foot care, leading to worsened conditions or complications. This can include improper wound care, neglecting to address diabetic foot ulcers, or inadequate treatment of fungal infections.
7. Improper Use of Orthotics or Devices: Prescribing or fitting orthotics, braces, or other devices without proper assessment or follow-up can lead to patient harm and legal liability. Podiatrists must ensure that these interventions are appropriate for the patient’s condition and properly monitored.

Malpractice or liability insurance provides financial protection against claims of negligence or malpractice, covering legal defense costs, settlements, and judgments. For podiatrists, this insurance is crucial for mitigating the financial risks associated with providing foot and ankle care.

How much does podiatrist malpractice insurance cost?

Rates for podiatry malpractice insurance reflect the increase risks involved with performing surgery. Podiatrists can pay twice as much as other medical professionals, like internists or family medicine physicians.

Podiatry malpractice insurance can cost $25,000/year in states like Idaho, Minnesota and North Dakota, and $50,000 in New Hampshire. At the other end of the scale it costs around $70,000 in Florida, $75,000 in Washington DC, $125,000 in Manhattan, NY, and a whopping $450,000 in Las Vegas.

Costs can also vary according to the type of coverage you choose. There are usually two options available: ‘claims made’ or ‘occurrences’ policies. Claims made coverage is cheaper, but does not cover you for claims made after the end date of the policy – Even if the event occurred during the insurance period. Occurrence, meanwhile covers you for any event occurring during the period of insurance. Even if the claim is lodged made after it expires.

Finally, a history of claims can have an impact on the cost of malpractice insurance. If you are affected by previous claims, check out our hard-to-place physicians page for information on alternatives to traditional insurance.

You may also qualify for cheaper premiums by taking steps to manage risks and mitigate malpractice claims. Click here for information on how doctors can manage malpractice risks and potentially reduce premiums.

Westwood works with a number of different insurance companies to find the most suitable medical malpractice insurance plans for podiatrists, at the best price. Click here to get a quote now.