Medical Malpractice Insurance for Individual Physicians

As an individual physical or doctor, having the right amount and type of business insurance is critically important. Medical malpractice tends to be at the heart of this coverage. And yet, it is also one of the most complex types of liability insurance for doctors. The higher cost and the higher risk levels can make type of protection difficult to manage for many individual doctors. However, you do not have to be a part of a practice or a larger network to find the medical malpractice insurance you need.

Time to Update?

Most of the time, physicians should review their malpractice insurance at least one time a year. This is the ideal time to consider the amount of coverage you have, the amount of protection you’ve used in the last year, and the types of changes right for you going forward. Does your current policy reflect your current concerns and needs? Here are some things to consider.

• What is your policy limit? Considering the types of instances of claims you’ve had over the previous five years, should you change your coverage? Policy options generally range from $1 million to $5 million, or more.
• What types of claims have you had? In some situations, it is possible to reduce how much coverage you obtain if you tackle the underlying factor leading to claims and settlements. Is the service you provide that is drawing that high of a liability concern profitable or beneficial to your organization?

It’s also important to factor in other liability insurance individual physicians often need. This should include employment practice liability, data compromise coverage, peer review liability, and HIPAA defense reimbursement. You may also want to consider disciplinary proceeding defense reimbursement and trail attendance loss of earnings riders.

This is your career, but it does not have to be something that worries you day in and day out. When you choose the right type of business insurance, including medical malpractice insurance that fits your individual needs, you can get the affordability that you need. You can then focus your time and energy on the factors that matter the most to you – your business, your patients, and your practice as a whole.

We’ll help protect the interests of your practice. Call Joseph A. Britton Agency at (800) 462-3401 for more information on New Jersey medical malpractice insurance.