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From general practitioners and consultants to surgeons - doctors have the duty to look after the well-being of citizens and save their life when in critical condition.
Unfortunately, at one point in time, doctors - like all professionals out there - make mistakes. But since doctors must operate error-free at all times - one mistake can severely injure or ravish a patient’s health.
If that were to happen, the patient can sue you, and if they win - you could be held legally and financially liable for the mistake that you’ve made and the damages that the patient has had to suffer through as a result.
This is why having doctor’s insurance is highly recommended as you will be freed from any financial liabilities that may arise.
How Much Does Doctors Insurance Cost?
There are several factors that will determine the cost of your doctor’s insurance. In most cases, it depends on the medical field you work in and the level of cover you want to take out.
Whether you own private practice or are part of a hospital roster, medical practitioners need to prioritize the continuity of their services. Business owners’ insurance costs $65 per month or an average of $795 per year. This insurance combines both general liability insurance and commercial property insurance.
Accusations of negligence or, in some cases, a wrongful death lawsuit can not only ruin your credibility but also revoke your medical license. Professional liability insurance helps pay for expenses related to professional mistakes, and medical malpractice claims. For this policy, the total costs will depend heavily on your medical specialization or your practice’s overall level of risk. Generally speaking, it is around $300 per month.
If you have staff working for you, worker’s compensation insurance is necessary. You can expect to pay around $85 per month and ensure that your staff is covered in case they get injured or sick at their place of work.
To provide yourself with the necessary cover in case of a data breach, taking out cyber liability insurance is highly recommended. This policy will cost you an average of around $200 per month.
What Types of Insurance Do Doctors Need?
Generally speaking, doctors have several insurance policies to choose from. Factors such as medical speciality, the size of your business, and the area you work in will determine what insurance you need.
Please take a look below to find the most common insurance policies for doctors in the United States:
Why Do Doctors Need Insurance?
Since doctors operate in a high-risk environment with zero room for error, a simple mistake can land the doctor in a lot of legal and financial trouble.
For instance, if you prescribe the wrong medication or dose to a patient and as a result, their health suffers - they can sue you, and if you are found guilty, without insurance, you will have to pay out of pocket for all costs associated with the trouble that your mistake has caused.
In other cases, your practice’s data and servers can be breached, which could expose a lot of customer data and medical records. And if that were to happen, you can get sued, which without insurance will likely cost you a lot of money to come back from.
In other cases, doctors simply don’t have a choice and are legally required to take out a certain level of cover depending on their state in order to guarantee the safety and protection of both the doctor and the patients in case an accident takes place.