When you hear the word “insurance,” your mind might automatically go to health insurance. However, health insurance is just one of the many types of coverage essential for running a successful healthcare practice. Other critical policies include cyber liability insurance, property insurance, and malpractice insurance.
Choosing the right insurance for your healthcare practice is crucial for protecting your business from potential risks. Navigating these policy options can be tricky, but consulting with an experienced healthcare insurance attorney can provide invaluable guidance and help you secure comprehensive, top-tier coverage across all areas.
Running a healthcare practice requires choosing the right insurance policies with careful consideration, as some are more essential than others. Below are the key options we recommend considering:
These are just a few of the recommended insurance policies worth considering for your practice. A physician attorney or healthcare lawyer can help you find the right options that align with your business and goals.
Medical malpractice insurance, also known as professional liability insurance, is one of the most critical policies for your healthcare practice. It is designed to protect healthcare providers and professionals from claims of negligence, errors, or omissions that may result in patient harm. This insurance is essential for healthcare providers in the medical field, as it protects the practice from legal costs.
Healthcare is a high-stakes industry, where employees are responsible for patients’ lives. If a physician is accused of medical malpractice — such as injuring a patient due to a surgical error, misdiagnosis, or incorrect treatment — this insurance policy can protect the business from high legal fees, court costs, and settlements.
Annual malpractice insurance costs vary depending on the location of the practice, the hours worked, the type of coverage, the specialty of the provider or doctor seeking coverage, and more. For example, surgeons tend to pay higher premiums than other medical professionals.
A malpractice attorney will work with you to determine the price of your medical malpractice insurance premium for your specific practice.
Choosing the right insurance for your healthcare practice isn’t an easy task. It requires careful consideration of a variety of factors. Depending on the types of healthcare services your practice provides, along with considerations like coverage limits, policy types, premium costs, claims processes, and deductibles, selecting the appropriate insurance policies can be daunting.
A healthcare lawyer or physician attorney can provide one-on-one guidance tailored to your practice’s specific needs. They can help you distinguish between the different insurance options, ensuring you understand how factors like the scope of services, level of risk, and state regulations can influence your choices.
At Fenton Jurkowitz Law Group, our team of seasoned healthcare insurance attorneys specializes in medical malpractice insurance and other critical policies tailored to protect your practice. We can help you navigate the complicated landscape of insurance options, ensuring that your practice is safeguarded against excessive fees and legal claims. Fill out our contact form on our website to connect with a healthcare practice attorney today.