Making sure your medical practice is properly insured will protect you and your business from unforeseen events. Having proper insurance coverage protects you and your assets in the event of a lawsuit or malpractice suit. That’s why it is so important to choose the right insurance for your practice. Medical malpractice insurance will protect you in the event that a patient makes a claim of medical negligence against you or your practice. It is important that you have enough coverage.
Medical doctors need to meet state minimums for malpractice coverage. You should also consider the type of medical practice you are running, the value of your personal assets, and the monthly premium amount you’re willing to pay. While numbers vary greatly between states and different hospitals, it is usually recommended for medical doctors to carry between $1 million and $5 million in medical malpractice insurance. As a medical doctor in private practice, you must also carry insurance to protect your office and business.
You will need…
- Property insurance
- General liability insurance
- Worker’s compensation insurance
- Health insurance for your employees
- Umbrella liability insurance
- ….and Cyber liability insurance.
Depending on the size and type of medical practice you run, additional insurance may be required to protect against common catastrophes. Remember that your medical practice is a business. While malpractice insurance should be first on every doctor’s mind, it is also crucial to obtain the various types of insurance common to all independently-run businesses.
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