malpractice insurance for podiatrists

A podiatrists examines a patient malpractice insurance is essential for podiatrists

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why do podiatrists need insurance?

A comprehensive analysis of malpractice cases between 2004 and 2017, extracted from the VerdictSearch legal database, sheds light on the frequency and nature of these lawsuits. In this period, 72 cases focusing on foot surgery were scrutinized for details such as physician specialty, medical outcome, and verdict.

The majority of these lawsuits involved podiatrists, who accounted for 76.4% of the cases, in contrast to orthopedic surgeons at 15.3%. Most lawsuits against podiatrists stemmed from elective procedures, with the chief complaints being persistent pain and deformation. These cases often alleged failure to treat or inappropriate surgical procedures.

Interestingly, despite the varied nature of cases between podiatrists and orthopedic surgeons—the latter seeing a higher rate of urgent cases and surgical complications—the rates of plaintiff victories and mean compensation were similar. Podiatrists faced a plaintiff victory rate of 25.5%, with an average payment of approximately $911,884, while orthopedic surgeons experienced a slightly higher plaintiff victory rate of 27.3%, with an average payment around $975,555.

How much does podiatrist malpractice insurance cost?

A podiatrist operates on a patient. Podiatrists face a high risk of being sued for medical malpractice

Medical malpractice insurance rates for podiatrists reflect the increase risks involved with performing surgery, which can be double the rates of medical professionals like internists or family medicine physicians.

Podiatrists can expect to pay a minimum of $25,000/year in states like Idaho, Minnesota and North Dakota; to a maximum of $50,000 in New Hampshire, $70,000 in Florida, $75,000 in Washington DC, $125,000 in Manhattan, NY and $450,000 in Las Vegas.

As well as varying widely from state to state, costs can vary according to the type of cover you want to take, whether you want to be covered only for claims which are made during the insurance period, or for occurrences which may lead to claims being filed at a later time.

Finally, a history of claims can have an impact on the cost of malpractice insurance.

what types of insurance do podiatrists need?

General Liability Insurance

General Liability Insurance

This is necessary for podiatrists with their own facilities. It  covers medical expenses and attorney fees resulting from bodily injuries and property damage your facility or organization could be legally responsible for.

Business owner's policy (BOP insurance)

Business owner's policy (BOP insurance)

A Business Owner’s Policy (BOP) is a comprehensive insurance package designed for medical professionals with small to medium-sized businesses, providing a blend of liability protection and property insurance.

Professional Liability Insurance

Professional Liability Insurance

Professional Liability Insurance (malpractice insurance) overs any negligence or mistakes made by the individual podiatrists during their practice. It differs from General Liability insurance, which covers the practice. 

Commercial Auto Insurance

Commercial Auto Insurance

This is relevant for podiatrists who use a vehicle for your practice-related tasks. This insurance covers you against auto accidents, theft, and other vehicle-related incidents.

Workers Compensation Insurance

Workers Compensation Insurance

Workers Compensation Insurance is usually mandated by law, to protect podiatrist practices and their employees in case of work-related injuries or illnesses.

Cyber Liability Insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other cyber incidents. Insurers will usually conduct rigorous testing of your online system to fix vulnerabilities as part of this policy.

Contact Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for podiatrists. You can call him or one of the team on the number below or fill out the form and he will get your message directly:

we've got you covered

General Liability Insurance

Protecting healthcare organizations against increasingly crippling litigation.

Professional Liability Insurance

Protecting medical professionals against increasingly crippling litigation.

Medical Malpractice Insurance

Protecting medical professionals against increasingly crippling litigation.

Cyber Liability Insurance

Protecting healthcare organizations & professionals against cyber attacks.

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insurance for hospitals

Hospital Insurance typically covers all or part of the potential liability for hospital services. It includes medical malpractice, accidents involving hospital employees and equipment, care during surgery or any other invasive treatment, after-hours care arrangements by staff who need help with their children and more.

insurance for long term care facilities

Long term care facilities must protect themselves against potential liability arising from incidents within their facility. Westwood can help you negotiate a package tailored to your long term care facility client.

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    alternative structures

    Westwood President, Michael Richards has extensive experience in setting up alternative structures for larger clients. Here are some examples:

     

    If you think your client could be large and stable enough to benefit from starting or participating in a captive or has a special need for another alternative structure, contact Michael Richards now by phone: 855 351 7487.