A group of physicians. They must be covered by professional liability insurance.physicians professional liability insurance

Professional liability insurance, also known as malpractice insurance, is a critical safeguard for physicians in the United States. A recent American Medical Association (AMA) study found that nearly one in every three physicians will face a lawsuit for medical malpractice at some point in their careers. This statistic illustrates that legal challenges in medicine are not uncommon, even for highly skilled physicians, and being sued is not necessarily an indication of medical error. The AMA’s findings also reveal that while a significant portion of malpractice claims against physicians do not result in a determination of fault, when cases do go to trial, they can result in large compensation payments being awarded to plaintiffs.

Get a Free Quote Now

The fastest way to find out how much professional liability insurance for physicians costs, is to enter your details in the form, for a quick quote. All you need are your contact details and NPI number.

Westwood Insurance Brokers  are experienced in sourcing professional liability insurance for resident physicians. We work with a number of different carriers to ensure you have the most suitable insurance coverage available.

Quick Quote – Liability Insurance for Physicians

what does professional liability insurance cover?

Physicians consider professional liability insuranceProfessional liability insurance for physicians typically includes coverage for legal fees, settlements, and judgments in malpractice lawsuits. It addresses claims of negligence and errors in healthcare delivery. Key aspects like arbitration costs, medical damages, and punitive and compensatory damages are often covered.

why is tailored coverage important?

Given the diverse nature of medical practices, one-size-fits-all insurance coverage is inadequate. Physicians are advised to collaborate with specialized insurance brokers, like Westwood Insurance Group to secure a policy that is tailored to their specific practice needs and risk exposures.

Some things to consider:

  •  What coverage limits do you want? The most common limits are $1 million per claim and $3 million total for the claim period, however your particular state, or the medical organization you work for may have different requirements.
  • Do you need insurance to cover claims made during the insured period or occurrences? Occurrences coverage will cover you even if the claims are lodged after the period of insurance, provided the event being claimed for occurred during the insured period. For instance, if you are retiring at the end of the year of coverage, and you have a claims made policy, you may want to purchase tail coverage, in case claims are lodged after you retire.
  • Do you want your policy to include a “consent to settle” clause, allowing you to approve a potential settlement, or to withhold approval if you don’t like the terms of the settlement.

Have questions? Fill out the form below and we’ll be in touch, to assist you, or Call 855 351 7487 during business hours.

other types of insurance we can help you with

Business Owners Policy 9BOP) for physicians in Florida

Business Owners Policy

A comprehensive insurance package designed for physicians with small to medium-sized businesses, providing a blend of liability protection and property insurance.

A florida physician checks medical records, protected by cyber security insurance

Cyber Liability Insurance

Covers you against financial losses associated with data breaches, cyber attacks, and other incidents. Insurers will usually help  fix vulnerabilities as part of this policy.

Commercial Auto Insurance

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

Why medical professionals love to work with us

“Westwood Insurance Group, with Dale and Liz are a pleasure to work with in helping solve for my insured’s insurance needs. Very responsive and eager to help! They are competent and trusted!”

“I have worked with Michael and the team for the past two years and found them to be ethical, competent, attentive and to deeply value their relationships with both agents and underwriters. It is always a pleasure to deal with them”

“Laura has been a great contact for us over at the Westwood Insurance Group. She is extremely communicative and responsive. Their quick turnaround on last minute items is appreciated as well.”

Contact Michael Richards now

Michael Richards, President, Westwood Insurance Group

Michael specializes in insurance for Physicians. 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:

traditional insurance products

Westwood have fostered exceptional relationships with underwriters and we go to great lengths to keep abreast of their latest products, changes in requirements and restrictions, including having weekly calls with the carriers, which you can see here, by joining our insurance insider group.

    Insurance products at Westwood Insurance Group

    You can find more information on the Insurance Products main page.

    If you have any questions on the different policies, check out our Insurance FAQ’s

    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.