Medical malpractice insurance is a type of liability insurance purchased by doctors, surgeons, and others. It protects licensed healthcare professionals from lawsuits filed by patients for wrongful practices that result in bodily injury, medical expenses, or property damage.
Why You Can’t Ignore Medical Malpractice Insurance in NJ
Medical malpractice insurance is needed by many healthcare professionals at one point or another. Medical errors are the third leading cause of death in the United States, following heart disease and cancer. No wonder why 15,000 to 19,000 medical malpractice suits are filed each year in the U.S. alone.
In many cases, states require that medical professionals have current malpractice insurance to work in hospitals and other facilities. However, there are still many doctors that practice without professional liability, a trend called “going bare”. While this trend has decreased over the years, it still exists. And the main reason for it is cost.
New Jersey Has Minimum Liability Limits for Medical Malpractice
In the state of New Jersey, there are minimum levels of professional liability insurance required. However, are these minimum levels enough to keep you safe? Some of the questions to ask yourself are:
What is the maximum cost you can afford to pay if something goes wrong?
Are all of your assets protected if you are sued and don’t have insurance?
Are you meeting the minimum level of insurance required in New Jersey?
Tips for Making Medical Malpractice Insurance Affordable
Fortunately, there are ways to make medical malpractice insurance in NJ more affordable. Here are a few tips on finding the best medical professional liability insurance for your budget.
Shop around. Just as you do for your personal insurance, shop around for the best medical malpractice insurance rates. Prices are competitive, and there are several types of companies to choose from: stock, mutual, exchange, and risk retention.
Ask about discounts. Many malpractice insurance companies offer discounts. When obtaining a quote, ask about any discounts you may qualify for based on your claims history, having completed risk management courses, or being new to practice.
Manage your risks. Be proactive in managing your risks. This includes having clear, open communication with patients, documenting all patient activity, and sending out patient satisfaction surveys. Avoiding lawsuits keeps your premiums lower.
Participate in risk reduction programs. If your insurer offers risk reduction programs, take them! Not only might you qualify for a discount, but also you can learn about minimizing risk.
Choose the best payment method. Most malpractice insurance companies will allow for payments to be made on an annual, quarterly, or monthly basis. Spreading out your payments can be helpful in terms of cash flow, but be prepared to pay the remainder at renewal time.
At Danskin Agency, we want to make sure that a single mistake doesn’t cost you everything. Give us a call to discuss your needs and we can put together a medical malpractice insurance deal that covers your risks.