Jane Dotson
Doctors require insurance to protect their assets and livelihoods. While medical liability coverage is a common form of insurance for doctors, there are other types of insurance that doctors may need to consider. These include coverage for fire, hacking, employee theft, and employee misconduct. In some states, certain forms of insurance are mandated by law. Doctors should be aware of the specific requirements in their state and the different types of insurance available to them, such as business overhead expense (BOE) policies, disability buyout (DBO) insurance, and cyber insurance. Additionally, organisations like the American Academy of Insurance Medicine (AAIM) offer support and resources to physicians serving as medical directors or consultants for insurance companies.
Doctors Practicing Medical Insurance
| Characteristics | Values |
|---|---|
| Insurer | The Doctors Company |
| Insurer Type | Physician-owned |
| Specialty | Medical malpractice insurance |
| Coverage | Up to $15,000 per month in benefits |
| Features | Risk management solutions, patient safety resources, AI integration |
| Target Customers | Healthcare professionals, practices |
| Discounts | 35% rate reduction for AMA members, 10% for non-members |
| Other Services | Disability income insurance, business overhead expense (BOE) policy, disability buyout (DBO) insurance |
| Industry Organizations | American Academy of Insurance Medicine (AAIM) |
| Membership Requirements | Physicians serving as medical directors, nurses, underwriters, medical consultants |
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What You'll Learn
Medical malpractice insurance
The cost of medical malpractice insurance depends on various factors, and policies often include flexible limits of liability coverage and convenient payment plans. The coverage limits are similar to those seen in car insurance policies, with the first number indicating the amount payable per claim, and the second number representing the total coverage for each policy year. For example, a policy with a limit of $1 million per claim and $3 million per year.
Some companies that provide medical malpractice insurance include GEICO, through its partner Berxi, and The Doctors Company, the nation's largest physician-owned medical malpractice insurer. The Doctors Company has been in business for over 45 years and offers risk management solutions and resources to help healthcare professionals reduce risk and improve patient care.
In addition to medical malpractice insurance, physicians may also consider other types of insurance to protect their practice. For example, the American Medical Association (AMA) offers disability income insurance for physicians, as well as office overhead expense insurance, which covers expenses of up to $20,000 per month if a practice owner becomes disabled and cannot work. Partners in a group practice may also want to consider disability buyout (DBO) insurance, which helps provide funds to buy out a disabled partner's ownership interest if they can no longer fully participate in the practice.
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Disability insurance
There are several types of riders that can be added to a disability insurance policy, providing additional benefits and customization. A residual disability rider, for example, allows a disabled person to receive benefits proportionate to their loss of income if they return to work part-time. A catastrophic disability rider provides additional benefits if the insured is unable to perform basic activities of daily living without assistance or suffers a cognitive impairment. Other riders include the cost of living adjustment rider, which helps benefits keep pace with inflation, and the student loan protection rider, which provides extra money to pay off student loans during the benefit period.
When considering disability insurance, doctors should consult with a professional insurance adviser or financial planner who specializes in working with physicians to ensure they get the most suitable coverage for their needs.
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Business overhead expense insurance
Doctors who own their practices are not only physicians but also business owners, and they have additional insurance needs. Business overhead expense (BOE) insurance provides critical coverage for small business owners, including physicians who own their practices. It is designed to help keep a practice running if the business owner experiences a disability and cannot work. This type of insurance can cover eligible operating expenses, including employee salaries, payroll taxes, insurance premiums for employee benefits, rent, utilities, property taxes, office equipment expenses, accounting fees, and more.
The benefit period usually lasts for up to 12 to 24 months, giving the business owner time to recover and return to work or develop another plan for the business. BOE insurance can also help cover the salary of a locum tenens physician to care for patients while the regular doctor recovers. This prevents patients from leaving the practice to find care elsewhere.
There are several types of business overhead expense insurance plans. For example, the TMA Member Business Overhead Expense Plan issued by The Prudential Insurance Company of America offers a benefit of up to $50,000 per month. AMA Insurance also offers a business overhead expense policy with coverage of up to $20,000 per month, with rate reductions for AMA members and nonmembers for the first year of coverage.
Additionally, Doctors Manitoba offers an Office Overhead Expense Insurance plan that is not-for-profit. Any surplus in a given year is returned to plan members as a credit on the following year's premiums. This plan is available to members who move outside of Manitoba as long as they maintain their membership and premiums are paid when due. Members can also increase or change the coverage if they are resident in Canada.
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Workers' compensation
It is important to note that the fee schedules for treating work-related injuries may vary across different states and medical practices. Patients are advised to contact the doctors directly to understand their fee structures. Additionally, certain states may require employees to seek prior approval from their employer or insurance adjuster before scheduling an evaluation with a workers' compensation doctor.
In terms of treatment options, employees who live within the service area of a workers' compensation network must use the doctors and hospitals specified in the network for care related to work injuries or illnesses. However, there are exceptions for emergencies, and employees can request prior approval to visit an out-of-network doctor. If a network denies a treatment request, the injured employee or their doctor can ask for reconsideration. The network must then review the appeal and provide a decision within a specified timeframe.
Overall, workers' compensation insurance plays a crucial role in ensuring that employees who suffer work-related injuries or illnesses have access to the necessary medical treatment and services.
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Commercial property insurance
Doctors practising medical insurance can take on various roles. Some doctors work in insurance companies, where they review charts, perform clinical medicine, or work as medical directors. Other doctors may choose to open their own private practices, which requires purchasing business insurance to protect their practice and employees.
When considering commercial property insurance, it is important to assess the specific risks and requirements of the medical practice. Reputable insurance companies, such as The Doctors Company, can provide expert guidance and resources to help healthcare professionals make informed decisions about their insurance choices. Additionally, it is worth noting that organisations like the American Medical Association (AMA) offer specialised insurance products, such as office overhead expense insurance, which can provide significant financial support in the event of disability or other unforeseen circumstances.
In conclusion, commercial property insurance is a crucial component of risk management for doctors who own their medical offices. By understanding the specific needs and risks of their practice, doctors can effectively safeguard their assets, equipment, and business operations through carefully selected insurance policies.
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Frequently asked questions
Medical malpractice insurance is a type of insurance that covers medical professionals in the event of a claim or lawsuit arising from alleged negligence or misconduct in the provision of medical services.
Medical malpractice insurance is crucial for doctors because it protects them from financial ruin in the event of a lawsuit. It also helps ensure that patients who have been harmed as a result of negligence receive compensation.
Examples of medical malpractice include misdiagnosis, surgical errors, medication errors, birth injuries, and failure to treat.
The cost of medical malpractice insurance for doctors can vary depending on a number of factors, including the doctor's specialty, location, claims history, and the coverage limits of the policy. It is typically one of the largest premiums a doctor will pay.
