Medical malpractice insurance is a type of professional liability insurance that protects healthcare professionals from claims of medical negligence or malpractice that results in injury or death. It covers your defense and any settlement costs.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Why do Podiatrists need insurance?
Professionals in this industry diagnose and treat foot deformities. They may operate privately or in facilities such as a hospital.
One of a podiatrist's greatest fears is being sued for medical malpractice. Being sued is like having your ability as a podiatrist questioned. Not only that it is demoralizing for a medical professional, but very expensive as well. Your insurance will carry some of the burdens for you by paying the full cost of the defense and court fees.
What risks do Podiatrists face?
Below are some examples of the risks that you face as a podiatrist:
A patient claims that the ankle surgery you provided did not heal, causing them to miss work. They blame your surgery for the damages and sue you for medical malpractice.
One of your nurses gets sick due to work-related causes. As their employer, your business is responsible for the medical expenses until the nurse can get back to work.
While going to one of your patient's homes, you get involved in an accident in which it is concluded that you are at fault. If this is the case, then you'll not just pay for the cost to repair your vehicle, but the other party's vehicle as well. You'll also pay for medical expenses if the other party is injured as a result.
How much does Podiatry insurance cost?
Podiatry Insurance cost varies as it relies on various factors, namely the size of your business, the number of employees you have, and the coverage required. If you want to know the cost of insurance for your business fast, simply apply online and we'll send your free quote in as little as five minutes.