How Much Does Dermatologist Malpractice Insurance Cost

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Dermatology is a reliable industry to get into for several reasons. First, it is a very profitable and rewarding profession since you are helping people feel better. Second, humans will, so far as we can tell, always have to tend to various skin problems and diseases, so it is safe to say that dermatology is an industry that will never go away. This is great news for someone looking to make a difference in people’s lives while making a respectable income and enjoying what they do for a living. Job security is high and this will attract a certain set of individuals to the dermatology industry. However, due to the fact that you are dealing with the health and well-being of others, making suggestions, and even sometimes providing medical treatment can come with considerable risks attributed to the industry of dermatology.

The Dermatologist Industry and Insurance

Before you can understand the dermatologist industry and why insurance is important, you must first determine if you fall into the category of a dermatologist. There are several subspecialties that exist in the industry and we will list some of them here.

  • Cosmetic Dermatology – Botox is probably the most popular form of cosmetic dermatology but also included in this subspecialty is surgery, fillers, liposuction, facelifts and even laser surgery. All of these procedures fall under the umbrella of cosmetic dermatology.
  • Dermatopathology – The pathology of human skin is an important part of dermatology and has just as many risks as the other subspecialties.
  • Immunodermatology – Just like it sounds, this subspecialty of dermatology deals with immune disorders of the skin such as lupus, pemphigus vulgaris, bullous pemphigoid and other related disorders.
  • Mohs – Dermatologists who specialize in Mohs surgery are working with patients who have skin cancer. They try to use as much of the existing tissue as possible when performing these types of surgery.
  • Pediatrics – As with most medical professions, there is also a pediatric subspecialty, which of course includes those dermatologists who specialize in skin disorders and diseases in children.

As you can see, there are many types of dermatologists and are all at risk from the work that they do. If your profession falls under any of these categories or even sounds similar, you need to make sure that you have the proper insurance portfolio to protect you and your practice. From physical injury to misdiagnosis to property damage, there are many things that can go wrong for dermatologists.

Additionally, with technology becoming an increasingly larger part of the industry and many new treatment options continuously becoming available to patients, the risks continue to increase. Luckily, almost all of the risks associated with this medical profession can be mitigated with the correct insurance coverage. While you may be concerned with how much dermatologist malpractice insurance costs, consider it as an investment in your protection.

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Necessary Insurance for Dermatologists

Dermatologists and all the subspecialties undergo a huge risk since they are dealing with the public and diagnosing and treating them. Some insurance policies will be more important than others and we will discuss the basics here before delving into the most important policy, Errors and Omissions insurance for dermatologists.

  • Business Owner’s Policy (BOP) – First and foremost a dermatologist should have a BOP or business owner’s insurance policy. It encompasses a lot of coverages in one convenient package. General Liability is going to provide coverage for claims of bodily injury and property damage. An example of this would be if your patient comes into the office and trips over something and breaks their wrist. Property coverage will, of course, pay to replace damages to the building if you own and insure it, as well as business personal property inside of the building for covered perils. Covered perils include things like fire, theft, wind and lightning. Coverage that is also included in the BOP is Business Income, which will pay for your lost income due to you having to close your practice due to covered perils. The easiest example is if the building should catch on fire and burn enough to where you have to close for a period of time, Business Income will cover your normal operating expenses. This is great if you have a mortgage, rent or key employees that you would like to keep on-board.

  • Workers Compensation – If you have a dermatologist practice and employ other dermatologists or clerical staff, you should have Workers Compensation. As a dermatologist, you probably use your hands a lot and repetitively. This can cause issues like carpal tunnel, which would be considered an occupational injury.

  • Cyber Liability – In today’s high-tech world, you probably store patient information on your computer, in the cloud or on a backup device. Regardless of how you store it, there is always the risk of hackers, viruses and other types of data breaches. And unfortunately, the cost to recover from a data breach is steadily increasing due to how creative the hackers are becoming. There was once a time where a hacker would encrypt your data, ask for a ransom of a couple thousand dollars, and you could ignore it and restore it from backup. Unfortunately, hackers are smarter now and encrypt your backups as well, and are asking for millions in order to return them to you. Cyber Liability insurance can help soften the blow if one of these events occurs.

  • Umbrella – It is always a great idea to have an extra layer of protection. An Umbrella insurance policy will give you an extra layer of liability that sits on top of all of your other liability policies. Umbrella Liability insurance is especially critical for the medical field as when there is a lawsuit, it could incur large costs and your standard General Liability limits will probably not be sufficient to cover them.

The above insurance policies are pretty standard for the dermatologist industry, but also any business in general. These are basic coverages that all businesses should consider due to the normal risk that comes with dealing with the public. However, any kind of medical profession has an increased risk due to diagnosis and aesthetic treatment. That is why Professional Liability for dermatologists is vital when you are building your insurance portfolio.

Professional Liability for Dermatologists

Professional Liability, also known as Errors and Omissions insurance for dermatologists, is the most critical part of your insurance package. You might also hear it referred to as Medical Malpractice insurance, which you probably know a little bit about already. Conducting business as a dermatologist, you probably have some relationships with either the practice you work for or vendors you may use that require you to have Professional Liability in order to practice. This, however, is not the only reason you should have Professional Liability.

Mistakes can happen, as they do for any human being. Perhaps you are dealing with a patient that has a rare skin disease that you have never seen before, but think it is a strain of one that you have. If you diagnose them and treat them with something that ultimately hurts them, you could be sued for negligence. In the case of a patient receiving surgery, if they do not heal looking exactly the way you promised them, you could be sued.

There is an unlimited number of scenarios that can result in being sued as a medical professional, which is why it is so essential that you have Professional Liability for dermatologists. Not only will Errors & Omissions insurance provide coverage for all of these scenarios, but it will also cover your patient’s additional medical expenses if they have any. Additionally, any judgments or settlements that may be reached on your behalf can be covered as well.

Another great reason to purchase Medical Malpractice insurance is for the often exorbitant costs of defending yourself. Between attorney fees and court costs, your wallet could be in big trouble without insurance. Professional Liability will pay for these defense costs regardless of whether the reason you are being sued for was intentional or not. Be sure to always read your policies so you know what is covered and what is not, as not all insurance policies are the same. These are just standard coverages that are given in all Professional Liability policies.

Cost of Malpractice Insurance for Dermatologists

Now that you understand the importance of having the best protection in the form of your insurance program, let’s discuss dermatologist Malpractice insurance cost. Of course, each dermatologist is going to have different prices because of the many factors that are taken into consideration by their insurance companies, which include:

  1. History – If you have a history of claims as a dermatologist, this can impact the pricing of your Professional Liability policy. Similarly, if you have not had any you may be able to get credit for this.

  2. Experience – The more experience you have, the better your premiums will be. Insurance companies do not like to take a risk on a new venture that has no experience with loss control and risk management.

  3. Size – If you own and operate a practice and want to cover your employees, the size of your practice will certainly impact the price.

  4. Work – A dermatologist who only provides treatment for skin diseases will likely pay less for Errors & Omissions insurance than one who may perform surgeries.

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