Chapter 2: How Insurance Can Save Your Medical or Healthcare Practice Millions
Part 1: Malpractice Insurance for Healthcare Professionals
State Laws and Malpractice Insurance
While we're on the topic of state laws, did you know that at least seven states require physicians to obtain minimum levels of Malpractice Insurance? It's true! Colorado, Connecticut, Kansas, Massachusetts, New Jersey, Rhode Island, and Wisconsin all require physicians to carry coverage ranging from $100,000 to $1 million per occurrence and $300,000 to $3 million in aggregate per year.
Plus, Indiana, Louisiana, Nebraska, New Mexico, New York, Pennsylvania, and Wyoming require physicians to carry minimum levels of Malpractice Insurance to qualify for state liability reforms (such as caps on damages or patient compensation funds).
Though many states do not require physicians to obtain a specific amount of Malpractice Insurance, you may be required to carry a certain amount of protection in order to receive hospital staff privileges, participate in health insurance plans, or adhere to client contracts.
To learn more about state laws governing Malpractice coverage, check out The American Medical Association's state-by-state guide [PDF] for mandatory insurance requirements.
Next: Part 2: Cyber Liability Insurance for Allied Health Professionals