Medical Assistant Insurance

Here are some of the factors that determine insurance premiums for medical assistants during the underwriting process:

• Medical services offered. A clinical assistant who is directly involved in patient care can expect to pay more for insurance than one who handles administrative duties.
• Business property and equipment. It'll cost more to insure valuable medical equipment or a large commercial space.
• Number of employees. A larger workforce brings a higher risk of employee accidents and mistakes, which raises the cost of workers' compensation, general liability, and similar policies.
• Annual revenue. Increased business revenue is associated with higher risks and more frequent claims, which results in higher insurance costs.
• Business location. Regional factors such as crime rates, population density, and property values affect how much you pay for business insurance.
• Policy limits and deductibles. Policies with higher limits cost more but cover more expensive claims. Choosing a higher deductible can lower your premium, but your insurance won't activate until you pay the full amount.
• Claims history. Medical assistants who have filed an insurance claim in the past will pay more for insurance than one with a clean history of claims.

Medical assistants should always have medical malpractice insurance, also called professional liability insurance. Healthcare professionals often need this coverage to sign contracts, and it's occasionally required by state laws for certain professions.

Here's why malpractice insurance is essential for medical assistants:

• Healthcare networks and facilities require it. You may need malpractice insurance to work for a specific healthcare network or healthcare facility, such as a hospital, medical office, or dentist office.
• Your employer's policy may not be sufficient. Even when your employer or network provides malpractice coverage, you should still invest in your own policy. Employer policies are designed to protect their own interests, which can leave you with insufficient protection.
• Your performance affects patient well-being. If a medical assistant makes an error or provides care beyond their scope of practice, it can lead to a serious injury or wrongful death. You could end up paying hundreds of thousands of dollars in legal costs, court-ordered judgments, or settlements.
• Lawsuits can happen to anyone. Even the most careful medical assistant can make a mistake on a busy day, or end up as a codefendant alongside their supervising doctor, physician assistant, or nurse practitioner.

Having your own malpractice insurance coverage gives you peace and mind and protection against claims of professional negligence or failing to meet the standard of care. An insurance agent who knows your industry can help you find the right coverage for your unique risks at a price you can afford.

Medical assistants often buy these coverages as part of a risk management strategy to protect their practice and career:

• Telehealth coverage adds protection to your malpractice insurance for liability claims arising from telemedicine or virtual patient services, such as misdiagnoses or patient complaints.
• License defense coverage pays for legal fees and other costs if you face an investigation or malpractice lawsuit that could affect your status as a Certified Medical Assistant (CMA). It's often available as an add-on to your professional liability policy.
• Needlestick or occupational accident insurance (OAI) protects against injuries from needles or sharps, as well as exposure to blood and other bodily fluids.
• HIPAA defense coverage covers legal proceedings, fines, and penalties related to HIPAA violations, and can typically be added to medical professional liability insurance.

These additional coverages help ensure you’re protected against less common, but potentially costly, risks in your practice.