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Professional liability insurance for healthcare providers

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Professional liability insurance

Professional liability insurance, also called errors and omissions insurance, protects small businesses against the costs of client lawsuits over unsatisfactory work.

Professional liability insurance guards against the cost of errors

Healthcare professionals are all too aware of the consequences of a mistake or oversight. If a patient or relative sues, your small practice could face a financially devastating lawsuit.

Professional liability insurance offers the protection your healthcare business needs to continue providing its services while handling a lawsuit. In the healthcare industry, you may see it called malpractice insurance. This coverage can be required by some states and healthcare facilities.

This policy provides liability coverage related to:

  • Accusations of patient neglect
  • Medical advice that caused harm
  • Mistakes or oversights that harm a patient
  • Additional risks, such as telemedicine

What coverage can professional liability insurance provide for healthcare professionals?

Accusations of negligence

Nurses, home healthcare providers, and other healthcare professionals are highly susceptible to claims of negligence. For example, a patient could claim that a nurse’s neglect caused bed sores. If the patient files a lawsuit, professional liability insurance can cover legal expenses, such as the cost of hiring an attorney.

Advice that caused harm

A physical therapist who offers faulty advice could end up worsening a patient’s condition. If that patient sues and you don’t have proper coverage, you could end up paying for a legal defense with your own assets.

Medical malpractice insurance can cover expenses related to the lawsuit, including a court-ordered judgment or settlement.

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Mistakes or oversights

Even if a claim is frivolous, an alleged error could still result in a costly lawsuit. For example, a patient could hold a radiology lab responsible for a delay in paperwork, even if it was beyond the lab's control. Professional liability insurance can help pay for your legal costs so you can keep practicing despite a lawsuit.

Other specialized coverages

Professional liability insurance for healthcare professionals can include additional types of coverage for unique risks, such as:

  • Professional license defense coverage
  • Biomedical defense coverage
  • HIPAA defense coverage
  • Sexual misconduct defense coverage
  • Telemedicine coverage

How much does professional liability insurance for healthcare professionals cost?

A healthcare worker calculating insurance costs.

Healthcare professionals pay an average of $110 per year for non-medical home health aides, to several thousand annually for professions with higher risk exposures.

Your premium varies significantly depending on your specialty.

Insurance costs for healthcare professionals are based on a few factors, including:

  • Healthcare services offered, such as dentistry or hospice care
  • Medical equipment and other business property
  • Revenue
  • Location
  • Number of employees

Other key policies for healthcare professionals

Professional liability insurance can help cover the cost of lawsuits related to your business decisions, but it does not provide complete protection. Slip-and-fall injuries and property damage are daily risks for any healthcare business. Other policies to consider include:

General liability insurance: This policy can pay for legal expenses related to patient property damage and accidental injuries, along with advertising injuries such as slander.

Business owner’s policy: A BOP bundles general liability coverage with commercial property insurance, often at a lower rate than if the policies were purchased separately.

Workers’ compensation insurance: Most states require this coverage for healthcare businesses with employees. Workers’ comp can cover medical costs for work-related injuries and illnesses.

Commercial auto insurance: State laws require this coverage for vehicles owned by a business. It helps cover the cost of an accident involving a business vehicle.

Cyber liability insurance: This policy helps healthcare professionals survive data breaches and cyberattacks by paying for recovery expenses and other associated costs.

Get free quotes and buy online with Insureon

Are you ready to safeguard your healthcare company with professional liability insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

Updated: October 20, 2023
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