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Professional liability insurance for healthcare professionals

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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 can offer the protection your healthcare business needs to continue providing its services while handling a lawsuit. In some professions, you may see it called malpractice insurance.

This policy provides liability coverage related to:

  • Poor advice
  • Accusations of negligence
  • Mistakes or oversights

What coverage can professional liability insurance provide for healthcare professionals?

Poor advice

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.

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

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.

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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.

How much does professional liability insurance for healthcare professionals cost?

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Most healthcare professionals pay a median 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.

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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: May 13, 2022
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