Podiatrists Insurance Policy Information
Podiatrists Insurance. Podiatrists are medical doctors educated and licensed to deal with conditions, diseases, or injuries to the foot and ankle. They diagnose problems, remove calluses and ingrown toenails, prescribe medicines, prepare foot supports, refer patients for physical therapy, set fractures, and perform surgeries. Specialties include diabetic care, pediatrics, and sports medicine. While most podiatrists work from their own private offices, some are employed by hospitals or clinics.
Though running a podiatrist practice is one of the most sought after medical practices, it also comes with its own risks that can ruin your business in the event you are required to pay huge sums of money in compensation claims and legal fees.
The best way to protect your foot and ankle practice is to take up a podiatrists insurance policy that protects your business from unforeseen risks. Having business insurance coverage will allow you to concentrate on treating your patients, knowing that any unforeseen risks will be handled by your insurer. Any basic podiatrist insurance policy should be able to protect your practice against the following:
Podiatrists insurance protects your foot and ankle practice from lawsuits with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Below are some answers to commonly asked podiatrist insurance questions:
- What Is Podiatrist Insurance?
- How Much Does Podiatrist Insurance Cost?
- Why Do Podiatry Practices Need Insurance?
- What Type Of Insurance Do Podiatry Practices Need?
- What Does Podiatrists Insurance Cover & Pay For?
What Is Podiatrist Insurance?
Podiatrist insurance is a type of insurance that provides coverage for podiatrists, or foot and ankle specialists. It may provide coverage for liability and malpractice claims, property damage, and other types of losses that may arise from the practice of podiatry.
This type of insurance may also provide coverage for medical expenses, legal expenses, and other costs associated with a claim. The purpose of podiatrist insurance is to protect the financial stability of the podiatrist and their practice, while also providing peace of mind to their patients.
How Much Does Podiatrists Insurance Cost?
The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small podiatrist practices ranges from $67 to $79 per month based on location, size, payroll, sales and experience.
Why Do Podiatry Practices Need Insurance?
Here are some reasons why Podiatry practices need insurance:
Protection against malpractice claims: Podiatry practices are at a high risk of malpractice claims due to the nature of their work, which involves diagnosing and treating foot and ankle problems. Insurance can help protect the practice against the costs associated with malpractice claims.
Coverage for equipment and facilities: Insurance can provide coverage for equipment and facilities in the event of damage or theft, allowing the practice to quickly resume operations without incurring significant financial losses.
Employee protection: Insurance can provide coverage for employees in the event of injury or illness while on the job, helping to ensure that they receive prompt and appropriate medical treatment.
Compliance with regulations: Many states require podiatry practices to carry liability insurance as a condition of licensure. Insurance can help practices comply with these regulations and avoid costly fines and penalties.
Peace of mind: Having insurance in place can provide peace of mind for podiatry practices and their patients, knowing that they are protected in the event of any unexpected events or accidents.
What Type Of Insurance Do Podiatry Practices Need?
Here are some of the different types of insurance claims that podiatrists can face in their practice:
Malpractice Claims: As a healthcare professional, a single mistake or even a small oversight in diagnosis and treatment can lead to complications, further injury and even permanent disability to your patients. No matter how experienced you are, there is always a risk that you or your staff can misdiagnose a patient. Your patient can sue you for malpractice by alleging that your diagnosis, treatment or medical advice resulted in further illness, injury or even financial loss.
Many malpractice lawsuits end in patients awarded huge sums of money as compensation that can financially ruin your practice. This is however not the case as your podiatrists insurance policy protects you against malpractice claims.
If your patients sue you for malpractice, your insurance company will cover all legal fees you incur during the process and any compensation that you will be required to pay. Depending on your podiatrists insurance policy, you may also be eligible to receive compensation on any lost revenue during the litigation process.
Bodily Injury Claims: No matter the precautions you take, accidents can happen anytime. A patient entering your office can slip and fall resulting in injury. In some instances, the patient may sue your business for all medical expenses related to their injury. Bodily injury claims are one of the most costly liabilities especially when you consider related legal fees.
Having a commercial general liability policy will give your practice a peace of mind as your insurer will provide funds to cover legal fees and settlement costs. In the event the third party injury or illness results in death, your insurer will provide funds for related medical costs, funeral expenses and any awarded compensation.
Workers' Compensation Claims: If you have employees in your practice, workers comp is required in most states. If your staff is injured while undertaking their routine duties or are accidentally exposed to infections by either coming into contact with hazardous materials, they can file a compensation claim.
Having a workers comp policy is an effective way to minimize risks related to workers suing your practice for compensation. Your insurer will provide you necessary funds to pay all related medical costs incurred by your staff during treatment and also compensate your employee for any lost income they could have otherwise earned while they recover.
Protection against Property / Equipment Damage or Loss: As a podiatrist, there are specialized equipment that you use for diagnosis and treatment of your patients. In the event this equipment break down, are damaged or even stolen, it means that you may not work effectively leading to loss of income.
With a podiatrists insurance policy that covers your property or equipment, you will quickly get back to work as your insurance will be able to provide you with funds to replace you damaged, stolen or broken down equipment. You can also protect your business premise against fire, theft, vandalism and even natural calamities.
Podiatrist's Risks & Exposures
Premises liability exposure is moderate due to patients' access to the premises. Due to the nature of foot diseases and injuries, podiatry patients often have difficulty walking and may be dependent on canes, crutches, foot supports, or walkers. To prevent slips, trips, and falls, all areas accessible to patients must be well maintained with floor covering in good condition. The number of exits must be sufficient, and be well marked, with backup lighting in case of power failure. Steps should have handrails, be illuminated, marked, and in good repair. Parking lots should be maintained free of ice and snow.
Housekeeping should be excellent and spills must be cleaned up promptly. If surgery is performed on site, the area must be kept sterile at all times and carefully controlled. Escort procedures must be clear for all personnel. Maintaining a patient's privacy is critical.
Examination rooms, check-in and checkout stations must be in private areas so one patient cannot view information or overhear conversations regarding another patient's confidential information.
Professional / Malpractice exposures are extensive. The exposure increases if the provider fails to conduct thorough background checks to verify employees' credentials, education, and licensing. The more types of procedures that the podiatrist performs, the more chance of professional loss. A patient's medical history must be checked prior to prescribing medications.
Very serious losses may result from failure to secure patient approval before performing procedures. Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Needles and other equipment must be sterilized and sanitized to prevent the spread of blood-borne infectious diseases such as hepatitis, HIV, and AIDS.
Surgery should be performed in a sterile environment with trained individuals administering and monitoring the use of anesthetics.
Workers compensation exposure is due to possible transmission of disease from a patient. Gloves and masks should be worn at all times when working around any bodily fluids. Because of the mobility limitations of many podiatry patients, back strains, or sprains may occur due to lifting or supporting patients. Unruly or unpredictable patients can cause harm including strains, back injuries, and contusions.
Training and safety equipment should be in place to prevent exposure to radiation when performing X-rays. Since patient information and billings are done on computers, potential injuries include eyestrain, neck strain, carpal tunnel syndrome, and similar cumulative trauma injuries that can be addressed through ergonomically designed workstations.
Property exposure is moderate due to the use of expensive diagnostic and medical equipment. Ignition sources include electrical wiring, heating and air conditioning systems, and overheating of equipment. All electrical wiring must be up to code and equipment properly maintained. A small fire which produces smoke can cause considerable damage when sterile equipment and environments are compromised.
Most property items are better covered on inland marine forms such as a computer form or a physicians and surgeons floater. The business income and extra expense exposure can be minimized if the podiatrist has arranged for temporary facilities with another podiatrist.
Equipment breakdown exposures are high as operations are dependent on diagnostic equipment being available. All equipment should be maintained on an ongoing basis.
Crime exposure is from employee dishonesty. The potential for theft by means of identity theft is great. Background checks should be conducted on all employees handling money. All ordering, billing, and disbursement must be handled by separate individuals. Money and securities are a concern if payments are accepted on premises. Deposits should be made regularly and money should not be kept on premises overnight.
Inland marine exposure includes accounts receivable if the podiatrist bills for services, computers, physicians and surgeons equipment floater (which can include all office furnishings), and valuable papers and records for patients' and suppliers' information. Computers are used for patients' records and other office purposes, but some diagnostic equipment is now also computerized.
Physicians and surgeons equipment includes items that the podiatrist may take off site when working at nursing homes and other locations. Duplicates of all records and programs should be kept off site.
Commercial auto exposure is generally limited to hired and non-owned liability for employees running errands. If there are owned vehicles, all drivers should be licensed with acceptable MVRs. Vehicles must be maintained and records kept in a central location.
What Does Podiatrists Insurance Cover & Pay For?
Podiatrists, like any medical professionals, can face lawsuits due to various reasons. Some common reasons for which podiatrists may be sued include:
Misdiagnosis: A podiatrist might be sued if they fail to diagnose or misdiagnose a condition, leading to unnecessary suffering or complications for the patient. Insurance can help by covering the legal fees, settlements, or judgments that may arise from the lawsuit, thus protecting the podiatrist's finances and reputation.
Surgical errors: If a podiatrist makes a mistake during surgery, such as damaging nerves, blood vessels, or other structures, they may be sued for malpractice. Insurance can cover the costs of defending against the claim, as well as any monetary damages awarded to the patient.
Failure to obtain informed consent: A patient may sue a podiatrist if they believe that they were not adequately informed of the risks, benefits, and alternatives of a treatment or procedure. Insurance can help pay for the legal fees and potential settlements or judgments in such cases.
Improper treatment: If a podiatrist provides inadequate or incorrect treatment, they may be held liable for any harm caused to the patient. Insurance can help cover the costs associated with the lawsuit, including legal fees and potential settlements or judgments.
Medication errors: If a podiatrist prescribes the wrong medication, the wrong dosage, or fails to recognize a dangerous drug interaction, they may be sued for malpractice. Insurance can help pay for the legal fees and any monetary damages awarded to the patient.
Breach of patient confidentiality: If a podiatrist discloses a patient's personal information without consent or fails to protect their patient's privacy, they may be sued. Insurance can help cover the costs of defending against such claims and any potential settlements or judgments.
To protect themselves from these risks, podiatrists typically obtain professional liability insurance, also known as malpractice insurance. This type of insurance can help cover the legal costs, settlements, or judgments arising from malpractice lawsuits. By having adequate insurance coverage, podiatrists can focus on providing quality care to their patients while having the peace of mind that their financial assets and professional reputation are protected in the event of a lawsuit.
Commercial Insurance And Business Industry Classification
- SIC CODE: 8043 Offices and Clinics of Podiatrists
- NAICS CODE: 621391 Offices of Podiatrists
- Suggested Workers Compensation Code(s): 8832 Physician & Clerical
8043: Offices and Clinics of Podiatrists
Division I: Services | Major Group 80: Health Services | Industry Group 804: Offices And Clinics Of Other Health Practitioners
8043 Offices and Clinics of Podiatrists: Establishments of licensed practitioners having the degree of D.P. and engaged in the practice of podiatry. Establishments operating as clinics of podiatrists are included in this industry.
- Podiatrists, offices and clinics of
Podiatrists Insurance - The Bottom Line
When shopping for the insure to provide you with podiatrist insurance for your practice, here are the two important considerations to take into account:
- Reliability & Reputation Of The Insurer - You should only select and insurance provider who is credible and has a good reputation.
- Premium - It is important to find out how much premium you will be paying on your policy. It is always advisable to select a policy with is cost effective and offers you flexible payment methods.
Additional Resources For Medical Insurance
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The medical industry is a crucial sector that plays a vital role in ensuring the health and well-being of individuals. It is a complex and highly regulated industry that requires specialized knowledge and expertise. As a result, the medical industry is exposed to a variety of risks, including legal and financial liabilities.
One of the main reasons why the medical industry needs commercial insurance is to protect against medical malpractice. Medical malpractice occurs when a healthcare provider deviates from the standard of care and causes harm to a patient. It can lead to costly lawsuits and significant financial losses for the healthcare provider. Business insurance helps to cover these costs and protect the financial stability of the medical facility.
Another reason the medical industry needs business insurance is to cover the cost of regulatory fines and penalties. The medical industry is subject to strict regulations and any violations can result in significant fines and penalties. Business insurance helps to cover these costs and protect the financial stability of the medical practice or facility.
In addition, the medical industry is vulnerable to data breaches and cyber attacks. These incidents can result in significant financial losses and reputational damage for the medical facility. Business insurance helps to cover the cost of recovering from a data breach or cyber attack and helps to protect the reputation of the medical facility or practice.
Overall, business malpractice insurance is an essential component of the medical industry. It helps to protect against the financial and reputational risks associated with the medical industry and helps to ensure the financial stability and success of medical practices and facilities.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.