Podiatrist Malpractice Insurance

Podiatrists help all kinds of patients with conditions from skin or nail diseases to complications from diabetes and heart disease. For people with severe foot and ankle problems, a podiatrist can mean the difference between losing a limb or saving it from amputation.

While podiatry may not be as risky as many other medical specialties, like obstetrics or anesthesiology, any medical professional can make a mistake or be blamed when something goes wrong with a patient’s treatment. The cost of a potential lawsuit that may arise in such a case can be financially devastating if your practice lacks the proper coverage.

Fortunately, an independent insurance agent can help you get equipped with the right podiatrist malpractice insurance. They'll help ensure you and your business are safeguarded against the cost of lawsuits that can stem from professional errors or negligence on the job. But until then, here's a closer look at podiatrist liability insurance, what it covers, and why it's necessary.

What Is Podiatrist Malpractice Insurance?

Podiatrist malpractice insurance is a special type of professional liability insurance designed to protect podiatrists from the cost of lawsuits stemming from third-party claims of professional errors or negligence that result in harm. This coverage is also sometimes called podiatrist professional liability insurance.

No matter how careful you are when treating patients, you could still make a mistake that leads to financial loss or physical harm. In turn, your patient could sue you or your practice, and the cost of just one lawsuit could be financially devastating if you lack the proper coverage.

What Does Podiatrist Malpractice Insurance Cover?

Podiatrist professional liability insurance covers the cost of claims made by patients and other third parties of professional errors, omissions, mistakes, or accidents by you while performing your work. A client may sue you for improper treatment, botched procedures, inadequate recovery advice, and much more. A solid podiatrist malpractice insurance policy can reimburse you and your practice for the cost of such lawsuits, including any settlements you're ordered to pay if you lose your case.

Why Do Podiatrists Need Malpractice Insurance?

Podiatrists are human, and even the smartest and most qualified professionals can still make a mistake. Whether you are at fault for a patient’s problem or not, you can still be blamed. Any mistake or oversight that negatively impacts a patient can result in a lawsuit. Podiatrist malpractice insurance is essential for protecting the livelihood of any practicing podiatrist.

Defending a malpractice suit is expensive, even if you win. Your defense costs might include attorney fees, court expenses, expert witness fees, and any settlements or judgments you must pay to an injured person.

Providers often win malpractice cases, but the costs of defending the case are typically unrecoverable. Podiatrist malpractice insurance protects your healthcare practice from the costs of malpractice claims and lawsuits.

Common Liability Claims Against Podiatrists

When considering how much podiatrist malpractice insurance to purchase, it can be helpful to consider some common claims filed against these professionals. As a podiatrist, you can be sued for any of the following:

An incorrect diagnosis that led to unnecessary surgery
Failed treatment that led to a worse condition
Mistakes during surgery that caused abnormal healing, bone rearrangement, further pain, or worse
Failure to properly identify a cancerous growth that led to a delayed diagnosis and/or poor prognosis
Lack of informed consent
Wrong-site surgery
Anesthesia error
Failure to retrieve all tools and implements during surgery
Post-surgical infection
Allergic reaction or drug interaction

Even if a patient's claim against you for one of these situations is unfounded, you could still have to pay tens of thousands of dollars or more to defend yourself in a lawsuit and court hearing. Having podiatrist professional liability insurance can help you get the reimbursement you deserve so you can get back to work.

Understanding the Different Kinds of Podiatrist Malpractice Insurance

Podiatrist malpractice insurance can be purchased for dollar limits that are appropriate for your practice. Most policies specify the following:

An individual limit (i.e., the most that will be paid for any one claim)
An aggregate limit (i.e., the most that will be paid in any policy year for all claims)

If your policy has limits of $1,000,000/$3,000,000, it will pay a maximum of $1 million per claim and $3 million for all claims during a policy term. Further, there are three main types of podiatrist professional liability policies. Understanding how each type works can help you make an informed decision about which policy works best for you and your practice.

Occurrence policies: These policies offer reimbursement as long as the act, error, or omission occurred during the policy period. The claim can be made anytime afterward and still be covered, even if the policy has been canceled.
Claims-made policies: These policies only provide reimbursement if the incident occurred and the claim was made within the policy period. Your podiatrist malpractice policy must be active when the incident occurs and when the claim is made. These policies include a retroactive date to allow incidents that occurred before the policy was in force to be reported after the policy is in force. Claims that occurred before the retroactive date are not covered.
Modified occurrence policies: Also called tail coverage, these policies combine aspects of occurrence coverage and claims-made coverage. Tail coverage extends a policy's protection after its term ends. Retiring podiatrists often purchase tail coverage to protect themselves even after they're no longer working. You can purchase unlimited tail coverage once the original amount of coverage has expired.

Your independent insurance agent can help advise you on which type of podiatrist malpractice insurance policy is right for you and your practice.

What's Not Covered by Podiatrist Malpractice Insurance?

Podiatrist malpractice insurance comes with a few exclusions that are important to be aware of. Your policy likely won't cover any of the following:

Inappropriate alteration of medical records
Intentional and dishonest acts
Criminal acts
Sexual misconduct liability

Ask your independent insurance agent to review your specific podiatrist professional liability insurance policy's exclusions with you so you're aware of what's covered and what's not.

How Much Does Podiatrist Malpractice Insurance Cost?

The cost of podiatrist professional liability insurance can vary considerably depending on several factors. These can include your practice's location, the number of years you've been in practice, the specific services you offer, and more. You can likely expect to pay a few thousand dollars per year in premiums. A local independent insurance agent can help you find affordable podiatrist malpractice insurance in your area.

The Benefits of an Independent Insurance Agent

When it comes to helping insurance customers find the absolute best podiatrist malpractice coverage, no one’s better equipped to help than an independent insurance agent. Independent insurance agents search through multiple carriers to find providers who sell podiatrist professional liability insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.

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