Allied Healthcare Risks
In the allied health professions, small mistakes can have big consequences. Even when bad outcomes occur, through no fault of yours, you can be named in someone’s lawsuit. Even if you’re ultimately found innocent and cleared of any negligence or wrongdoing, legal expenses alone can be financially crippling. If you are found liable, the judgments awarded against you can be even more devastating. That is why allied healthcare professional liability insurance is so important for anyone working in the allied healthcare industry.
People have high hopes and high expectations of medical professionals these days. Bad outcomes often have people looking for someone to blame. The medical professionals are attractive targets for people who are struggling to come to terms with their losses. Their pain often results in lawsuits that would have never happened otherwise – making professional liability insurance for allied healthcare professionals a necessity in today’s litigious climate.
Doesn’t Employer Liability Insurance Provide Sufficient Protection?
It is true that your employer is likely to provide some degree of professional liability protection for the practice and its employees. However, a high award or settlement – or a long, drawn out trial – may exceed the coverage amount leaving you accountable for the remainder of the legal fees or judgment awarded against you.
Purchasing your own professional liability insurance ensures that your personal assets are protected should a worst-case scenario ever occur. Also, purchasing your own coverage gives you the peace of mind that comes with knowing your needs are covered and that you do have the protection necessary for your family in the event that your employer allows coverage to lapse or has insufficient protection.
Benefits of Buying Your Own Allied Healthcare Liability Coverage
The great thing about purchasing your own coverage is that you determine the limits and the coverage you are most comfortable with. You get what is offered by your employer – who may be looking for the best bargain or have other priorities than you have when choosing coverage.
This means that your insurance protection is not left up to chance. You know your coverage amounts, limits, exclusions, etc. You are also the one paying for the coverage each month so you know that your coverage has been continuous and that there have been no lapses at critical junctures.
You also know, without a doubt, that you are fully covered. This is not always the case with employer-purchased medical malpractice coverage.
Who Needs Allied Healthcare Professional Liability Insurance?
According to Clinical Advisor, the state of New Jersey ranked fourth in the nation in highest payouts for medical malpractice in 2012. The total payouts awarded through settlements and judgments combined exceeded $200 million in New Jersey alone. These awards are not limited to physicians. They affect all the people who work under their supervisions as well.
The list is long and some of the most prominent allied healthcare targets for lawsuits include the following:
- Physician Assistants
- Nurse Practitioners
- Home Healthcare Agency Professionals
- Physical Therapy Clinic Employees
- Estheticians and Medi-Spa Employees
Of course, this list is by no means inclusive of all allied healthcare employees and professionals who need the protection of a professional liability insurance policy built for your profession.
Why Insurance Center of North Jersey for Your Allied Healthcare Professional Liability Insurance Coverage?
Insurance Center of North Jersey has been meeting the needs of professionals in the state of New Jersey for more than 80 years. We understand the unique challenges you face as allied healthcare professionals in our state and have access to a wide range of insurance products that will meet your coverage needs and give you peace of mind.