Everyone needs some type of insurance to protect themselves and their assets from unforeseen circumstances. Most private individuals require only standard home, auto, and healthcare insurance. But physicians need to augment these with more specialized plans geared toward their careers and unique circumstances.
Physicians and other medical professionals will benefit considerably from well-thought-out insurance planning. Given the specialized nature of their work, and the inherent risks and liabilities, doctors should carefully think about what types of coverage would be most beneficial to them.
Nowadays, it is essential to be knowledgeable about the various aspects of physician’s insurance. Although most medical professionals recognize the need for professional liability, having personal liability is just as crucial. As many doctors know, there is always a high risk of being sued in their chosen profession. This is why personal and professional liability insurance is so essential.
The good news is that there is no shortage of options in the physician’s insurance market. Nowadays, more and more firms are providing insurance packages geared specifically to the needs of medical professionals. Furthermore, they also have access to the same insurance plans as private individuals. So now, more than ever, physicians have ample opportunity to get the range and type of insurance coverage they need, given their unique requirements.
Here’s a look at some types of insurance that most physicians will generally find helpful:
Physician disability insurance
Disability insurance is among the most sought-after plans by those in the medical community. Most physicians are aware of the critical nature of their work. They know that they need coverage that will provide them with financial stability if and when they can no longer perform their duties. Even if they have an alternate career or field of medical specialization, having disability insurance could still be beneficial.
Physician life insurance
Life insurance is just as crucial for doctors with families as it is for private individuals with families. Unlike other types of insurance specific to the medical industry, there aren’t life insurance plans geared specifically for the needs of physicians. This means that doctors could avail of the same life insurance packages available to private individuals.
Life insurance essentially pays death benefits to the policyholder’s dependents if or when they die. But some policies provide benefits even while the policyholder is still alive, depending on the agreed-upon terms and riders of the plan.
Physician malpractice insurance
Getting sued for malpractice is a serious matter. Many doctors have incurred irreparable damage to their professional reputations, lost their careers, and suffered financial ruin because of malpractice suits. This is why malpractice insurance is so essential.
Doctors who work as part of an extensive healthcare system are usually protected from liability by their employers. But private practitioners don’t have the benefit of this protection. So for these medical professionals, it will be necessary to seek out their own malpractice insurance plans.
Physician umbrella liability insurance
Umbrella liability insurance is meant to augment the limits of standard home and auto insurance. It provides added protection for personal liabilities beyond the limitations of other insurance policies.
Umbrella liability insurance can be beneficial for doctors. Because most people assume that doctors are financially well-off, they are more likely to be subjected to exorbitant settlements and legal penalties when sued. If the amount of the damages exceeds their home or auto insurance limits, an umbrella liability policy will cover the remaining amount.
Physician health insurance
Although it might seem odd, medical professionals need health insurance just like anyone else. Doctors can‒and do‒get sick too, and the spiraling cost of healthcare affects them just as much as it does private individuals. For these reasons, getting health insurance is a must for doctors.
Unsurprisingly, physicians are in an ideal position to get the best healthcare insurance available. Most large healthcare facilities and medical groups provide physicians in their employ with a comprehensive range of quality health insurance options. Many even offer doctors several policies to choose from.
Of course, doctors can seek out alternatives to their group insurance plan. If they do so, they could choose from the many health insurance packages available to private individuals.
As a physician, getting the correct type of coverage can be confusing. Thankfully, there are now many more options in providers and insurance plans available. Consulting with an insurance professional can help physicians determine which plans provide the type and extent of coverage they need.
About Arroyo Insurance Services
Arroyo Insurance Services was officially established in 1986 but has roots dating back to 1950. Arroyo is one of California’s leading client-oriented and independently owned agencies. Arroyo has more than 140 employees with a combined experience of over 450 years, in 11 locations. Arroyo Insurance Services are committed to providing the best insurance and risk management services at the most competitive premiums and backing it with hands-on service tailored to our customers’ needs. For more information on how we can mitigate your risks, contact us today at (877) 220-4769