Purchasing the Right Insurance Plans

As a dermatologist beginning to practice medicine, purchasing the right insurance plan is an essential step in protecting yourself and your business. Dermatology has its own unique set of risks that require specialized coverage. Standard professional liability policies may not provide adequate protection for this field of medicine, so it’s important to research which type of policy will best fit your needs as a dermatologist.

Common types of insurance plans available for dermatologists include malpractice coverage, professional liability insurance, disability income protection, health savings accounts (HSA), and life insurance. Malpractice covers negligent acts or errors; professional liability provides financial protection from medical negligence claims; disability income protects against lost wages due to illness or injury; HSA’s help pay qualified medical expenses with pre-tax dollars; and life insurance offers security in case of death.

It’s also important to consider any additional benefits offered by the various policies you are researching, such as discounts on prescription drugs or free preventative care visits at certain providers. Once you have selected the appropriate policy for you, be sure to fill out all necessary paperwork correctly so that, should any unfortunate event occur during your practice, you receive ample compensation.

As an employer, it is important to provide your clinicians with the necessary insurance coverage in order to protect your business from potential legal liabilities. In this case, a physician’s employment practices liability insurance (EPLI) and cyber/privacy insurance for HIPAA compliance are two essential types of insurance you should consider.

EPLI covers claims that arise due to wrongful termination, discrimination or other violations of state and federal labor laws. It will also help cover any court costs if a lawsuit comes up against you as an employer or one of your employees related to workplace policies or procedures.

Cyber/Privacy Insurance for HIPAA Compliance helps protect businesses from data breaches, cyber-attacks and unauthorized access to patient records by providing financial resources for responding to such issues when they arise. It can also cover fines imposed by government regulators due to failure of meeting required standards under the Health Insurance Portability and Accountability Act (HIPAA).

Author

  • Kim Campbell

    Kim Campbell is the CEO of the Dermatology Authority, which provides Dermatologist’s career growth resources through a national job board, recruiting services, and practice start-up resources. They also coordinate educational seminars, speaker programs, webinars, board reviews and various other industry events. Kim started her career in dermatology launching the Ackerman Academy of Dermatopathology, which developed into a leadership role at Dermpath Diagnostics. She has her MA is Health Administration, with more than 20 years of experience in the business of Dermatology.

    View all posts