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Medical Malpractice Insurance in New Jersey

For New Jersey medical professionals, medical malpractice insurance is necessary to protect you from financial, legal, and reputation harm. Most doctors and other medical practitioners will inevitably face a medical malpractice claim during their careers, so being proactive and acquiring sufficient malpractice coverage can keep you safe and in business.

Medical malpractice insurance offers liability coverage regarding a claim that involves the injury or death of a patient. Medical professionals in New Jersey should be diligent in finding appropriate malpractice coverage so that they can bounce back from any malpractice claims.

 

Overview of NJ Medical Malpractice Insurance

Overview of NJ Medical Malpractice Insurance

New Jersey is one of seven states that actively require doctors to have medical malpractice insurance, but this type of medical coverage is important for all types of medical professionals regardless of location or focus. Individuals pursuing medical malpractice coverage will do well to adequately research malpractice insurance requirements and insurance limits prior to committing to a malpractice insurance policy.

What Type of Insurance Is Medical Malpractice Insurance?

Medical malpractice insurance is a type of liability insurance. Generally speaking, malpractice coverage will offer protection and support in the event of a malpractice claim.  More specifically, medical malpractice insurance, or medical professional liability insurance, serves to protect medical professionals from negligence claims in the event of a patient suffering bodily harm or death as a result of their care.

Who Needs Medical Malpractice Insurance in New Jersey?

Who Needs Medical Malpractice Insurance in New Jersey?

Medical malpractice insurance can help a number of NJ medical professionals. Individuals in specialized fields will especially benefit from this type of coverage. You should get medical malpractice insurance if you are work in medical professions such as:

  • Nurses
  • Doctors
  • Midwives
  • Physicians
  • Pharmacists
  • Anaesthesiologists
  • Surgeons
  • Medical assistants

The Types of Medical Malpractice Policies

While medical malpractice policies are relatively easy to understand on a base level, there are several types of coverage you can obtain. Knowing the purpose and benefits of each policy type can help you determine which malpractice insurance is right for you.

Individual Policies

If you are operating independently, an individual medical malpractice insurance policy may be the best choice for you. This type of coverage is less common than group policies, but for NJ medical professionals working alone, individual policies will be more affordable and provide satisfactory coverage.

Group Policies

A majority of medical malpractice insurance policies are established for groups, such as teams of specialists or a facility’s staff. Malpractice coverage should adequately cover all medical professionals within a practice to ensure that any claims can be addressed.

Occurrence

Occurrence malpractice insurance provides protection for any incident that occurs during the time the policy is in effect, even if the related claim is not filed until after the policy ends. Compared to claims-made policies, occurrence insurance is easier to understand, but premiums tend to be pricier due to the broader coverage provided.

While occurrence medical malpractice insurance is less common because of the higher costs, an additional benefit of this coverage is that the insured does not need to purchase additional tail coverage.

Claims Made

The alternative to occurrence insurance is claims-made. With this type of malpractice coverage, protection is only provided when incidents and subsequent filed malpractice claims occur during coverage.

A claims-made policy is more affordable than an occurrence policy, but additional nose and tail coverage may be necessary.

Nose and Tail Insurance

Because most medical malpractice insurance primarily covers incidents and claims that are within the starting and ending points of a policy, additional coverage can be beneficial in ensuring the insured are adequately covered.

Nose insurance can provide coverage for incidents that occurred prior to the start of the policy, which can be especially useful if a malpractice claim is filed during coverage. Similarly, tail insurance provides protections for incidents and claims that occur after the policy ends.

New Jersey Malpractice Insurance Rates

New Jersey medical malpractice insurance rates will vary depending on your specific profession (and the inherent risks involved in your work), the size of your team, and your policy preferences.

Medical professionals in New Jersey will also find that their insurance costs may be higher than those of other states. While New York boasts the highest malpractice insurance rates, New Jersey malpractice insurance costs tend to rank on the upper end due to state requirements and other factors.

If you are concerned about malpractice insurance costs, you can reach out to our qualified insurance team at World Insurance to discuss your needs and options.

Requirements for Medical Malpractice Insurance in New Jersey

Requirements for Medical Malpractice Insurance in New Jersey

Most New Jersey medical facilities and institutions require practitioners to obtain malpractice insurance prior to gaining authorization to work there. NJ Hospital systems are especially keen on upholding this standard.

For New Jersey medical malpractice insurance, a common requirement relates to limits of liability, the most common of which in the state is $1 million for each claim and a $3 million annual aggregate cap.

World Insurance’s Process for NJ Medical Malpractice Insurance

Finding the right insurance agency for your NJ medical malpractice insurance can be a challenge in and of itself, and identifying the best policy for you can pose additional challenges.

At World Insurance, we strive to make the process as simple and easy as possible to ensure you are able to obtain medical malpractice insurance and focus on caring for your patients.

1

Receive Your Free Quote

Reach out to us by filling out a quick form with basic information, and you will hear from one of our skilled, experienced agents shortly. When you get into contact with your agent, they will provide you with a free medical malpractice insurance quote for your consideration.

2

Speak with a Medical Malpractice Insurance Agent

You will be able to ask your insurance agent any questions you have about your free quotes, your insurance needs, and your coverage options. Our team has more than 90 years of combined experience working with medical professionals, so you can trust in our expertise.

3

Decide on a Policy and Pay

Once you make a decision on what coverage you want, you will be able to sign your policy, pay your premiums, and rest assured that World Insurance will support you in the event of malpractice claims.

NJ Professional Liability Insurance vs Medical Malpractice Insurance

NJ Professional Liability Insurance vs Medical Malpractice Insurance

When pursuing medical malpractice insurance, you will likely encounter a related phrase: professional liability insurance. Knowing the relationship between these coverage options will be helpful as you seek sufficient insurance coverage.

In short, medical malpractice insurance can be classified as a type of professional liability insurance.

Frequently Asked Questions About Medical Malpractice Insurance

What is the Statute of Limitations for Medical Malpractice Insurance in New Jersey?

The statute of limitations for New Jersey medical malpractice insurance is two years. In other words, a malpractice claim may be filed up to two years after the focal incident.

What are the Exclusions For Professional Liability Insurance Coverage?

While medical malpractice insurance will cover a number of incidents and related costs, there are a few exclusions including:

  • Sexual impropriety
  • Illegal conduct
  • Medical record alterations

Be sure to discuss exclusions and exceptions with your insurance agent to verify you know what will and will not be covered by your malpractice insurance.

How Much Does Medical Malpractice Insurance Cost in New Jersey?

There are many factors that can contribute to how much you will pay on average for NJ medical malpractice coverage. These include:

  • Location
  • Specialization and risk involved
  • History of malpractice claims and losses
  • Insurance provider
  • Insurer competition
  • Policy limits
  • Number of individuals insured
  • Regional malpractice claim rates

Does New Jersey Require Malpractice Insurance for Medical Professionals?

New Jersey requires medical professionals, especially doctors, to have medical malpractice insurance if they wish to practice in the state.

How Do I Know How Much Malpractice Insurance I Need?

To learn how much medical malpractice insurance you need, you can discuss your options and concerns with your insurance agent. With them, you can identify New Jersey requirements as well as any specialized requirements regarding your profession and location.

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