Every Insurance A Physician Needs

Shawn Plummer

CEO, The Annuity Expert

Types of Insurance Essential for Physicians

  1. Professional Liability Insurance (Malpractice Insurance):
    • Purpose: Protects against claims of medical negligence and malpractice.
    • Example: A surgeon facing a lawsuit for a post-operative complication.
  2. Disability Insurance:
    • Purpose: Provides income in the event of a disability that prevents working.
    • Example: A doctor unable to work due to a long-term injury.
  3. Life Insurance:
    • Purpose: Offers financial protection to a doctor’s family in case of untimely death.
    • Example: Ensuring family stability in case of a physician’s unexpected passing.
  4. Health Insurance:
    • Purpose: Covers personal medical expenses.
    • Example: A physician requiring hospitalization for an illness.
  5. Business Overhead Expense Insurance:
    • Purpose: Covers business expenses if a doctor cannot work.
    • Example: Rent, utilities, and staff salaries of a doctor’s practice during a period of disability.
  6. Workers’ Compensation Insurance:
    • Purpose: Mandatory in most states, it covers employees injured at work.
    • Example: A doctor’s employee slipping in the office, requiring medical treatment.
  7. Cyber Liability Insurance:
    • Purpose: Protects against data breaches and cyber threats.
    • Example: A hacker accessing sensitive patient data from a clinic’s network.
  8. Employment Practices Liability Insurance (EPLI):
    • Purpose: Protection against employee-related lawsuits like discrimination.
    • Example: A former employee suing for wrongful termination.
  9. Commercial Property Insurance:
    • Purpose: Covers damage to the clinic’s physical assets.
    • Example: Repairing clinic damage from a natural disaster.

Insurance Table for Physicians

Insurance TypePurposeExample Scenario
Professional Liability (Malpractice)Protects against negligence claimsLawsuit for surgical complication
Disability InsuranceIncome protection during disabilityUnable to work due to injury
Life InsuranceFinancial protection for familyUnexpected passing
Health InsurancePersonal medical expense coverageHospitalization for illness
Business Overhead Expense InsuranceCovers business costs during disabilityPaying clinic expenses during absence
Workers’ Compensation InsuranceCovers work-related employee injuriesEmployee injury at workplace
Cyber Liability InsuranceData breach and cyber threat protectionHacking of patient data
Employment Practices Liability (EPLI)Protects against employee lawsuitsWrongful termination lawsuit
Commercial Property InsuranceDamage coverage for physical assetsClinic repairs post-natural disaster


Physicians need various insurance types to protect their practice, personal assets, and livelihood. From malpractice insurance to cyber liability, each insurance plays a critical role in safeguarding a doctor’s career and personal life. Understanding and acquiring the right mix of insurance policies is essential for any physician.

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Frequently Asked Questions

What type of professional liability coverage a medical doctor needs?

Licensed professionals must acquire Professional Liability Insurance from Medi-Cal, with a minimum amount of $100,000 per claim and no less than $300,000 annually.

What are the three liabilities of a physician?

In 2006, the 95/2006 healthcare reform mandated that medical personnel may be subject to various misconduct consequences, including disciplinary, administrative, civil, and criminal liability.

How can a doctor protect himself under liability insurance?

Professional indemnity insurance is an essential safeguard for medical professionals, protecting them from any financial losses incurred due to potential legal action taken by patients. In addition, it ensures that you are protected against claims and the subsequent fees associated with defending yourself in court.

What are the two limitations to a physician choosing to be covered?

A self-insurance malpractice plan may come with two significant limitations for physicians. Firstly, some state laws may not allow such plans to be implemented in their jurisdiction. Secondly, certain hospitals might reject applications from doctors protected by a self-insured policy – leaving them without access to essential resources and privileges at those facilities.

What is a physician care plan?

Keep your medical data organized and accessible with a comprehensive care plan. This document contains everything you need to know about yourself, from health conditions to insurance policy details – all in one place! Free-of-charge downloadable forms are easily obtainable online, or ask your doctor for an up-to-date version. An effective care plan is the best way to ensure that you have access to accurate information whenever needed.

Why is insurance important in healthcare?

Health insurance safeguards you from the financial repercussions of unforeseen, high medical costs. However, before your policy begins to pay out and cover these expenses, a deductible amount must be paid by yourself – for instance, in a plan with $2,000 as its deductible fee – this needs to come out of pocket initially.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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