Cost of Malpractice Insurance For Physician Assistants

Physician assistant insurance is pertinent to a broad range of individuals associated with the profession. Licensed physician assistants are the primary group for whom liability insurance is critical due to their direct involvement in patient care and decision-making. Physician assistant students, although still in training, may also require coverage, especially during clinical rotations where they perform duties under supervision that still pose risks requiring indemnification. Additionally, freelance or temporary physician assistants who work across different settings or for short durations need insurance to cover gaps that may exist between assignments or contracts.

Financial considerations often influence decisions about insurance coverage, and understanding the typical costs associated with malpractice insurance is useful for physician assistants. Over the past decade, the pricing for physician assistant malpractice insurance has remained relatively stable, with most premiums ranging from $2,000 to $6,000 annually. When looking at the broader spectrum of medical malpractice insurance, the average cost across all medical professionals is approximately $7,500 per year, with most practitioners paying between $4,000 and $12,000 annually. Surgeons, due to higher risk exposure, often face significantly higher premiums, ranging from $30,000 to $50,000 per year. This pricing comparison situates physician assistants’ malpractice insurance as relatively affordable, especially considering the extensive coverage and protection it provides for their professional liabilities.

The necessity for malpractice insurance among physician assistants is underscored by the realities of medical practice and potential legal risks. First and foremost, in many jurisdictions, insurance coverage is a legal mandate for healthcare providers, including PAs, reinforcing its importance. Even where not mandated, having liability insurance is strongly recommended as a safeguard against potentially career-damaging lawsuits. Lawsuits targeting medical professionals are not confined to physicians; physician assistants, due to their involvement in patient care and clinical decisions, face similar risks. Doctors do not shield physician assistants from legal liability, and a PA can be named individually in malpractice claims. Such lawsuits can jeopardise a PA’s assets, licensure, and professional standing. Therefore, malpractice insurance grants peace of mind by providing legal defence support and financial protection against claims, enabling PAS to focus on patient care without the constant fear of litigation.

Who May Need Physician Assistant Insurance?

Having physician assistant liability insurance coverages is a smart idea if your clinic or practice uses Physician Assistants. These coverages include:

Licensed physician assistants
Physician assistant students
Freelance or temporary physician assistants

What Type of Insurance Do I Need as a Physician Assistant?

A physician assistant can benefit from the same types of insurance that many healthcare professionals need. A Business Owner’s Policy (BOP) is present in the majority of medical practices. It assists in shielding your practice against typical claims that may arise in the course of regular business.

A BOP combines three essential types of coverage into a single policy:

General liability insurance helps shield you from accusations that you or your employees caused someone else’s property damage or bodily harm.
Commercial property insurance helps protect the owned or rented tools that your practice uses. This can include stethoscopes, otoscopes, reflex hammers and first aid supplies.
Business income insurance helps make up for lost income if covered property damage prevents you from running your office.

Price of Malpractice Insurance For Physician Assistants

How much to pay for malpractice? Physician assistant insurance hasn’t changed much in the last ten years, Physician assistant malpractice insurance premiums typically ranged between $2,000 and $6,000 per year ten years ago. Find a breakdown below

The average cost for all medical malpractice insurance is $7,500 annually
Most medical professionals pay between $4,000 and $12,000 per year
Surgeons pay much more per year: about $30,000 to $50,000 on average

Do You Need Physician Assistant Malpractice Insurance?

A breakdown of reasons why you might need insurance if you are a Physician Assistant has been explained below.

The short answer: YES

Physician assistant liability insurance is vital to having peace of mind while you perform day-to-day responsibilities. PA malpractice coverage protects your assets, as well as your license and reputation, should you ever be named in a lawsuit.
For starters, depending on where you practice, insurance coverage may be legally required. Having insurance coverage in place to safeguard yourself in the event of a lawsuit is strongly recommended, even if it isn’t.
The lengthy response relates to the fact that lawsuits against medical and healthcare professionals are not limited to doctors. As a physician assistant, doctors don’t shield you from liability. You can get named in a malpractice lawsuit.

physician assistant insurance, particularly liability and malpractice coverage, is indispensable for a broad spectrum of PAs including licensed professionals, students, and temporary practitioners. For additional information, visit here

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