Cardiologists are the physical therapists that diagnose and treat heart conditions. Have customized cardiologist insurance that addresses the unique nature of your practice. As a heart specialist, you are at a higher risk of encountering lawsuits than other medical practitioners.
65% of cardiologists have been a victim of malpractice lawsuits. A lawsuit can have financial consequences for your practice. You may pay over $2 million as a settlement. To safeguard yourself from such adversities, ensure you have cardiologist insurance.
This article discusses some of the integral insurance policies you should have for your practice. We have also analyzed the coverage limits, insurance costs, add-ons, and companies from which you can purchase a policy.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $300,000/$1,000,000 | $300,000 | $100,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | No | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
General liability insurance is a crucial coverage that will safeguard you against any claims from third parties. The claims can arise from property damage, accidents, or injuries when you are offering your cardiology services.
Bodily injury–A patient can sustain injuries in your clinic. For instance, they can slip or trip and sustain hand injuries. This insurance will pay medical and legal costs
Property damage–A patient's property, such as a phone or laptop, can get damaged when you are performing a procedure. This policy will pay for the replacement or repair costs
Advertising injury–When promoting your cardiology services, competitors or customers may accuse you of slander, libel, and copyright infringement. General liability insurance will cover the legal costs incurred when defending against these claims
Personal injury–A patient can accuse you of invasion of privacy or defamation. Your insurance will cover the expenses associated with those claims
Cardiologist malpractice insurance–As a cardiologist, you offer professional services to patients. Errors, omissions, and negligence can lead to medical harm to your patients. This add-on will cover settlements, defense, and judgment costs
Cyber liability insurance–Cardiologists' practices rely on digital systems to store patients' health records. Thus, you face the risk of cyber attacks. This add-on will cover the costs of claims related to information leakage
The coverage limits for general liability insurance depend on the size of your practice and the number of patients you deal with. Typically, an insurance carrier will offer you a limit of $1 million for each occurrence and $3 million as the aggregate limit.
General liability insurance coverage is fundamental for your practice but not enough. You need additional coverage to insure your commercial vehicles, buildings, inventory, equipment, and employees.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
| HIPAA coverage included? | No | No | No | No | No |
| Sexual misconduct coverage included? | No | No | No | No | Can be included |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
Cardiologist malpractice insurance is a critical coverage option for cardiologists. This insurance typically covers alleged or committed omissions, negligence, or errors when offering medical services.
You can make a misdiagnosis which may result in the wrong treatment approach and harm to your patient
A surgical error can lead to heart complications or injuries
You can prescribe the wrong medication or dosage to your patients, which may lead to harm or adverse effects to patients
Tail coverage–This add-on will offer protection for claims made even after your standard malpractice insurance policy expires. This will ensure you have adequate coverage even for incidents when your insurance policy is inactive
Regulatory and licensing defense coverage–This add-on will safeguard you if you face disciplinary actions by licensing boards. It will cover all the costs of defending those allegations
Your risk profile and the size of your practice will highly determine the coverage limit of malpractice insurance for cardiologist. But generally, a provider will offer you $1 million to $5 million for each occurrence. For the aggregate limit, you can get $3 million to $10 million.
Most states do not put cardiologist malpractice insurance as a compulsory obligation. But you must check local regulations and contractual obligations to ensure you meet the requirements. Additionally, ensure you discuss this with your licensing board for more information.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Included | Excluded |
Commercial property insurance insures your cardiology clinic's physical assets. It covers your office space, furniture, inventory, and equipment. This policy will pay for repairing, rebuilding, or replacement costs. These events include natural disasters, fires, theft, vandalism, or building collapse. Some of the fundamental aspects of commercial property insurance include the following:
Building coverage–This component will cover your physical structure, such as the office building. It will also protect your permanent fixtures
Business personal property coverage–Covers tangible assets such as furniture, equipment, and other supplies
Business interruption coverage–If you close down your cardiology practice as a result of covered events such as fire, this policy will cover incurred expenses and lost income during the closure period
Valuable papers and records coverage–This add-on will cover essential documents such as patient files, documents, and medical records
Outdoor signs coverage–If your cardiology practice has outdoor signage, this add-on will protect against any damages due to theft, vandalism, or natural disasters
The value of your buildings and inventory will determine the limits a provider will offer. In most cases, you can get coverage of $10,000 to $5 million depending on the nature of damages suffered
The insurance company will ask for an estimated value of all your business assets to come up with an appropriate commercial property coverage limit.
Yes, most providers have certain exceptions. For instance, intentional acts, acts of war, or criminal activities may not be covered. You need to review the terms of your policy so that you can identify the available exclusions.
| CoverWallet | Thimble (Best) | NEXT | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $2,000,000 | $2,000,000 | $300,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $500,000 | $260,000 | $25,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner's policy (BOP) will offer your cardiology practice comprehensive cover. This policy merges two or more standalone policies into a single policy. Combining them provides you with convenience and cost-effective options. A BOP combines:
Commercial property insurance
General liability insurance
Business interruption insurance
Employment practices liability insurance–This add-on covers any claims related to employment practices such as discrimination or harassment
Workers compensation insurance–Occupational-related illnesses and accidents are typical in cardiology. It would be best if you protect your employees from such events
For property coverage, you will get a $250,000 to $1 million limit. On the other hand, you can get $1 million to $2 million for general liability coverage.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance covers the medical instruments and equipment you use in your cardiology practice. It will compensate you for the replacement and repair costs of your items. Some of the covered perils include:
Fire
Vandalism
Theft
Storms
Accidents
Natural disasters
Transit coverage–This add-on will cover your tools and equipment while being transported to off-site working stations
The coverage limit will depend on the insurance policy’s terms and the value of your items. But most providers will offer a range of $250,000 to $1 million.
Your employees may be exposed to occupational illnesses and injuries due to the nature of their jobs. Insure your employees against these and purchase workers compensation insurance. This insurance will cover the following:
Medical costs
Lost wages
Rehabilitation costs
Disability benefits
Death benefits
When determining the coverage limit of workers compensation cardiologist, many factors must be considered. For instance, an employer must meet statutory obligations for this policy. The typical coverage limit for lost income is 60-75% of the employee's earnings before the illness or injury.
This depends on your specific jurisdiction. But in many states, all employers must have this type of policy.
If you feel your underlying insurance coverage is insufficient, you can purchase excess liability insurance. This policy will offer supplementary coverage on top of your standard policies. It will offer added financial protection if a major claim or lawsuit surpasses the limits of your primary policies.
Your insurer will determine the coverage limit depending on the agreed policy terms. But generally, the limits can be $1 million to $10 million.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $38 | $456 | $0-$500 |
| Malpractice insurance | $50 | $600 | $500-$1,000 |
| Excess liability insurance | $49 | $588 | $500-$1,000 |
| Commercial property insurance | $70 | $840 | $1,000-$2,000 |
| Business owner’s policy | $67 | $804 | $1,500 |
| Tools and equipment insurance | $90 | $1,080 | $500-$1,000 |
| Workers compensation insurance | $102 | $1,224 | $2,000-$5,000 |
General liability insurance for cardiologists is $38 per month or $456 per year for a $1 million worth of coverage. On the other hand, the average cardiologist malpractice insurance cost is $50 per month or $600 per year. Factors that affect premiums are claims history, business history, policy limits, deductibles, annual revenue, location, and number of employees. Here’s a table showing the cost of a $1 million general liability insurance from the best cardiologist insurance companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $24 | $288 | Best overall; Fastest general liability for cardiologists |
| The Hartford | $26 | $312 | Comparing cardiologist insurance quotes onlin |
| CoverWallet | $27 | $324 | Cardiologists that need comprehensive coverage for their practice |
| Tivly | $29 | $348 | Comparing cardiologist insurance quotes over the phone |
| Thimble | $31 | $372 | On-demand coverage for cardiologists |
| Hiscox | $33 | $396 | Cardiologist insurance with automatic renewal |
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Here is a list of companies you should consider working with. They offer incredible deals for their cardiologist insurance. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for cardiologists
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is an online insurance company that was founded in 2015. They have heavily invested in the digital platform and use AI to process insurance quotes and process claims. The experience of this company is unquestionable, as it has underwritten more than 300,000 policies. They offer multiple insurance products such as general liability insurance, malpractice insurance for cardiologist, BOP, among others,
Best for: Best overall; Fastest general liability for cardiologists
Average cost: $24 per month
Our rating: 10/10
They offer several insurance products from various providers
You can get a chance to compare rates from multiple providers
They provide cost-effective insurance products for your cardiology practice
Does not offer policies directly but relies on third parties
CoverWallet is an insurance brokerage firm with a good reputation. They have partnered with well-known insurance providers to allow you to get the best deals. On their platform, you can compare costs provided by different providers. You also get access to multiple insurance products, such as workers' compensation, general liability, and commercial auto insurance.
Best for: Comparing cardiologist insurance quotes online
Average cost: $26 per month
Our rating: 10/10
They offer comprehensive insurance packages for cardiologists
You can get assistance from their friendly customer service team
If you are an AARP member, you will enjoy additional insurance benefits
They highly specialize in offering the best deals for AARP members and thus may have few benefits for non-members
The Hartford stands out in the market due to its experience and excellent reputation. This company has been operational for more than a century. Initially, they specialized in fire insurance, but they have diversified and are also offering insurance products for cardiologists.
Best for: Cardiologists that need comprehensive coverage for their practice
Average cost: $27 per month
Our rating:10/10
You can compare different insurance quotes from other providers
It Is an insurance marketplace that will offer you cost-effective insurance products
You can easily customize your policies to meet the unique needs of your cardiology practice
Their online website does not have a live chat
Tivly is an approved insurance marketplace. Here you get to review deals from different insurance providers and pick the one that meets your budget and the needs of your cardiology practice. They offer multiple insurance products, such as tools and equipment, general liability, commercial auto, and cyber liability coverage. Call now to compare quotes over the phone.
Best for: Comparing cardiologist insurance quotes over the phone
Average cost: $29 per month
Our rating: 9/10
You can find event-based insurance products for your cardiology practice
Numerous add-ons to general liability insurance
Quickly issues an estimate of your rates
You can only get assistance online
Thimble started as a drone insurance specialist. However, the demand for their insurance products skyrocketed, warranting them to include other types of businesses, including cardiology practices. They offer event-based coverage.
Best for: On-demand coverage for cardiologists
Average cost: $31 per month
Our rating: 9/10
It has a user-friendly website where you can obtain online quotes and purchase policies conveniently
This company has an outstanding reputation for offering insurance products to businesses
You can customize the insurance products to suit your unique risks
Online quoting not available all the time due to periodic site maintenance
Hiscox is an insurance provider that was started in 1901. This company is a leading provider of multiple insurance products for small and large businesses. They provide property, professional, and cyber liability insurance, among others.
Best for: Cardiologist insurance with automatic renewal
Average cost: $33 per month
Our rating: 9/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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