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Physicians need assistants. Physician assistants interpret diagnostic tests and counsel patients. The employment of physician assistants is projected to grow 29 percent by 2031, according to the Bureau of Labor Statistics.
As a physician’s assistant, 8 out of 10 medical malpractice lawsuits go to trial and can cost you a heavy price in time, resources, and lawyers fees.
This article will outline one of the best ways to protect your business with physician assistant insurance. Keep reading to find out what policies you need
General Liability Insurance for Physician Assistants
One type of physician assistant liability insurance is a general liability policy. This covers you in case of a third-party claim of property damage and bodily injury. Typical situations to use this coverage include:
- A potential patient visits your office but accidentally falls and hurts themselves after you bump into them
- You accidentally damage a piece of a patient’s personal property that is expensive to fix
Your general liability insurance will have a $1 to $2 million coverage limit. Higher amounts are available if you customize limits of avail an excess 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 |
Professional Liability Insurance for Physician Assistants
Physician assistant malpractice insurance protects you from the potentially financially devastating results of medical negligence or oversights in patient care.
A malpractice insurance policy is sometimes called professional liability insurance for physician assistants. Still, it is essential to remember that malpractice insurance deals with losses related to the human body. Examples of coverage include:
- A customer accuses you of extreme negligence in your medical care
- You fail to deliver a promise to a patient about their care situation
Your physician assistant medical malpractice insurance will offer a $300,000-$1 million per occurrence limit and a $1 million-$2 million aggregate.
The physician assistant malpractice insurance cost typically ranges between $1,000 and $8,000 per year, depending on risk factors and coverage limits.The price of malpractice insurance varies widely across the medical industry based on the risk you are likely to experience.
While this article focuses on physician assistant malpractice insurance, medical assistants may also need coverage. Malpractice insurance for medical assistants provides similar protections but is tailored to their specific job roles.
| 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 |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
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Business Owner’s Policy for Physician Assistants
This policy combines the protection of commercial property insurance and general liability into one cohesive policy. It also features business interruption insurance.
- Cyber liability: Adds protection to your policy that will help you out in cases where a cyber attack or data breach causes financial damage to your physician assistant business
- Commercial crime: Protects your physician assistant business against damaging actions your employees might levy against you
- Umbrella insurance: This policy will extend coverage limits for multiple policies if your primary policy has run out of eligible coverage. You can get extensions of $1 million-5 million or even more
A business owner’s policy will have a typical coverage limit of $1 million for general liability and between $20,000 and $60,000 for commercial property.
damage to your business that results from fire damage is typically included in a business owner’s policy.
| 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 |
Tools and Equipment Insurance for Physician Assistants
You will use tools and equipment insurance to provide financial protection for the tools you use to practice medicine. Thi policy will cover repair or replacement expenses if equipment gets damaged or destroyed due to fire, theft, vandalism, and other covered perils. Example coverage will include:
- A medical tool is stolen while you are assisting in administering medical care
- Your medical equipment gets damaged in a covered event and needs to be replaced
Your physician assistant tools and equipment insurance will have coverage between $5,000 and $20,000.
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Workers Compensation Insurance for Physician Assistants
If you have any employees, workers’ compensation insurance can protect them from the costs of getting a workplace injury or illness. Workers compensation insurance can cover hospitalization, medication, rehabilitation, lost wages, and employee death benefits.
A workers’ comp claim’s time to process will vary depending on the insurer and area. Still, generally, it will take around 30 days. Insurers will need time to investigate the claim to ensure all the facts are reported correctly.
FAQs
1.Do physician assistants need malpractice insurance?
Yes. Malpractice insurance protects PAs from costly lawsuits related to medical errors, ensuring financial security in their practice.
Physician Assistant Insurance Cost
The average physician assistant insurance cost is $45 per month or $540 per year for a $1 million general liability policy. Several factors will influence the cost of your insurance, including the risk level of your industry, your history with insurance claims, and the number of employees you have.
| Cost per Month | Cost per Year | Deductible | |
| General liability insurance | $45 | $540 | $0-$500 |
| Professional liability insurance | $52 | $624 | $1,000-$2,000 |
| Commercial property insurance | $63 | $756 | $1,000-$2,000 |
| Business owner’s policy | $100 | $1,200 | $1,500 |
| Tools and equipment insurance | $49 | $588 | $500-$1,000 |
| Commercial auto insurance | $57 | $684 | $500-$1,000 |
| Workers compensation insurance | $82 | $984 | $2,500-$5,000 |
| Excess liability insurance | $47 | $564 | $500-$1,000 |
Compare Cheap Physician Assistant Insurance Quotes Online
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Best Physician Assistant Insurance Companies
Physician assistant malpractice insurance quotes can vary widely, but if you’re looking for cheap physician assistant malpractice insurance quotes, comparing different providers can help you find the best rates.
NEXT
NEXT is often considered the best malpractice insurance for physician assistants due to its fast processing, affordable rates, and excellent coverage options. NEXT also received an A- from AM Best for its financial strength and a B+ rating from the Better Business Bureau.
Average cost: $25 per month
Our rating: 10/10
Pros
- Best overall
- Issues an online proof of insurance instantly
- Fastest general liability insurance for physician assistants
- Great customer service and reputation
- Excellent rates
- Outstanding value for money
- Get a 10% discount if you buy two or more policies
Cons
- Couldn’t find any
The Hartford
The Hartford has a stellar track record for providing insurance over the 200 years it has been in business. It has spent over 30 years devoted to small businesses. The company has an A- from AM Best. It offers a suite of policies that make perfect additions to a physician assistant insurance policy.
Average cost: $27 per month
Our rating: 10/10
Pros
- Longstanding, trusted insurer with 200 years of insurance experience
- Offers financial services in addition to insurance
- An excellent mobile app that is easy to use
Cons
- Coverage is limited in some states
CoverWallet
It is your digital insurance wallet where you can easily track and purchase new policies. The company has insurance policies like general liability, workers comp, and malpractice insurance for medical professionals. CoverWallet offers insurance for top carriers like Hiscox, Progressive, and Chubb.
Average cost: $30 per month
Our rating: 10/10
Pros
- Compare quotes online for your policies
- 10+ top carriers
- Allows you to compare options with other insurers
Cons
- Not a coverage provider themselves
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Tivly
Tivly is a considerable insurance platform that offers a selection of over 200 providers to pick your physician assistant insurance policy. This company is a trusted platform with an A rating from the Better Business Bureau.
Average cost: $33 per month
Our rating: 10/10
Pros
- Matches you with your ideal insurance provider
- Offers medical malpractice insurance
- 200+ partners to pick from
Cons
- You need to talk to a Tivly representative for quotes
Thimble
Thimble is one of the most accessible companies to get coverage from quickly. Thimble boasts an A+ rating from the Better Business Bureau, making it highly trusted by its customers.
Average cost: $36 per month
Our rating: 10/10
Pros
- Purchase coverage for a month, hour, or even a day
- Get your policy in 60 seconds
- Excellent app features
Cons
- Some customers report that the customer support features are limited
Hiscox
Hiscox offers a small-business insurance experience that tailors your policies to your needs with expert knowledge from their agents. The company’s policies will work great with your physician assistant insurance. You can choose from general liability, medical malpractice, workers comp, and others.
Average cost: $40 per month
Our rating: 10/10
Pros
- Has over 100 years of insurance experience
- Discounts when bundling multiple policies
- A rating from AM Best
Cons
- Some policies are limited to policyholders with fewer employees
