Healthcare professionals are the pillar of society across the globe. Without them, many people would succumb to their ailments, some of which would be so simple to cure.

While they are a great asset to the world in general, there are those who seek to take those professionals to court over medical malpractice. Some of those claims will be genuine, while others might be emotionally charged but unfortunately hold very little substance or truth.

Mistakes can happen, so it’s important that any healthcare professional is getting the insurance they need to keep them covered and more importantly, provide peace of mind.

When you’re helping so many people, you want to be focused on providing the best level of care possible. At the same time, you also want to think about what type of malpractice insurance is best for you when practicing in New Jersey. Every state is different so it’s good to know the state requirements and why you should be purchasing this insurance coverage.

What is malpractice insurance?

Malpractice insurance is a type of professional liability that all healthcare professionals can acquire as soon as they start treating patients.

This type of insurance is common because it helps protect those professionals who get claims made against them for any reason after dealing with a patient’s healthcare.

Often enough, there will be things that go wrong when treating patients and the result might not be one that was hoped for. Regardless of whether there’s malpractice there or not, having insurance is a good protection to have as a healthcare professional.

Why purchase malpractice insurance?

Malpractice insurance is something that can be great for the peace of mind all healthcare professionals should have. When dealing with multiple patients on a daily basis, and handling stressful environments and scenarios, the last thing you want to be thinking about often, is whether or not you’re going to get a lawsuit filed against you.

Fingers are pointed and blame is given when things go wrong, even if it’s not your fault. Getting legal support and financial support is important, regardless of the outcome of said claims.

Medical errors are often common here in the US with around 250,000 deaths caused through medical negligence. Whether it’s misdiagnosis or surgical problems, having the ability to take professionals to court is important because sometimes, there is blame to be had.

On the flip side, as a healthcare professional in New Jersey, it’s important to have malpractice insurance coverage.

The types of malpractice insurance to look for

With a common limit of liability of $1,000,000 per claim and an annual aggregate cap of $3,000,000, New Jersey is considered to have higher-than-average medical malpractice insurance rates compared to other states.

That’s not surprising seeing as it’s so close to New York and as a city, it’s incredibly expensive there anyway. However, it’s worth noting that there has been a downward trend in rates in recent years.

There’s a selection of options to choose from when you’re purchasing malpractice insurance. These policies available are acquired as an individual or as a group through a private insurer.

It’s good to know that when you’re working in New Jersey, you have all the insurance available and covered should anything happen. You won’t need to get insurance if you work for a federal healthcare practice as claims cannot be taken against you in a civil court.

Make sure you choose carefully when it comes to malpractice insurance and ensure you have the right level of insurance for your role specifically as some roles may be higher or lower depending.

Top Malpractice Insurance Carriers in New Jersey

The state requirements for New Jersey malpractice insurance

What are the state requirements for purchasing malpractice insurance in the state of New Jersey? Having this information is useful. As mentioned the claims are as follows:

• Per occurrence - $1,000,000
• Annual aggregate - $3,000,000

As a requirement in New Jersey, you should be getting this insurance whether you’re a nurse, doctor, midwife, physician, or surgeon.

Again, depending on your job will depend on whether or not you need higher coverage in order to keep yourself protected from claims of any nature.

The benefits of having medical malpractice insurance in place

Why should you be getting this medical malpractice in the first place? Here are some of the reasons why you’ll need it.

Misdiagnosis

A misdiagnosis can be a hard thing to deal with as a healthcare professional but it can have dire consequences for those who are the patient and receiving the news that something could have been done.

While mistakes can occur, misdiagnosis is something that can be detrimental to those patients involved.

Surgical and medication errors

For patients who undergo surgery or require certain medication for their health and recovery, having things go wrong due to negligence could be life-altering.

Financial settlements and damages

There are times when financial settlements and damages might be agreed upon instead of taking it any further. With medical malpractice insurance, it’s not just the peace of mind but the financial help that it can provide to protect your home and personal funds from damage.

Claim Data

The National Practitioner Databank (NPDB) is a repository of medical malpractice claim information for healthcare providers in the United States. Following is a summary of data where we can observe the number of malpractice payments, adverse actions, and other disciplinary actions taken against healthcare professionals.

Year	Payment Count	Total Payments	Average Payment	Max Payment	Over 500K Count	Over 1M Count	Over 5M Count
1995	569	$139,350,200	$244,904	$5,950,000	62	12	1
1996	584	$142,485,550	$243,982	$3,250,000	75	15	0
1997	506	$140,221,050	$277,117	$3,150,000	84	21	0
1998	577	$155,998,550	$270,361	$2,950,000	84	18	0
1999	528	$139,907,300	$264,976	$2,950,000	69	12	0
2000	669	$212,014,250	$316,912	$6,950,000	114	27	1
2001	995	$343,036,050	$344,760	$5,550,000	191	53	1
2002	782	$262,940,250	$336,241	$2,950,000	149	39	0
2003	688	$214,850,350	$312,282	$4,950,000	107	23	0
2004	684	$236,324,000	$345,503	$4,450,000	127	37	0
2005	801	$287,208,750	$358,563	$6,450,000	128	22	1
2006	693	$255,606,050	$368,840	$5,650,000	132	32	1
2007	663	$268,505,750	$404,986	$4,950,000	144	34	0
2008	577	$222,047,250	$384,831	$5,950,000	124	24	2
2009	685	$217,854,750	$318,036	$3,950,000	127	20	0
2010	614	$220,588,250	$359,264	$8,750,000	124	21	1
2011	566	$215,719,250	$381,129	$7,650,000	119	21	3
2012	578	$195,784,100	$338,727	$3,650,000	124	18	0
2013	648	$241,089,600	$372,052	$4,250,000	136	25	0
2014	571	$250,088,500	$437,983	$13,500,000	134	27	3
2015	538	$242,434,550	$450,622	$10,500,000	120	22	3
2016	562	$289,209,000	$514,607	$14,500,000	157	40	6
2017	526	$256,123,250	$486,926	$6,750,000	155	25	2
2018	551	$218,769,750	$397,041	$4,250,000	146	21	0
2019	522	$236,618,250	$453,292	$5,950,000	157	25	2
2020	404	$174,297,750	$431,430	$7,150,000	113	22	1
2021	289	$127,496,550	$441,165	$3,450,000	97	11	0
2022	429	$204,541,750	$476,787	$14,500,000	132	21	1
2023	510	$259,992,000	$509,788	$9,450,000	153	38	1
2024	562	$337,345,500	$600,259	$9,450,000	198	43	6

Cover yourself as a healthcare professional in New Jersey

For healthcare professionals in New Jersey, it’s essential that you’re doing everything possible to get the best malpractice insurance on the market. Whether you believe yourself to be the best of the best or not, no one is immune to the devastation that can be caused when malpractice and negligence are involved.

Make sure to use the resources online like MedMal Advisors for example to know how to go about getting the insurance in the first place. Medical malpractice is important to have and it’s something that should be taken full advantage of. You could risk losing your license or worse if you don’t protect yourself properly.

With this in mind, make sure you’re purchasing malpractice insurance before you start practicing in New Jersey.