New Jersey Has Steady Demand for Neurosurgeons
New Jersey neurosurgeons are pioneering advanced techniques, such as deep brain stimulation for Parkinson’s, for patients in the New York, Newark, Jersey City metro areas. They’re also in steady demand to provide stroke, tumor, and spinal surgical procedures for the region’s growing patient population of older adults.
However, while New Jersey is a destination for advanced neurosurgery, the state has a litigious reputation. According to the National Practitioner Data Bank, there were 496 medical malpractice suits filed in New Jersey in 2022, and over $215 million paid out to plaintiffs.
That’s why New Jersey neurosurgeons need robust medical malpractice insurance.
As your only trusted broker, MEDPLI will help you find the right coverage at the best rate in New Jersey.
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If you are a New Jersey neurosurgeon in private practice, or planning to open a new practice in New Jersey, use this guide prepared by independent MEDPLI insurance brokers to give you a concise overview of medical malpractice insurance. Then contact a MEDPLI insurance broker to discuss your coverage needs and get a quote.
Medical Malpractice Insurance Requirements for New Jersey Neurosurgeons
By law, New Jersey neurosurgeons are required to maintain a minimum amount of medical malpractice insurance coverage. The standard limits of liability in New Jersey are $1,000,000 Each Claim / $3,000,000 Aggregate per year in coverage.
MEDPLI strongly recommends securing coverage from an A-rated carrier as the most cost-effective way to protect against devastating financial loss if you are sued for malpractice in New Jersey. As an independent broker, we specialize in medical malpractice insurance for neurosurgeons. We can help you find the best coverage at a great price.
Cost of Medical Malpractice Insurance for New Jersey Neurosurgeons
Each insurance carrier uses its own proprietary methods of setting the cost of medical malpractice insurance for neurosurgeons. Carriers consider factors such as practice location, surgical specialty, and past claims history.
The following are approximate medical malpractice insurance premium rates for neurosurgeons across all New Jersey areas:
| Specialty | Approximate Claims Made Rate | Approximate Tail Rate | Approximate Occurrence Rate |
|---|---|---|---|
| Neurosurgery | $90,000 | $180,000 | $110,000 |
*Using the NJ standard limits of $1,000,000 Each Claim / $3,000,000 Aggregate per year in coverage
Types of Professional Liability Insurance for New Jersey Neurosurgeons
Here is a brief overview of the most common types of medical malpractice insurance for Neurosurgeons in New Jersey:
1. Claims Made Insurance
Claims-made malpractice insurance provides coverage if the policy is in effect both when the incident took place AND when the claim is filed. If a claim is filed after the end of the policy date, the claim is NOT covered. With a claims-made policy you need tail malpractice insurance, which is a separately purchased insurance policy or endorsement, to make sure you have full protection.
2. Occurrence Insurance
Occurrence malpractice insurance provides coverage for incidents that occurred during the policy year, regardless of when a claim is reported to the carrier. Occurrence policies are more costly at the start of the policy, but the rate generally stays the same for the length of the policy, and there is no need for tail coverage when the policy ends.
3. Tail Insurance
Since most malpractice insurance policies are underwritten on a claims-made basis, you will be exposed to a lawsuit if a former patient files a claim against you and you do not secure tail coverage. When you are preparing to leave your employer, you should seek tail coverage options with an independent broker like MEDPLI. Tail insurance covers you for a specific time period. The new employer’s policy is not going to cover you for prior acts of a former practice, hence tail coverage is needed. Read more about tail malpractice insurance.
Reach out to an experienced MEDPLI insurance broker who will do all of the work for you to find a tail policy at a great price.
Let a MEDPLI Broker Help You Choose the Best Policy for Your Practice
Every medical specialist’s situation is unique, so we recommend a conversation with a MEDPLI insurance broker to the discuss the unique needs of your New Jersey neurosurgery practice. Your MEDPLI insurance broker will explain the benefits and limitations of each type of medical malpractice insurance to ensure you get the right type and amount of coverage for your neurosurgery specialty.
Get Quotes from A-rated Carriers Serving New Jersey Neurosurgeons
MEDPLI insurance brokers will obtain quotes from medical malpractice insurance from carriers rated “A” by A.M. Best for their long-term financial solvency and robust legal support of policyholders. The top carriers include:
Why Neurosurgeons Are Classified as High Risk by Medical Malpractice Insurance Companies
Medical malpractice insurance underwriters classify neurosurgery as a high-risk because of the potential for patient outcomes with severe permanent injury or death. Statistics published in an article in The Journal of Neurosurgery indicate that nearly 20% of all practicing neurosurgeons in the U.S. are named as defendants in malpractice lawsuits each year.
Top Reasons Why New Jersey Neurosurgeons Are Sued
According to a review of neurosurgery medical malpractice claims data by “A” rated malpractice insurance carrier MedPro Group , more than half of the cases cited allegations of patient injuries including pain, nerve damage, mobility loss, and the need for additional surgery related to these specific procedures:
In addition, some of the most often cited allegations in New Jersey’s neurosurgery medical malpractice cases include:
Neurosurgeons can reduce their risk of a malpractice lawsuit by implementing a comprehensive risk management strategy. For tips on fine tuning your risk management strategy, check out our Neurosurgeons Guide To Managing Malpractice Risk.
New Jersey’s Medical Malpractice Insurance Legislation
Consulting with a MEDPLI insurance broker who understands the complexities of New Jersey’s medical malpractice laws will ensure that your practice is protected with the right amount of coverage.
New Jersey’s Damage Caps on Medical Malpractice Lawsuits
There are no caps on payouts for economic and non-economic damages in medical malpractice lawsuits. In any injury case, punitive damages are limited to $350,000 or five times the amount of compensatory damages, whichever is greater. However, punitive damages are rare partly because they require proof that the defendant acted with “actual malice” or a “wanton and willful disregard” toward injury.
New Jersey’s Statute of Limitations for Medical Malpractice Claims
According to state law, the conditions for filing a medical malpractice lawsuit in New Jersey are:
Neurosurgery Medical Malpractice Outcomes in New Jersey
With no caps on economic and non-economic damages in New Jersey, neurosurgeons are more vulnerable to personal financial loss if they do not have robust medical malpractice coverage.
In 2022, the total medical malpractice payout in New Jersey was $146,784,000.
The following examples of New Jersey medical malpractice lawsuits found in favor of the plaintiff, or paid as a settlement, show the critical need for neurosurgeons to have strong liability coverage:
$1.15 Million Settlement
A New Jersey neurosurgeon was sued for wrongful death malpractice resulting from surgical errors made in attempting to remove a benign tumor in the patient’s back. The patient became paralyzed and died one year later due to complications from his injuries.
Jury Awards $22.4 Million
The jury found that the plaintiff’s lumbar spinal fusion surgery to relieve pain due to spondylolisthesis was unnecessary and performed improperly. The plaintiff underwent two additional surgeries to correct the errors, but they made his condition worse. The plaintiff remains in pain and cannot return to work.
How MEDPLI Brokers Help Neurosurgeons Save time and Money on Medical Malpractice Insurance
Working with MEDPLI as your trusted broker takes the guesswork and effort out of trying to get the right coverage at the best rate on your own. We help you save time and money by:
MEDPLI insurance brokers are ready to help you navigate the complexities of New Jersey’s medical malpractice laws and secure the right amount of coverage for your neurosurgery practice. From submitting your application, obtaining the best rates for new policies and renewals from “A” rated carriers, and more, MEDPLI is the only medical malpractice insurance broker you’ll need.
