New Jersey Has High Demand for Plastic Surgery
With a relatively low number of plastic surgeons per capita in New Jersey, plastic surgeons are in demand in this densely populated state, as well as by affluent patient populations in New York City and other neighboring metro areas seeking a variety of cosmetic procedures.
However, both cosmetic and reconstruction plastic surgeries carry a high risk of serious intraoperative patient injuries and post-operative complications. That’s why New Jersey plastic surgeons need robust medical malpractice insurance.
That’s why New Jersey plastic surgeons 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 plastic surgeon in private practice or are planning to open a new practice, use this guide prepared by independent MEDPLI insurance brokers to give you a concise overview of the current medical malpractice landscape. Then contact a MEDPLI insurance broker to discuss your coverage needs and get a quote.
Medical Malpractice Insurance Requirements for New Jersey Plastic Surgeons
Massachusetts law requires surgeons to maintain medical malpractice insurance with the required minimum coverage amounts for claims against injury or death set at $1,000,000 Each Claim / $3,000,000 Aggregate per year.
However, bariatric surgery is considered a high-risk specialty, so you will need more coverage than $1,000,000 Each Claim / $3,000,000 Aggregate per year to be adequately protected if sued for malpractice.
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 Massachusetts. As an independent broker, we specialize in medical malpractice insurance for bariatric surgeons. We can help you find the best coverage at a great price.
Cost of Medical Malpractice Insurance for New Jersey Plastic Surgeons
To calculate the cost of medical malpractice insurance for a plastic surgeon, each insurance carrier uses its own proprietary methods of setting rates. Factors that affect the price of insurance include practice location, surgical specialty, and past claims history.
The following are approximate medical malpractice insurance premium rates for plastic surgeons across all New Jersey areas:
| Specialty | Approximate Claims Made Rate | Approximate Tail Rate | Approximate Occurrence Rate |
|---|---|---|---|
| Plastic Surgery | $80,000 | $160,000 | $90,000 |
*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 Plastic Surgeons
Here is an brief overview of the three most common types of medical malpractice insurance for plastic surgeons 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.