Insurance for Doctors in Private Practice: A Guide to Voluntary Coverage Options

There is hardly any compulsory insurance for doctors in private practice, but there is a wide range of voluntary insurance. Unlike employees, the self-employed bear sole responsibility for their social security. For them, insurance in the event of illness, pension, accident or unemployment is not compulsory. However, such insurance can be useful. It is also important to weigh up other voluntary insurance policies: How great are the risks or possible damage compared to the costs of the insurance?

professional liability

The only compulsory insurance is professional indemnity. According to § 95e Abs. 1 SGB V, the minimum sum insured for contract doctors without employed doctors is 3 million euros for personal injury and property damage per insured event. For contract doctors with employed doctors, professional practice communities and medical care centers, it is even 5 million euros.

Important to know: The sum must be available at least twice or three times within one year. The Virchowbund explains more on its website professional liability.

Conclusion: necessary.

Health insurance

If you are self-employed as a doctor, you can be exempted from the general obligation to have health insurance. However, health insurance makes sense.

Whether private or legal, is up to you. If you are insured with a statutory health insurance company, you must also pay contributions to statutory pension insurance and nursing care insurance.

Conclusion: very useful.

accident insurance

Accident insurance protects you if you have an accident while working, for example on the way to a home visit.

Conclusion: very useful.

pension insurance

As a doctor in the branch, you pay into a medical pension scheme. In addition, you can pay into the statutory pension insurance or you can be exempted from the obligation and choose a private pension plan.

Virchowbund tip: Insurance companies can also offer themselves as an instrument for recruiting and retaining skilled workers. Mention benefits such as a company pension scheme and company health insurance in your job advertisement.

Conclusion: very useful.

legal protection insurance

While you have “passive” legal protection insurance (e.g. to defend against unjustified claims) in professional liability insurance, you can also actively enforce your rights with independent legal protection insurance. Legal protection insurance can help you to cover the costs of lawyers, court proceedings and other expenses – professional or private or even as a road user.

Conclusion: useful.

business interruption insurance

The insurance takes effect if the activities of your practice are temporarily interrupted due to damage to the practice inventory (equipment, furniture, interior fittings and software of your practice) or due to technical faults. It can also be useful in the event of technical faults and data loss that hinder your work to such an extent that you cannot continue working.

Conclusion: individually useful.

building insurance

This is economically advisable if you are the owner of the practice building. In some cases, the bank even prescribes this insurance.

Conclusion: individually useful.

inventory insurance

Inventory and business interruption insurance covers, depending on the scope of the insured risks, damage to the practice equipment from fire, water leaks or theft or any resulting business interruption (e.g. temporary practice closure).

Conclusion: useful.

electronics insurance

In addition to inventory and business interruption insurance, electronics insurance for general, medical or building services is recommended, provided high-quality IT equipment or medical devices are available.

Electronics insurance usually has a more extensive scope of insurance than inventory or business interruption insurance and also applies, for example, to improper handling, over/under voltage or simple theft.

Conclusion: individually useful.

cyber insurance

IT security is a top priority. As the practice owner, you are liable to third parties, even if you hire an IT service provider.

Cyber ​​insurance is available in different quality and characteristics. They can relate to both internal damage (e.g. business interruption, loss of revenue) and damage to third parties (e.g. data breach). You can also cover damage caused by technical malfunctions or data loss, for example through phishing, viruses, other malware and cyber attacks. The Virchowbund explains the various types of attacks and countermeasures on its website under the keyword Cybercrime.

Read here in detail whether and when a Cyber ​​Liability Insurance worth it.

Conclusion: useful.

Privacy Insurance

As a rule, this insurance is already included in the cyber insurance. It protects against violations of data protection laws and privacy rights, including violations of the General Data Protection Regulation (GDPR). It can help minimize the cost of litigation, sanctions, and penalties.

Conclusion: individually useful.

Practice cancellation insurance

This insurance protects you if the practice z. B. must remain closed due to illness, but the costs continue.

Virchowbund tip: Make sure that the insurance cover only applies to your illness or accident or also to your relatives. Read more in the Praxisärzte-Blog at Practice failure: How to protect yourself or under Difficult sick as a doctor: is there a risk of the practice going out?

Conclusion: individually useful.

Sick pay insurance

Daily sickness benefit insurance pays you a daily benefit in the event of illness to compensate for the loss of earnings. It can be a supplement to the practice cancellation insurance.

Conclusion: individually useful.

disability insurance

Disability insurance pays a monthly pension if you are no longer able to practice your profession as a doctor due to illness or an accident. Compared to other professional groups, doctors have a higher risk of becoming unable to work.

Conclusion: individually useful.

Choose the right insurance

There is no such thing as an insurance package that covers all possible risks and damage. You will always need several insurance policies for your practice and professional activity.

Also consider your area of ​​expertise: Depending on their specialization, specialists have different risks and therefore need specially tailored insurance.

Optimal protection does not only mean having the necessary insurance, but also avoiding unnecessary insurance and thus unnecessary costs. A precise analysis of your individual situation and risks is important for this – preferably with the help of competent advice. Members of the Virchowbund can contact Ecclesia MED for this.

How to find competent advice:

• Your advisor – ideally an insurance broker – should provide advice without commission, specialize in doctors and be familiar with the risks and special features of medical practices.

• The consultant should be active in an interdisciplinary manner. Cooperation with a lawyer, tax consultant, practice outfitter and business economist is often necessary.

• If the consultant is a member of a professional association, you can benefit from special agreements with insurance companies.

The Virchowbund and Ecclesia MED have jointly published an extensive information brochure on insurance for doctors. Here you can Download Brochure.

The article originally appeared on Coliquio.de.