New Jersey Medical Malpractice Insurance

New Jersey Medical Malpractice Insurance Coverage

Coverage Requirements

In the State of New Jersey, medical malpractice insurance coverage is required of most healthcare providers including, but not limited to, MDs, DOs, NPs, PAs, CRNAs, and dentists. 

The required minimum limits of coverage in New Jersey are $1M/$3M.  This means that healthcare providers must purchase a med mal insurance policy with coverage up to $1M per claim, and $3M aggregate.  “Aggregate” means that the policy will pay out up to a total of $3M in one policy year. 

What is the Med Mal Climate Like in New Jersey?

Compared to its neighbors, New York and Pennsylvania, New Jersey has a better climate for practicing medicine and medical malpractice insurance.  The cost of coverage tends to be lower on average for each specialty, claims move relatively quickly through the New Jersey courts, and there are lots of excellent medical schools and high density population centers that provide opportunities to grow or build a practice once physicians are done with their training. 

What Kind of Coverage is Available in New Jersey?

Both Claims-Made and Occurrence-type coverage policies are available in New Jersey.

Who Can We Get You Malpractice Insurance Coverage with in the State of New Jersey?

As a medical malpractice insurance agency, we have access to all of the major carriers in New Jersey, including surplus lines/non-admitted carriers.   
Cost of Malpractice Insurance

Generally speaking, the most expensive counties in New Jersey for medical malpractice insurance are those that are nearest to New York City.

The rates in New Jersey for a first year, claims-made medical malpractice insurance policy, for an Internal Medicine physician who is claim free, can generally range from $3,500-$5,000/year. 

How to Lower the Cost of Your Medical Malpractice Insurance Coverage

When applying for coverage, please ask us about any discounts for which you might qualify.  Often, we are able to offer discounts for being New-to-Practice, Claim Free, and/or having recently completed qualifying risk management CMEs, among other discounts.     

How Can We Help You and Why Should You Choose Us?

Established in 2004, Nexus Insurance Services (NIS) is a medical malpractice insurance broker.  As a broker, we can shop the market for you –reaching out to multiple insurance companies concurrently, to provide you with an array of options and to get you the most competitive pricing.  Also, we specialize in medical malpractice insurance and provide coverage for both medical providers and practices of all sizes. 

In addition to providing med mal insurance, if you have a practice, we can also provide general liability and cyber liability coverage for your practice, should you need it. 

Do you need coverage in New Jersey?  If so, click here to request a free quote. 

Additional Resources:

Glossary

New Jersey Department of Banking and Insurance

Medical Society of New Jersey