Medical malpractice insurance for doctors and physicians, especially for those who work in high-risk fields such as obstetrics and plastic surgery has been an ongoing issue. As a doctor, you are held in high regard within the health care industry, so when you stay away from those high standards, your career is in jeopardy.
For patients, the ramifications of medical malpractice can include severe sickness, serious injury, or even death so you can see why the practice of medicine is so risky. It’s not something that can be taken lightly.
According to The Journal of the American Medical Association (JAMA), 225,000 deaths occur each year due to medical negligence of some nature. This is why protecting yourself with medical malpractice insurance, let’s say surgeon malpractice insurance, is so important. Imagine the financial burdens you could endure if you don’t have malpractice insurance coverage. It only takes one lawsuit to ruin a career that you have worked so hard for!
In the United States doctors are generally required to purchase malpractice insurance before practicing medicine. Even as a student, many medical schools require that you purchase medical student malpractice insurance.
When you have proper type of malpractice insurance for doctors, the insurance company takes responsibility for any legal issues that may arise if a malpractice claim is brought against you. This means that the insurance company will pay for any damages up to your policy limit. You can purchase insurance as an individual or as part of a large group such as a physicians group or hospital.
Most hospitals do provide medical malpractice insurance coverage to protect their employees. It could be enough, but you will need to check with your employer to find out the maximum liability limits for the policy. If your employer’s policy only covers you up to $100K, but you are sued for $250K, you will need to come up with the remaining $150K out of pocket.
Another factor to consider is that if you do any type of medical volunteer work or offer medical services and counseling outside of the hospital, you might want to think about purchasing an individual policy. The latter can provide added protection, plus you can choose your own personal legal counsel.
Need more information about medical malpractice insurance for doctors or wants to request a quote? Call us at 1-877-465-7478 or fill out the quote request form.