Physician Malpractice Insurance
Physician malpractice insurance plays an
important role in a doctors career. It will cover any legal costs, settlements, or damages to be paid to the person(s) who file a claim or lawsuit. If a doctor deviates from the general standard of care and commits a negligence that leads to injury or death, that is grounds for a lawsuit.
The Case For Physician Malpractice Insurance
The New England Journal of Medicine published a study called “Malpractice Risk According to Specialty” in which researchers said that physicians in certain fields such as obstetrics and general surgery – which are regarded as high-risk specialties – are more likely to face a claim than pediatricians and pathologists. Another study that was conducted said that most doctors, to include physicians malpractice insurance, will face a malpractice claim by the time they were 65-years-old. These are just a couple of studies that show the importance for physicians to have some type of coverage.
Is Insurance Required?
Although there are some states in the U.S. that do not require physicians malpractice insurance, it is incredibly risky not to have some type of coverage. In some states like Florida, for instance, physician liability insurance is not mandatory, but a sign must be posted stating that the doctor does not carry insurance.
From a patient’s perspective, it does not look professional if you do not have physicians malpractice insurance, especially if we are talking about malpractice insurance for anesthesiologist. Put yourself in their shoes. Would you feel secure seeing a health care practitioner who does not care enough to have coverage in case of a mistake? Although you may feel confident in your own skills and abilities, there are not any guarantees that you’ll go through your whole medical career without a lawsuit.
What Type of Policy is Best For Me?
Generally, there are four types of physicians malpractice insurance:
1) Basic coverage;
2) Occurrence policies;
3) Claims Made Policies;
4) Tail Coverage.
The coverage you will need will depend upon few things including your specific specialty and how long you plan to stay in your current position. That’s why it’s important to consult with a broker who specializes in medical malpractice insurance for physicians in order to have the right policy with the right amount of coverage. CONTACT US
Click here to request a free physician malpractice insurance quote from experienced insurance professionals now!
