Medical malpractice insurance, otherwise known as professional liability insurance, is an important part of a medical professonal’s career, and it is purchased for protection in case of a lawsuit by a patient. Before a doctor, physician, nurse, student doctor or any person providing any type of health care or service starts their own practice or is employed by a hospital or clinic, they may be required to purchase malpractice insurance. Each state has their own laws regarding insurance, so be sure to check with the medical board in your state.
Medical malpractice is not something that happens all the time, however, it should be taken into careful consideration. For medical professionals, malpractice is considered a negligence, whether done on purpose or not, that causes injury or death to someone in their care.
A malpractice lawsuit can become costly and time consuming to defend, not to mention that it can take emotional and physical tolls on the mind and body. This is why it’s vital for professionals to consider an investment in professional liability insurance. Without insurance, there’s the risk of financial bankruptcy, especially for anesthesiologists and OBGYN’s.
Medical Malpractice Insurance Costs Vary
Medical malpractice insurance premiums are regulated and approved by the state insurance commissioner in each state. These commissioners ensure that the rates are not unfair or excessive. To determine a rate for a particular individual, other factors come into play including the medical specialty, geographic location, and the type and amount of coverage needed. Premiums can also vary for groups, hospitals, and schools that provide education in the medical field.
Rates Have Increased, But Nexus Insurance Can Help
Recently there has been a great deal of talk about medical malpractice insurance premiums increasing, which has become a constant issue among lawmakers, politicians, and the medical community. Analysts have come up with a few theories as to why premiums have increased such as:
At Nexus Insurance Services, it is our goal to help you find the best rates for medical malpractice insurance. We take the hassle and headache of shopping around trying to find the right coverage at the right price. We constantly stay on top of the insurance industry and have relationships with many insurance providers, so we are able to offer options that suit your specific needs.