Medical malpractice insurance is designed to protect doctors and other health professionals from law proceedings related to their pratice of medicine. As a rule, such insurance covers legal costs and settlements, i.e. costs of defending providers from lawsuits and damages conferred by the court. Therefore, average malpractice insurance for doctors comes up to $11,150; proceeding from this, provider’s premiums are closely connected with the type of medicine he/she practices and the laws of the state he/she works in.
Virtually every state requires doctors to obtain physician malpractice insurance in order to practice and to see patients. Some states usually demand health professionals to have coverage so that to get hospital privileges. However, there are some states where doctors can practice without malpractice insurance at all, that is, they “go bare”.
In this case the state of Florida is a bright example as it allows physicians to be uninsured for as long as they keep patients informed of this fact.
Physicians and physician assistants can obtain malpractice insurance coverage on their own or receive it through their employers especially from the hospital or other state health organizations. It should be mentioned that if the first variant is chosen, i.e. to buy insurance independently, the doctor will have his/her own lawyer to look for his/her interests although the total cost of such policy is more larger.
Insurance policies regularly fall into two basic types: “claims made” and “occurrence”. The matter of claims-made policy lies in the following: it will cover you for as long as the policy is in force. If the policy expired and the doctor is sued over malpractice he/she did being under that policy, the insurer won’t cover it.
In this case, physicians may choose to purchase “tail insurance” that will cover them in case the main policy has been expired. An “occurrence” type of policy will cover health professionals for all claims disregarding time period when the claim was made.
It’s well-known that several factors are taken into when insurers determine premiums for medical malpractice insurance. One of the most significant factors is the type of work that a health professional does. Some specialties have to pay higher premiums due to the fact that they have higher rate of claims. According to statistics, neurosurgery, obstetrics/gynecology and anesthesiology are considered to be the high-risk specialties. Other important factor is the state of doctor’s practice. In general, it should be said that any physician can be sued anytime even if he/she had minimal involvement.
Be sure to protect yourself with physician malpractice insurance right now! Contact Nexus Insurance Services to get a free no-obligation quote.