Because doctors are subjected to major medical malpractice lawsuits at any given moment, insurance plays an important role in their work. Imagine having a financial burden of paying out few hundred thousand or a multi-million judgment because you were not properly covered with medical malpractice insurance for doctors.Victim’s damages in a malpractice lawsuit can include compensatory and punitive damages. This means a doctor who is negligent would have to compensate medical bills, loss wages, medical care, pain and suffering, plus any ongoing rehabilitation. Obviously, all of this can be costly, so this is the case where being covered by medical malpractice insurance can help. Having an insurance for doctors will help offset the payout of damages in a lawsuit and provide you with legal counseling and support.
Let’s say, for instance, that a patient decided to sue you for an alleged negligence. They file a claim for $200,000, take you to court and win the case. Depending on what your limit of liability is, the insurance company would take care of paying the entire judgment and legal costs. If you are covered through your employer, they would handle all of this for you. It’s important to know what type of policy your employer has for you, and if it’s not enough, you should consider buying an individual separate policy.
Purchasing physician malpractice insurance is not mandatory in some areas of the U.S., so you will need to check with your insurance broker or the medical board where you practice medicine. Regardless if it’s mandatory or not, the risk is too great not to consider having your own policy.
It’s not enough to know that medical malpractice insurance is essential to your career; you have to take the steps to ensure that you’re properly protected. This is where an experienced and knowledgeable malpractice insurance broker can help you weigh your options and provide you with the resources so that you can stay informed of current insurance rates in addition to providing moral support if you are sued for malpractice.
It’s stressful enough to deal with a malpractice lawsuit; the emotional and financial burden can be even more distressing. The premiums are a small price to pay for your peace of mind. At Nexus Insurance Services we have relationships with various insurance carriers, so let us help you find the best policy at a rate that you can afford.