In 2012, a payout for medical malpractice was made every 43 seconds. Medical malpractice insurance is crucial for physicians to carry - but that isn't all doctors have to care about from an insurance perspective. What other kinds of coverage will protect your practice and keep your finances and your reputation safe?
Working in the field of medicine, you’re likely familiar with the importance of a good health insurance policy. Patients with optimum health insurance are more likely to take advantage of preventive care and consult a doctor on health related matters. For your part, you must have the right doctors insurance to protect your practice.
Whether you own a small general practice or are the lead heart surgeon of a large hospital, you have a number of risks that a good insurance policy can address. Common risks involve doctor-patient interaction. You’re responsible for the acts and advice that you dispense to patients. If a patient believes that you’ve made a medical error, you could potentially face a lawsuit. Other risks that doctors and medical practices face can include employee theft, property damage, employee or patient injury and commercial vehicle accidents.
Understanding what types of doctors insurance you need depends on the nature of your practice. You must analyze your risk, which helps you set the right coverage amounts. If you make home visits, you may need more malpractice insurance than a doctor that only sees a few patients a month. You’ll also need commercial vehicle insurance.
Here a few common insurance policies that doctors can invest in:
For any business, mitigating liability risks is a huge concern, but for many doctors, it’s a debilitating issue. Some doctors have even chosen not to go into private practice due to the risks and the costs of malpractice coverage. If you’re a doctor operating on an individual basis, you need doctors liability insurance, or malpractice coverage. Even if you’re a doctor working in an office, you need this critical form of professional liability insurance.
While your general liability insurance will protect you in case a patient slips and falls, your malpractice policy will protect you specifically from claims arising from the treatment of your patients. If a patient believes that you’ve been negligent in your care, whether it’s physical treatment or even professional advice, you could be held responsible for the resulting damages. A malpractice lawsuit is very expensive and your doctor malpractice insurance can help offset the cost.
If you’re looking for doctors insurance, you have lots of options. The trick will be to find an option that's highly rated and meets all your needs. You may need to involve an attorney in your hunt for coverage. These professionals can help you assess your liability risks so that you understand what kind of insurance might fit your practice best.
From there, make sure you're choosing a highly rated insurer by checking rating agencies and consumer reports. Get a few quotes from reputable companies before you buy so that you can be sure you're getting the best value for your insurance dollar.