When there is a case of patient injury due to medical error, misdiagnosis, professional negligence, etc., medical malpractice insurance comes into play by protecting the financial assets of a healthcare provider. While some specialists are sued more frequently than others, every physician should carry the best coverage possible.
Let’s learn more about this insurance and where you can go to get this insurance in St. Louis, MO.
1. Medical Malpractice Insurance Provides More Than Peace of Mind
Medical malpractice insurance is a true necessity for every physician and healthcare professional. It protects the provider’s financial assets and security in the event of patient injury or death, mental anguish, medical expenses, and more.
Claims stemming from the provider’s alleged negligence, harm done to the patient, or misdiagnosis. A physician or other professional, such as a nurse practitioner, dentist, or chiropractor, may be sued for monetary damages if treatments and interventions are proven to be less than the usual standard of care.
2. A Healthcare Provider Must Understand the Limits of the Malpractice Insurance Policy
For example, it’s recommended that most physicians carry policies that pay litigants up to one million dollars per claim or up to three million dollars per policy period (aggregate claims filed during one policy year). Be sure to understand these details to avoid being over- or underinsured for your particular medical specialty.
3. Medical Malpractice Insurance Rates Vary
The two variables are the location where the provider practices and the medical specialty. Some states, such as New York and Michigan, have high numbers of malpractice claims and some of the highest awards, or payouts, in the country. Also, people who have received care in urban locations are more likely to file medical malpractice lawsuits than patients in rural areas.
Finally, if a healthcare provider is a medical specialist, insurance premiums will be higher than for an internist or family medicine physician. Physicians, such as obstetricians/gynecologists, neurologists, orthopedic surgeons, thoracic surgeons, emergency room doctors, and others pay higher premiums as well.
4. There Are Two Broad Categories of Medical Malpractice Insurance Coverage
The first is claims-made insurance. Less costly than occurrence insurance, claims-made policies provide professional coverage for when a patient makes a claim or actually initiates litigation.
The more expensive category is occurrence insurance. These policies cover the subscriber at the time of the medical incident and going forward. They include tail coverage for when the policy lapses, the physician changes employers, or when he or she retires from active practice.
5. Health Care Providers Should Purchase Their Policies from a Reputable and Experienced Broker
Insurance brokers serve their clients by providing a wide range of insurance carriers and policy options. In essence, brokers work only for the physician or other health care professional and curate policy choices that best benefit the policyholder. Purchasing a policy from an insurance agent associated with only one carrier limits choices and can prove more expensive.
eQuoteMD in St. Louis, MO
Protect your assets, your practice, your employees, and your livelihood by working with a medical malpractice broker who puts your interests first. At eQuoteMD, our professional team serves healthcare professionals in all fifty states, offering outstanding coverage at affordable rates.
To learn more or obtain a complimentary quote, please contact eQuoteMD at (855)823-5283. We will be honored to serve you.
