Despite the extensive training and experience doctors and other healthcare professionals have, problems can arise in patient care, which can lead to a lot of stress, litigation, and expenses. For this reason, physicians need the right medical malpractice insurance to protect their income, assets, and more.
Here is a guide to selecting the best possible medical malpractice insurance for you and your practice.
Why Do You Need Medical Malpractice Insurance?
Despite your due diligence and dedication to your patients, mistakes in care can happen or a patient may believe you have delivered less than professional and medically accurate services. The patient may then choose to pursue a medical malpractice claim or lawsuit, and the emotional and financial strain on the healthcare provider, their family, and support staff can be substantial.
So, while some states do not require that physicians and other healthcare professionals purchase protection in the form of medical malpractice insurance, it is highly encouraged that doctors obtain a policy, which:
- Helps to protect their professional reputation
- Preserves practice and personal assets and income
- Provides legal counsel if and when a case goes to court
Legal costs for medical malpractice cases can add up quickly. Plus, settlements and judgements can be substantial, as well, with the average in the United States being about $250,000 per payout. Medical malpractice insurance is an important way to ensure that the financial – and emotional – costs associated with a medical malpractice lawsuit are covered.
Choosing The Right Medical Malpractice Insurance Coverage
There is a myriad of details to consider when choosing medical malpractice insurance. That’s why it is best for physicians to choose an insurance broker, such as eQuoteMD, to assist in defining personal and practice characteristics and coverage needs to purchase the most affordable, high-quality policy possible.
Here are some important considerations:
Policy Limits
It is essential to choose the right policy limit for your medical malpractice insurance coverage. The more risks you take, the higher the likelihood that you will face a lawsuit and financial loss from damages awarded or settlements made. Make sure the limits of your policy cover all possible damages and losses associated with a claim against you or your practice.
Policy Features
Discussing your policy features with your medical malpractice insurance broker is vital to ensure you have comprehensive coverage. Many policies will include specific inclusions, such as protection against claims for incidents that occurred while the policy was in effect, regardless of when they are reported. However, there may also be exclusions that could leave you without coverage for certain scenarios.
Understanding your policy limits and deductibles is crucial, as well. Your limit refers to the maximum amount the insurance company will pay on a claim, while your deductible is what you must pay out-of-pocket before the insurance kicks in. Balance these two numbers wisely, ensuring adequate coverage without overextending yourself financially.
Another essential aspect to understand about your policy is whether it is a claims-made or occurrence policy. A claims-made policy covers any claims made during the active policy period, regardless of when the incident occurred. An occurrence policy protects against incidents that occurred during the active period irrespective of when they are reported.
Also worth noting is if your policy includes tail coverage. This extends protection beyond the termination date of a claims-made policy and can cover lawsuits filed after you have stopped practicing or switched insurers.
Before finalizing any purchase decision, be sure to fully understand all these aspects of your potential policy, so you can ensure that you get robust malpractice insurance coverage.
Cost
The cost of medical malpractice insurance premiums depends on many factors, including your practice location, specialty (some specialties carry higher risk for injury than others do), claims history, and more. Before committing to a specific medical malpractice insurance policy, compare various carries and policies to find the best premium and deductibles available. At eQuoteMD, we work with our clients to research A++ list companies to compare their rates, efficiency in processing claims, and also customer satisfaction ratings.
Claims History
Your insurance provider will review your past claims history when calculating your rates. Be honest, and disclose any previous claims, even if they have been dismissed. This information is necessary for the provider to assess and understand potential risks associated with insuring you and your practice.
The Best Medical Malpractice Insurance in New York
At eQuoteMD, we understand how important it is to get the best medical malpractice insurance coverage at an affordable rate. We specialize in helping our clients compare policies from A++ list companies, so they can make informed decisions about their provider and policy features. Contact us today for more information and to receive a complimentary insurance quote.
Our office is located in St. Louis, MO, and we work exclusively with top-rated insurance carriers across the United States. No matter your location or specialty, we can find the right coverage for you at a great rate. Call us at (855) 823-5283, or request a free quote here.
