Are you thinking of purchasing cut-rate medical malpractice insurance? Think again. As a family practice physician, you owe it to yourself, your employees and your patients to get superior insurance protection. In this blog, we will investigate how high-quality, customized medical malpractice insurance actually can save you money.
Why Does a Family Practice Physician Need Medical Malpractice Insurance?
There are a number of reasons why a family practice physician should get medical malpractice insurance. The biggest reason is that your state may require it by law. In other words, you cannot practice in a state which mandates medical malpractice insurance unless you actually have an active policy.
But, beyond state mandates, there are other important reasons why having medical malpractice insurance is crucial for family practice physicians.
First, medical malpractice litigation is a reality. Every physician practicing in the United States can expect at least one medical malpractice lawsuit in the course of his or her career.
Plus, a full 8 out of every 10 of these lawsuits ultimately go to trial. While most then settle out of court, legal fees do add up quickly.
So, the physician loses time and income. These costs truly burden family practice physicians, staff and ultimately, the patients themselves.
How Does Having Quality Malpractice Insurance Actually Save Money?
Family practice physicians actually save themselves a lot of financial worry when they purchase medical malpractice insurance. Where do these cost-savings come from?
First, let’s consider the cost of defending against a medical malpractice lawsuit. Even when physicians are found not liable, they still have to pay for lawyer fees, expert witness fees and other court-related expenses.
With quality malpractice insurance, legal expenses are covered by the insurance carrier. This allows physicians to focus on their practices and patients without worrying about the financial burden of a potential lawsuit.
Furthermore, with medical malpractice insurance, physicians also have access to risk management resources. Education in risk management can help prevent lawsuits from happening in the first place. From proper documentation techniques to patient communication strategies, risk resources can help physicians minimize the possibility of expensive litigation.
In addition, having malpractice insurance is often a requirement for physicians to be able to practice in certain hospitals or healthcare facilities. Without insurance, they may not be able to obtain privileges or even maintain their current ones. With insurance, they can practice and earn the income their skill and labor deserve.
Lastly, malpractice insurance provides peace of mind and security for both family physicians and their patients. Patients feel reassured knowing that their healthcare provider has taken necessary precautions to protect them in case of any unforeseen circumstances. For the physicians, insurance alleviates stress and anxiety that comes with practicing medicine in today’s litigious society.
What Are Some Basic Guidelines for Purchasing Medical Malpractice Insurance?
You will save yourself time and money if you consult with an insurance broker who can educate you on your state’s insurance regulations. Your agent at eQuoteMD will determine what type of coverage you need for your specialty, patient volume, practice location, number of employees and a whole host of other factors.
The representative also will provide multiple quotes from different reputable insurance companies. You can compare them and find the best fit for your needs and your budget. Additionally, consider the following guidelines when purchasing medical malpractice insurance.
Understand Your Coverage Needs
Before deciding which policy to purchase, assess your specific coverage needs. Consider the type of patients you see (pediatrics, geriatrics, high-risk cardiac), the procedures you perform (surgery, injections, minor procedures) and any special risks associated with your practice (such as working in a densely populated area). This information determines the level of coverage needed for your individual practice.
Also, do not over-purchase and waste your money. On the other hand, buying cut rate coverage can impact your financial bottom line if you are sued and are not adequately protected.
Choose an Appropriate Malpractice Insurance Policy Limit
For many states, the policy limit is $1 million per claim and $3 million aggregate. However, depending on your specialty and location, you may need higher limits of coverage.
Your representative at eQuoteMD understands the needs of different medical specialties, practice locations and more. In the end, you will save money if you use the services of this experienced medical malpractice insurance broker. Your representative will shop various insurance companies to get your best coverage at the lowest possible rate.
Check for Tail Coverage
Many medical malpractice insurance policies offer tail coverage. Tail coverage protects the family practice physician in the event of a lawsuit or claim made after the policy expires. This can be particularly important if you are switching insurance providers, retiring from practice or going part-time.
Malpractice Insurance for Family Physicians Near You
For family physicians and other healthcare providers, eQuoteMD delivers excellent coverage at low rates–guaranteed. Don’t wait to contact our St. Louis, MO, office to learn how you can save money by having the best medical malpractice insurance.
Call us today at (855) 823-5283, or request your complimentary quote here. We work with only top companies to give you peace of mind about your patients, your practice and your financial assets and income.
We look forward to working with you!
