Medical malpractice insurance is a must-have for physicians and other high-level healthcare providers. This type of insurance protects providers if patients sue for medical negligence or malpractice. In many states, having medical malpractice insurance is not only highly recommended, but it is also required by law. How do you know if your state requires medical malpractice insurance? In this blog, we address this important question and provide some background information to help you understand why you need this type of insurance.
Do Medical Malpractice Insurance Laws Vary State by State?
Yes, the requirements for medical malpractice insurance do vary by state. Some states have specific laws requiring healthcare providers to carry a minimum amount of medical malpractice insurance coverage.
However, other states do not have any formal medical malpractice insurance requirements. That said, their departments of insurance may still advise that all healthcare professionals obtain medical malpractice insurance to protect themselves in the event of patient litigation.
As such, you should reference your state’s medical board or department of health to determine if your state has mandatory medical malpractice insurance laws. These organizations oversee the regulations and requirements for practicing medicine in your particular state.
Furthermore, each state in the US has its own laws and regulations regarding medical malpractice insurance. Some states have very specific requirements for insurance coverage limits. Other states require that only certain types of healthcare providers carry insurance.
For instance, in some states, physicians must have at least $1 million in primary coverage and $3 million aggregate coverage. Aggregate means the total payout amount resulting from multiple lawsuits or claims.
Additionally, some states have mandatory insurance requirements for all healthcare providers. However, other states may require that only certain medical specialties or procedures must be covered.
For example, some states mandate that obstetricians/gynecologists or surgeons must carry higher coverage limits. This requirement is due to the increased risk involved in their medical specialties.
Why Should I Carry Medical Malpractice Insurance if My State Does Not Require It?
That is a very good question. It is one which our representatives at eQuoteMD hear from many healthcare providers.
There are many important reasons why a healthcare professional should carry medical malpractice insurance. The American Medical Association (AMA) reports that almost all physicians will be sued for malpractice at some time in their careers. Medical malpractice insurance protects the healthcare provider’s personal assets, income and even reputation in the event of a lawsuit alleging patient harm or death.
A high-quality medical malpractice insurance carrier educates physicians and other professionals on risk management practices. Good risk management reduces the number of potential circumstances for medical malpractice lawsuits–issues of privacy, staff training and doctor-patient communication as examples.
Many hospitals and group practices require their staff, including physicians, to carry medical malpractice insurance as part of their employment contracts, even if it is not required by state law. Your state or area of practice (urban versus rural, for instance) may be highly litigious with a large number of medical malpractice suits filed annually.
Patients can sue physicians and other providers simply because they want monetary settlements. In other words, there is no real basis for a claim or lawsuit. Legal costs associated with fighting these patient claims or any kind of claim can be very high, but quality insurance coverage can cover these expenses for the healthcare provider.
Having protection for your assets and income with medical malpractice insurance can give you peace of mind and confidence in your day-to-day practice.
Getting Professional Medical Liability Insurance for Any State
eQuoteMD is a highly experienced and reputable medical malpractice insurance broker. That means our qualified representatives carefully assess providers’ insurance needs and risks.
Then, we compare a long list of A++ rated carriers to find the best coverage for you and your budget. Whether you are new to your practice or have years of experience, we can help protect you.
With eQuoteMD, physicians and other providers get the best rates and quality medical malpractice insurance coverage guaranteed. Plus, we serve healthcare providers in all 50 states and in every medical specialty.
Contact eQuoteMD to get started on your custom-tailored medical malpractice protection. Call our main office in St. Louis, MO, at (855) 823-5283, or get your complimentary quote here. We will be honored to be of service.
