In the field of medicine, liability insurance safeguards your financial security, your practice and your valuable reputation. Despite this reality, several myths surround professional medical liability insurance. These myths mislead some doctors into underestimating its importance.
This blog addresses these misconceptions about insurance and sheds light on why securing professional medical liability insurance should be a priority.
What is Medical Liability Insurance?
Medical liability insurance – often referred to as medical malpractice insurance – protects healthcare providers against claims of patient harm. It pays for legal defense costs and any settlements or judgments, ensuring practitioners can continue their work without the fear of financial ruin.
What Kinds of Policies Do Medical Malpractice Insurance Carriers Offer?
Medical malpractice insurance carriers offer various policies tailored to the specific needs of healthcare providers. These policies include the following.
Occurrence Policies
This kind of insurance policy covers incidents of alleged medical malpractice that happen while the policy term is in effect. As the insured party, you are protected regardless of when the patient files a claim.
Claims-Made Policies
Claims-made policies are usually less expensive than occurrence policies. These policies cover you if both the alleged incident and the claim happen during the policy period. Many healthcare providers wisely elect to purchase something called tail coverage to protect them if they change practices, retire, or become disabled.
What Are Some Common Myths About Medical Liability Insurance?
In today’s high-cost society, everyone wants to watch their budgets carefully. This includes physicians in private or group practice, large medical centers, hospitals, and more.
Accordingly, it is easy to be tempted to cut corners in day-to-day operating expenses. However, ignoring the need for medical liability insurance should not be one of them. Here are some of the myths healthcare providers may believe about medical liability insurance and what the realities truly are.
Myth 1: By Law, I Do Not Need to Purchase Medical Liability Insurance.
While some states may not mandate it, having medical liability insurance is still important to the financial security of any physician. Lawsuits can happen anywhere at any time. Without the right insurance, you could face significant financial and professional consequences.
Myth 2: Having Insurance Makes Me More Likely to be Sued by a Patient.
This is a terrible misconception. Patients decide to sue healthcare providers based on perceived negligence. Having coverage simply ensures you are protected in the event of a lawsuit.
Myth 3: Medical Liability Insurance Is Not Affordable.
At eQuoteMD, finding affordable medical liability insurance is not only possible, it is what our representatives provide for each and every client. eQuoteMD searches A-list insurance carriers across the country to deliver quality coverage at cost-effective rates. We make sure you are protected at a cost that makes sense for you, your practice, your patient load, and more.
Myth 4: I Am Not in a High-Risk Medical Specialty, so I Do Not Need Insurance.
According to the American Medical Association (AMA), about 60 percent of physicians aged 50 and older will be sued by a patient at least once during their careers. This statistic highlights that lawsuits can affect physicians across all specialties, making medical liability insurance a definite must-have.
Remember, some medical specialties do carry more risk than others. However, each and every consultation carries a chance for patient harm or perceived patient harm. Plus, think about this: the average payout for medical malpractice judgments is $329,000.
Considering that high number, you owe it to yourself, your family, and your employees to fully protect your reputation, income, and assets with medical liability insurance.
Myth 5: I Can Shop for Medical Liability Insurance by Myself.
You could do extensive research by yourself, but why would you go it alone? Using an independent and experienced service, such as eQuoteMD, can provide broader policy options. With access to multiple A-list insurance carriers, eQuoteMD will find coverage tailored to your unique needs and budget.
Our experienced representatives will work with a number of insurance companies to develop coverage options suited to your:
- Medical specialty.
- State.
- Years of experience.
- Location (a dense urban neighborhood or rural community, as examples).
- Medical malpractice claims history.
- Patient load.
- Individual or group practice.
It is really important to take advantage of the expertise we offer.
Professional Medical Liability Insurance Near Me in St. Louis, MO
Understanding the realities of medical liability insurance is vital for doctors and other healthcare providers. By dispelling these myths and recognizing the potential risks of practicing medicine, you can make informed decisions about protecting your career and financial security.
At eQuoteMD, we are committed to providing reliable, affordable coverage to healthcare providers across the nation. To learn more, call our St. Louis, MO, office at (855) 823-5283 or request a quote here.
Get the peace of mind you deserve while delivering the best care to your patients. Call us today!
