Medical malpractice insurance is a type of professional liability insurance that protects healthcare professionals from claims of medical negligence or malpractice that results in injury or death. It covers your defense and any settlement costs.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
How do Doctors and insurance connect?
Physicians are qualified medical professionals that diagnose and treat a wide variety of injuries and physical and mental illnesses, diseases and disorders. Physicians work in specialized fields that focus on a certain part of the body, illness, injury or a particular type of care. Physicians go through extensive training to ensure they have a strong understanding of human anatomy and physiology. Additionally, physicians are required to have a strong grasp of medical ethics which inform their practice and enable them to treat others with compassion and humility.
What risks do Doctors & Physicians face in their field?
As medical professionals, physicians work closely with others to diagnose and treat injury, diseases, disorders and more. Throughout their careers, there is the chance that a physician will provide improper care to a patient. The care involved in a certain situation can vary from a diagnosis to treatment. In some instances, a proper diagnosis could require another doctor for a second opinion.
Sometimes a physician may simply make a mistake or miss information to diagnose a patient properly. If a patient does not receive proper care, they may feel that the doctor has negatively impacted their ability to recover. Then the patient may sue the doctor, resulting in both reputational and financial consequences.
While physicians risk negatively impacting their patients through improper care, they can also suffer from emotional, psychological and physical trauma. If a physician has a terminally ill patient, this can impact their mental health. For those working with dangerous patients, they may be physically hurt while providing care.
How can Physicians & Doctors mitigate risks associated with their profession?
As a physician runs the risk of either negatively impacting their patients or themselves during their career, it is important to mitigate these risks. Regardless of the circumstances, insurance that protects you is an important decision. Insurance can cover patient lawsuits for improper care and the financial and reputational risks involved in such a scenario.
If your mental health deteriorates throughout your career, you may need to take time off to recuperate. In doing so, health services and also wage replacement are needed. Investing in Professional Liability insurance, General Liability insurance or Workers' Compensation is a way to mitigate risks. Whatever risks are involved in your profession as a doctor or physician, insurance is a way to rest easy knowing that you have a viable solution available.