Medical Malpractice Insurance

Being a doctor isn’t easy, but it is considered to be one of the most rewarding career paths out there.

Doctors spend many years getting the right education so that they can provide the best service to their patients.

However, this doesn’t mean doctors aren’t at risk. One wrong diagnosis can leave a medical professional in a world of pain.

Let us introduce you to Medical Malpractice Insurance. The insurance that can protect a medical professional and help a medical practice stay up-and-running in the case of a lawsuit.

Read on to understand if Medical Malpractice Insurance is right for you.

Medical Malpractice Insurance is coverage that provides legal aid and protection if a medical professional were to be sued by a patient. This can take several forms. In some cases, this insurance coverage will provide monetary assistance for a doctor to hire a lawyer. In other instances, the insurance company will provide their own “in house” lawyers to represent the policyholder. It’s also common for malpractice insurance to pay some or all of the claim if the plaintiff’s lawsuit is successful.

This type of insurance comes in handy if your business:

• Is mandated by your state to carry this form of coverage
• Is required by your hospital, clinic or medical services company
• If you and/or your business interact(s) with patients

Every policy of this type has different amounts of policy limits. There are several restrictions that all medical professionals considering this type of coverage should be familiar with. The individual limit is the amount that the insurance company will pay for a single claim. This typically only applies to the ultimate settlement or award amount, not the cost of counsel.

The aggregate limit is the total amount that a policy will pay during an established period of time (typically one year). This can cover multiple claims. These two limits are often written together so that a policy with a $1,000,000 individual limit and a $3,000,000 aggregate limit would be displayed as a $1M/$3M Medical Malpractice Insurance policy.

There can also be limits on the amount that is paid towards the cost of legal counsel. Since most policies simply provide their policyholders with an in-house lawyer, however, these limits are not typical.

In addition to that...

These insurance policies can be written in several different ways, allowing them to cover a variety of situations. This type of insurance provides legal representation and money towards a settlement (if there is one). Not all policies work the same way, however. It is important to note that some medical professionals will not need to seek out their own Medical Malpractice Insurance. Instead, they will likely be covered by the policy in place for the entire business. Nurse malpractice insurance and physician assistant malpractice insurance are therefore unnecessary as individual policies.

You'll Know It's the Right Policy If It Covers:

• Doctor errors resulting in bodily injury
• Medical expenses and personal injury
• Defense fees
• It covers you, as well as your business (should you own it)

The cost can vary significantly based on a number of issues. Policy premiums are often based on a medical professional’s previous record of malpractice cases, the geographic area he or she is practicing in, and the particular field that he or she practices in. It’s also possible for factors, such as length of employment and the history of the employer to be considered when computing premiums.

From here, premiums are then based on the total amount and type of coverage purchased. Like all insurance, higher coverage limits tend to come with higher premiums.

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