Medical Malpractice Insurance for Doctors
Medical malpractice insurance for doctors provides them financial protection in the event the physician gets sued for treatments given to patients. Most states require physicians to carry malpractice insurance coverage. The insurance provides financial protection for the patient as well as the physician.
Other People Are Reading
-
Function
-
Medical malpractice results from negligent acts by a physician. Malpractice constitutes a failure to deliver a “reasonable standard of care,” in the treatment or procedure for an injury or sickness. In other words, the doctor’s performance did not follow what other physicians would have done under the same circumstances. Doctors may commit medical malpractice in a variety of ways, including misdiagnosis of an illness, surgical errors, medication mistakes or anesthesia errors.
Features
-
Physicians may purchase medical malpractice insurance personally or as part of a physician group. Commercial insurance providers or doctor-owned mutual insurance companies service the medical malpractice insurance market. Usually, hospitals and medical facilities purchase malpractice insurance coverage for their facilities. Doctors on staff at hospitals receive malpractice coverage under the institution's malpractice insurance policy. Physicians who work for governmental agencies do not need malpractice insurance since the government is not party to any lawsuits.
-
Premiums
-
The cost of medical malpractice insurance varies from state to state. Generally, carriers base the premiums on the physicians’ specialties and the expected payouts. They also take into consideration the amount of risk, expenses, type of investments and the facility. In addition, whether the doctor practices in a rural or urban setting and the carrier’s profit margin come into play.
Considerations
-
Before purchasing malpractice insurance, physicians should investigate the insurance carrier to determine their experience and financial stability. Insurance providers that have financial issues may end up insolvent. In addition, examine the limitations of the policy and make sure you have coverage for liabilities, such as incidents that may occur on the property or in the medical facility. The physician must read and understand the consequences of the fine print in the policy.
Misconceptions
-
In a July 2009 study, Americans for Insurance Reform states that the medical malpractice insurance crises that take place from time to time occurs as a direct result of “insurance underwriting cycles.” These events do not happen due to a proliferation of malpractice lawsuits as alleged by medical insurance lobbyists and the insurance industry. In addition, regulations that limit the patient rights do not lead to lower medical and malpractice insurance cost. They infer that insurance companies that make this assertion mislead the public.
-
References
- Photo Credit Hospital image by Raulmahón from Fotolia.com
