Medical Malpractice Insurance for Physicians

Doctors acquire medical malpractice insurance to guard against lawsuits.

Medical professionals, literally taking lives into their hands, are at particular risk for lawsuits. If a caregiver deviates from the standard of care in a given scenario, a claim for malpractice can arise. Malpractice insurance protects medical professional in the event of such a claim.

Application

Though most states have adopted minimum malpractice liability requirements, some have not. In Florida, for example, doctors are not required to have malpractice insurance, and it is estimated that 5 percent of Florida doctors are not covered. However, in Florida and other states where malpractice insurance is not required, some medical facilities require insurance before a doctor can be granted privileges to see patients there.

Cost varies

The cost of medical malpractice insurance varies. Unlike car insurance, which is based on the risk presented by the particular driver, malpractice insurance premiums are calculated using the location of the doctor and the degree of risk present in the type of medical practice. Malpractice insurance for medical facilities is the only setting where an experience factor is included.

Claims resolution

Medical malpractice claims take approximately four to five years to resolve. It can take a couple of years before an injury is convened, and some states have adopted highly detailed discovery processes for medical malpractice claims.

References

• The Robert Wood Johnson Foundation: Understanding Medical Malpractice Insurance: a primer
• Insurance Information Institute: Medical malpractice
• ExpertLaw.com: Florida medical malpractice-an overview