Get a free malpractice insurance quote and learn more about how we can help you protect your income! Medical malpractice insurance covers the cost of any medical damages you have to pay to the patient. It covers settlement costs and punitive damages. It even helps to cover your legal fees, defense costs, and the cost of expert witnesses to provide testimony on your behalf.
The critical distinction between the two relates to when you have coverage and when a patient makes a claim. For example, if your policy covers you from to , any claim made for any incident during that period will be eligible for coverage. Both the incident with the patient and the claim made must fall within your coverage period. If the claim is made after your coverage ends, your insurance will not pay for it. With a claims-made policy, you may have the option to add malpractice tail coverage.
A tail policy typically lasts 5—10 years and protects you if a claim is filed after your coverage has ended. An occurrence-based policy provides policyholders coverage as long as the policy was in place when the incident occurred. The date the claim is filed is irrelevant. If a claim is made in for an incident that occurred in , this type of policy will provide coverage.
Like all types of insurance policies, there are a variety of policy limits that will affect your monthly rates. The most significant factors include your specialty, where you practice, how much coverage you need, and the liability limits you desire. Insurance companies look at your specialty to determine your rates and base those rates on how risky your specialty is based on claims history.
The monthly premiums for physicians in these specialties are much higher than for physicians in other areas of medicine. The range in price is based on the specialty risk and location as well as other factors, such as the frequency of claims made against the physician. The hospital you work for or the health insurance carriers you accept may also require you to have it.
Doctors in New York pay the most. Physicians in Rhode Island, Pennsylvania, and New Jersey round out the top four states for malpractice insurance costs.
Doctors in North Dakota pay the least. A doctor in New York can expect to pay at least five times more than the same doctor in California, Ohio, or Tennessee would pay for the same level of coverage. Different policies have different caps and limit levels as to how much they will pay out.
Other policies may offer you the option to have a higher claim limit with the ability to make fewer claims per year. Your claims history can affect your liability limits. If your malpractice risks are low, you may be able to opt for a liability policy with a bit less coverage. Furthermore, they are not allowed to practice in the United States without it. The cost of Medical Malpractice Insurance varies, and other factors come into play while trying to calculate the cost.
For instance, each state has different regulations and pricing on insurance as a whole. To compound that, medical personnel and medical practices have a variety of variables to take into account. Different types of medical professionals have various risks. Some of these highly trained people are performing open heart surgery, while others are doing nose swabs and checking for the flu virus.
However, there many types of doctors and countless insurance variables. Keep this in mind when searching for coverage. Medical Malpractice Insurance, also known as Medical Professional Liability Insurance, is a type of liability coverage designed to protect physicians, nurses, pharmacists, and other hospital employees working in the healthcare industry.
This liability coverage offers protection when wrongful practices result in bodily injury, property damage, and medical expenses. For example, a woman went into the hospital with severe abdominal pain. The doctor told her she needed an emergency surgery to remove her appendix. A week later, she continued to have pain.
X-rays revealed a metal object near her stomach. She had a second surgery to remove a scalpel the first surgeon left in her. But in fact, they overcharge — by a lot. They make the insurance company tons of money on the back of doctors. When the investments go bad, and stockholders start to complain, what do the insurance companies do? They raise the price of the insurance and cripple the doctors trying to get by. I know the insurance companies take a lot of money from them each year, and I know a lawsuit is a really big deal.
Hopefully, with compassion and discernment, justice can be done for both sides. You should be compensated for medical bills and other damages. Call today for a case evaluation. Or you can contact us online.
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