There was a time when physicians were always right, and there was no way to refute their diagnosis. With the advent of the internet and several medical awareness sites, even the untrained person has some knowledge of diseases, diagnostics, antibiotics, and other treatment procedures. On the one hand, it is great since it encourages doctors to study more and provide a better quality of service. On the other hand, it discourages physicians from taking risks. As a result, many patients spend days or weeks visiting one physician after another without receiving accurate diagnosis and treatment.
Do you need medical malpractice insurance?
Physicians are human beings as well. It is possible for them to have a bad day and make bad decisions. However, decisions in their professional fields always involve another person, and a wrong decision can have grievous results. Sometimes, accidents are not even the fault of the doctor. Misfortunate events can occur without any warning, irrespective of the physician’s training and reputation. All doctors need some protection against malpractice lawsuits. That typically comes in the forms of liability insurance.
What are the different tenets of medical malpractice insurance?
Liability insurance is a form of professional liability insurance that covers medical professionals for any liability arising from wrongful practice resulting in injury or death of a patient. Medical professional liability insurance is compulsory in most of the states. Even psychologists, dentists, optometrists, nurses, and physiotherapists should consider getting malpractice coverage. You can find out about all types of malpractice insurance coverage at the Physician Banks website.
There are several types of malpractice insurance –
- The individual policy or a group policy that the medical professional(s) can purchase from private insurance providers.
- Individual or group policy that you can buy from a medical risk retention group (MRRG). It is a mutual organization consisting of medical professionals, who provide liability insurance.
- The policy that a hospital or a healthcare facility provides as a part of their plan.
There are a few exceptions. For example – the US Department of Veterans Affairs can employ medical professionals. They do not require any malpractice insurance coverage. The federal government has policies to self-insure against all liability claims.
What are the costs that medical malpractice insurances cover?
Disaster can strike anyone’s professional field without any forewarning. Irrespective of your opinions about malpractice lawsuits, you should try to find out what your insurance covers. The typical medical malpractice lawsuit includes the following costs –
- The fees of the attorney and the expenses of the court.
- The costs of arbitration.
- Settlement expenses.
- Compensation costs and punitive damages
- Medical Damages
The typical medical malpractice does not provide any cover liability arising from criminal acts, inappropriate conduct (including sexual misconduct) and alternation of medical records.
In the modern world, doctors face many new threats arising from cyber liability. Compliance requirements of HIPAA do not make professional life much smoother than before for medical professionals. Several physicians are not considering cyber liability insurance coverage separately for protecting their professional as well as personal lives.