If it weren’t a requirement in order to have hospital privileges, would you still carry medical malpractice insurance? After all, there is no federal law requiring a physician or surgeon to have liability insurance, although some states do require it by law.
The truth is that most healthcare professionals have this important coverage whether it is required or not, and for very good reasons.
A 2017 Medscape Report claims that over half of U.S. physicians will be sued at least once by the time they reach age 55. That is why you need a good medical malpractice insurance policy to protect what is important to you.
Let’s talk about why malpractice insurance is an essential investment for doctors to make, and who can help you find medical liability insurance that’s just right for your practice.
What Does Medical Malpractice Insurance Help to Protect?
Medical malpractice insurance is more than just a piece of paper that gives you peace of mind. It provides protection for all areas of your personal and professional life:
As a healthcare provider, your reputation in the community is extremely important. Word of mouth and social media can make or break the success of your practice.
A malpractice lawsuit that is not defended well can ruin your reputation both online and in the community where you practice. A good medical malpractice insurance company will expertly defend you and your reputation.
What’s your practice worth to you? Think about the hours put into creating a successful medical practice, the loyal patients who come back year after year, and the quality, reliable employees you can trust.
It takes years and a lot of effort to build up a practice and get it all running smoothly, and you don’t want to let a malpractice suit take it all away. Without liability insurance, the risk is certainly real.
Your Personal Assets
It doesn’t matter if a medical malpractice lawsuit is frivolous or not, your personal assets are on the line in defending the case if you don’t have medical malpractice insurance. Without this insurance, doctors can spend hundreds of thousands of dollars defending cases when they are sued.
A good malpractice insurance policy will pay for the defense in addition to indemnity. This is an important feature to look for in a policy. You will protect your hard-earned money, your property, and your practice with malpractice insurance.
Your Ability to Earn an Income
Your most valuable primary asset is not your home, cars, or investments – it’s your ability to earn a high level of income. For example, if a 50-year-old radiologist is making $600,000 per year with plans to work until age 60, that’s a $6,000,000 earning potential in those 10 years alone.
Your income is by far the greatest asset you have as a high-income-earning physician. Most healthcare providers already carry disability insurance and life insurance in case of an accident or illness, but a medical malpractice lawsuit can be just as damaging to your career.
Without malpractice insurance, you can lose your reputation, your practice, your assets, and your license, which is your ability to practice medicine. A reputable and comprehensive malpractice insurance policy is therefore one of the most important types of protection you can buy.
As a physician, you truly care about your patients. Along with protecting yourself, a malpractice insurance policy can also protect your patients.
Doctors are only human, and while it is rare, they do make mistakes. In the case of a bad outcome where a patient really has been hurt and therefore has financial needs, malpractice insurance provides for their needs. It’s not ideal – and nobody wants to think about it – but if you ever have to face a legitimate malpractice claim, you will protect both yourself and your patients with a high-quality malpractice insurance policy.
How Can I Find the Right Medical Malpractice Insurance for Me?
Statistically, chances are good that you will face a malpractice claim at least once in your medical career. It doesn’t matter if it is a legitimate case or not, it is expensive to defend. All healthcare providers should purchase a malpractice insurance policy from a financially stable insurance carrier that will vigorously defend them in the case of a lawsuit.
eQuoteMD has a long history of finding the best liability coverage at the best rate for any specialty in any state. Let our experienced healthcare liability consultants help you find the protection you need.
Contact our caring team at eQuoteMD today by calling (855) 823-5283 or by sending us a message online. If you’d like to go ahead and find out what we can do for you, you can request a quote now. We look forward to helping you find the best malpractice insurance so you can continue keeping people healthy!