Medical malpractice insurance isn’t just a nice thing for a doctor to have – it’s absolutely vital for both doctors and patients. Medical liability insurance protects both the doctor and patient in the unlikely event of an accident leading to a patient’s injury during or due to medical treatment.
A lack of this coverage can lead to major repercussions that can affect both the doctor and patient greatly. Let’s talk about how malpractice insurance protects both the physician and the patient, and where you can go to find your best insurance options.
Why Does a Doctor Need Malpractice Insurance?
As a doctor, it is your job and duty to make sure all patients are cared for. However, we are all human, and errors can occur. Malpractice insurance covers you in rare cases where an accident happens during medical care.
If a physician is not covered by a medical malpractice insurance policy from a stable insurance provider, then a large claim or lawsuit can lead to devastating consequences. You could lose your medical practice, reputation, assets, and even your medical license, effectively wiping out the hard work put in throughout your career.
Some medical lawsuits also result in punitive damages in the case of proven negligence. This can result in bankruptcy without proper coverage.
Without any medical liability insurance, a doctor must pay out-of-pocket for any legal fees and settlements, thereby potentially draining any and all savings and assets. Doctors avoid this by purchasing a malpractice insurance policy from a quality insurance carrier.
How Does Malpractice Insurance Protect Patients?
Patients of doctors who do not have medical malpractice insurance are also at risk. In the event that the patient is injured or harmed during the course of treatment prescribed or provided by an uninsured doctor, the patient’s costs will likely not be as easily covered. If the doctor does not have enough assets or savings, the patient may not be able to cover the bills required to heal from the accident.
By seeing an uninsured doctor, the patient also takes on the risk of a medical accident. A patient should always make sure that the doctor providing services is established and is covered by medical liability insurance.
How to Find the Best Malpractice Insurance
It will not behoove you to simply do an online search and sign up for cheap malpractice coverage. Frankly, there are too many scams. The intelligent approach to finding the best malpractice insurance is by using a medical malpractice insurance broker.
Brokers have strong connections with insurance companies, allowing the doctor to get the best quotes and coverage possible based on the medical specialty covered and the location of the practice. By working with a broker, doctors are able to get competitive quotes from reliable insurance companies.
Medical Malpractice Insurance Broker for Your Practice
Both doctors and patients benefit from the doctor having medical malpractice insurance. If the doctor is uninsured, it could have large consequences for both the doctor and patient.
Doctors should find competitive quotes by working with eQuoteMD. eQuoteMD has relationships with insurance companies in every state in the U.S., allowing the doctor to get the best possible coverage for the best price.
Here at eQuoteMD, we have built a solid reputation in the medical industry of finding quality, competitive medical malpractice insurance policies for doctors. Contact eQuoteMD and connect with one of our brokers today by calling (855) 823-5283, or send us a message online now. You can also request a quote right now and get protected today. We look forward to serving you!