Did you know that approximately 19,000 medical malpractice cases occur in the U.S. every year? Regardless of how professionally you conduct your healthcare practice, it is still susceptible to false – or, in some cases, legitimate – patient claims, which is why having medical malpractice insurance is a necessity.
Let’s talk about why it is in your best interest, both financially and professionally, to have medical liability insurance, and where you can go to get this reliable protection without breaking the bank.
Mistakes Can Happen
No matter how diligent you are as a healthcare provider, missteps are practically inevitable – we’re all human. When a medical mistake occurs, you will need to take responsibility if or when a patient is harmed by something that you or someone in your practice did.
If the medical accident results in a loss of life, it could result in a wrongful death lawsuit, which could be extremely detrimental to your practice. You will need to have liability insurance coverage protection to avoid the possibility of bankruptcy.
It Can Save Your Reputation
It takes years to build a strong client base and to establish a solid reputation as a medical professional. All of that can be ruined if a malpractice suit is brought against you, particularly if it is covered in the local media.
Having malpractice insurance demonstrates a commitment on your part to protect your practice’s reputation as an upstanding medical practice. Your medical liability insurance company will act on your behalf to remedy the issue professionally.
It Protects Your Practice’s Income
The cost of legal expenses and damages can be high, especially if you come out on the losing side of a case. Without malpractice insurance, you put your practice at risk of financial ruin. Malpractice insurance will help cover those legal expenses and other costs while dealing with a lawsuit.
It Can Protect Your Practice Against Liability from an Unintended Privacy Breach
As you know, strict HIPAA (the Health Insurance Portability and Accountability Act of 1996) laws and guidelines mandate that your healthcare practice handles sensitive information extremely carefully. Sometimes, a HIPAA violation that fails to maintain a patient’s privacy falls under the definition of malpractice, in which case you will want to notify your malpractice insurance company to get involved.
It Protects Your Employees
In suing your practice, someone can also take action against individual members of your staff. You can protect your staff from this by having comprehensive liability insurance that covers all of your employees against individual lawsuits.
Finding Affordable Yet Comprehensive Medical Liability Insurance
You’ve worked hard to establish your healthcare practice’s reputation and success, so you need to protect it. If you’re looking for the best malpractice insurance to provide coverage to your practice, contact eQuoteMD for a list of comprehensive medical liability policies to consider.
With more options and insurance companies to choose from than virtually any other medical professional liability insurance brokerage firm, eQuoteMD will independently search the market to find you the absolute lowest price, regardless of your individual situation. Our network is nationwide, working on behalf of any and all medical specialties, and includes admitted carriers, risk retention groups, surplus lines companies, A++ rated companies, and much more.
For more information on how to obtain affordable and comprehensive medical malpractice insurance, call us today at (855) 823-5283 or click here to get a quote now. We look forward to helping you find the best insurance match for your healthcare practice!