The decision to buy medical liability insurance for your family medical practice is important, and the type of insurance, the insurance provider, and the level of coverage are all key. Also called “malpractice insurance,” this coverage is designed to help protect your career and your practice in the event that a patient files a lawsuit against you.
Physicians who have medical liability insurance coverage can rest assured that they have some financial protection if they are sued. Without this protection, you are vulnerable, because medical doctors have lost their entire practice because of one large lawsuit that was decided in favor of the patient.
Let’s talk about why medical malpractice insurance is so important to have even for a family medicine practice, and who you can trust to help you find the best and most cost-efficient liability insurance policy for you.
What Is Medical Liability Insurance?
Medical liability insurance is a type of financial protection that provides coverage for a physician in the event that a patient files a malpractice lawsuit. Your insurance company instantly becomes your advocate, so be sure to keep them apprised of any issues that may induce a lawsuit.
Some states require that medical doctors carry medical liability insurance in order to practice medicine in their state – similar to auto insurance being required for drivers.
Why Do Family Physicians Need Medical Liability Insurance?
Even though you know your patients practically like family, your relationship with them is still a professional one. Medical doctors are constantly amazed when a patient files a malpractice lawsuit, often seemingly out of the blue, and sometimes for no good reason.
Even for frivolous malpractice lawsuits, paying for all of the costs and fees involved can be inordinately expensive. Medical liability insurance can help offset many of these costs.
According to the American Medical Association’s 2016 Benchmark Survey, 33.4% of family practice physicians had been sued at least once in their career, and 13.8% were sued two or more times. Therefore, medical liability insurance is important for family physicians so that they have financial protection and can focus on their main goal – treating patients.
What Does Medical Liability Insurance Cover?
Malpractice insurance can provide coverage for a variety of costs associated with a malpractice lawsuit, including:
- The cost of defending the lawsuit
- The cost of any damages that are awarded to the patient
- The cost of any settlements reached with the patient
How Much Does Medical Liability Insurance Cost?
The cost of medical liability insurance will vary, depending on the policy and the amount of coverage that is purchased. However, keep in mind that it is an investment to protect yourself in case a malpractice suit is brought against you.
Finding Medical Malpractice Insurance for Family Medicine
When it comes to finding medical liability insurance, eQuoteMD can help you find the best coverage for you and your practice. We have the largest network of medical liability insurance carriers in the U.S. and a team of experts whose sole job is to find you the lowest-price policy with all of the coverage you need, and you don’t have to lift a finger!
Since we are independent from medical liability insurance companies and only help connect physicians with policies, eQuoteMD will always advocate for you to get the best coverage and rates possible. To find out more about our services, call us today at (855) 823-5283, or request a quote online now!