There are over 100,000 medical malpractice cases each year in the United States. Chances are good that most physicians will get sued for medical malpractice or negligence at least once in their careers. To be prepared and protected, Family Practice physicians and groups should buy a Medical Liability Insurance policy. Without insurance, you are at risk of being sued with no protection. Protect your practice, your employees, and your own assets with Medical Liability Insurance.
Risk is inherent in any professional career, but the risk of being sued is much higher when practicing medicine than in any other profession. What can you do about this risk? The first approach is to eliminate the risk. There are some risks you can eliminate. For example, many Family Practice physicians, especially in rural areas, used to deliver babies, but the risks of something going wrong were high, and there were many medical malpractice claims. To avoid this risk, most physicians have stopped delivering babies these days. The second thing you can do to avoid risk is to mitigate it in some way. An example of risk mitigation as a medical provider is wearing gloves and a mask when seeing patients. This can help stop the spread of diseases and viruses – you can’t completely eliminate that risk, but you can take steps to reduce the risk. Finally, you can avoid some risk by “transferring the risk” to a medical malpractice insurance policy. Risk Transfer is a basic concept in insurance. If you can’t eliminate or mitigate risk, you transfer it to the insurance company. Every Family practice physician or group should buy Medical Liability insurance for this reason.
Family Practice physicians purchase medical malpractice insurance for other reasons too. Think about protecting your practice, your patients, and even your employees. Insurance protects the practice that you have worked so hard to build. A lawsuit without insurance could mean closing your doors. It can protect your patients by providing compensation in case there is an unexpected outcome or a mistake. There are cases where a patient really does deserve to be compensated. Insurance can protect your employees as well. Most Medical liability insurance policies will cover the physicians and staff against medical malpractice claims.
Without insurance, if you are sued, a settlement or loss in court could mean you have to pay out of your own pocket. Don’t put everything on the line and hope nothing happens. Medical malpractice settlements are often hundreds of thousands of dollars and can reach into the millions, depending on the type of claim. In the last 10 years, the average number of claims each year has been fairly level, but the severity of claims has increased significantly. Juries are awarding more money than ever when a case goes to court. You can protect your own, personal assets by buying a Medical Liability Insurance plan that is right for your practice as a Family Practitioner.
The bottom line is that no Family Practice physician should be without a Medical Liability Insurance policy. This is usually mandated by the state, but even if not, don’t risk everything by leaving it out. You can get guidance and help from the consultants at eQuoteMD. We can get you the best coverage at the best rate in any state.