Medical malpractice insurance protects the financial assets of a healthcare provider in case of patient injury due to medical error, misdiagnosis, professional negligence, failure to adhere to the standard of care, and more. While some specialists are sued more frequently than others, every physician should carry the best coverage possible.
If you’re a pediatrician, here’s what to consider about your much-needed malpractice insurance.
Is Malpractice Insurance Necessary for the Pediatrician?
The short answer is yes; pediatricians must have quality malpractice insurance. Like other medical specialists, such as gynecologists, gastroenterologists, and orthopedists, to protect their personal and medical practice assets and the livelihood of their support staff, pediatricians also must purchase quality coverage to avoid financial devastation in the event of malpractice litigation.
Research shows that about 20 percent of all American pediatricians are sued annually. That’s one in every five children’s doctors, whether they are in private practice or employed by a large hospital or medical center. Amazingly, about 10 percent of physicians completing their training as pediatric residents are also targets of potentially catastrophic lawsuits.
In addition, while many more neurosurgeons are sued each year than pediatricians, the awards or payouts for pediatricians are substantially higher per occurrence. This fact surprises many healthcare providers as neurosurgery carries a steeper risk of accidental injury than other medical specialties do. That being said, pediatricians must be diligent in finding the best possible coverage for their medical practices.
What Else Should Pediatricians Know About Malpractice Insurance?
Here is a brief tutorial on what you should look for when selecting pediatrician malpractice insurance.
- Be sure your malpractice insurance policy covers you for $1 million per claim or $3 for aggregate claims (that is, more than one claim).
- Know what your malpractice insurance covers. Ask questions about when the coverage begins and ends, its limits, and whatever is unclear to you as you shop for a policy.
- Keep documentation of your coverage from the time you begin your residency to retirement, as lawsuits can crop up anytime in your career. This includes policies you purchase yourself and those carried by an employer, such as a group practice or hospital.
- Tail coverage protects you when you move from one employer to another and/or when you retire. Understand both the financial limits of your malpractice insurance policy and how long you are protected after you cease practicing at a particular facility or stop altogether.
Pediatrician Malpractice Insurance Does Not Have to be Complicated
In fact, your medical liability coverage is easy when you enlist the assistance of an experienced broker, such as eQuoteMD. Our highly trained professionals will assess your particular needs and help you select the level of coverage appropriate for your practice and your geographic area.
We work with all medical specialties and obtain coverage for physicians in all fifty states. Our professionals negotiate with our A-plus carriers to arrive at affordable rates with superior coverage options. We will be happy to give you a complimentary quote.