Family practice physicians carry a significant patient load–on average about 2700 patients per provider. So, these doctors don’t need the added worry about malpractice claims. To keep focused on excellent patient care, family practice doctors should purchase the best malpractice insurance they can afford. Here are five benefits of having this kind of insurance coverage.
Family Practice Malpractice Insurance Protects Your Assets and Your Income
You’re heard the phrase, “I’ll sue him for everything he’s got.” Often, that’s what happens when family practice patients perceive they have suffered an injury, neglect, or insufficient treatment according to established standards of medical care.
Fortunately, customized medical malpractice insurance can protect the practice you have worked so hard to establish and maintain, along with your personal income and assets. Most medical malpractice insurance policies written today provide coverage in the amount of $1 million per occurrence and $3 million aggregate.
Family Practice Malpractice Insurance Protects Your Employees
Perceived and actual mistakes aren’t limited to doctors. They happen with family practice employees, too. Malpractice insurance not only protects the physician’s income but also the livelihood that medical practice generates for its hard-working employees.
Family Practice Malpractice Insurance Covers Expensive Legal Fees
Let’s say you do get sued. Frankly, in this lawsuit-minded country, it’s a distinct possibility. Family practice malpractice insurance covers today’s very expensive attorney’s fees, court costs and arbitration and settlement fees.
Family Practice Doctors Typically Pay Lower Premiums Than Medical Specialists
As a family practice physician, your annual malpractice insurance premium will be less expensive than that of your orthopedic surgeon colleague. Your lower premium is determined by a number of factors, but they all boil down to risk. Insurance experts called actuaries determine how much risk is attached to an individual physician according to practice location (city versus rural, as an example, number of patients, and the kind of medical services rendered.
Family Practice Malpractice Insurance Transfers Risk to the Insurance Company
Everything a doctor does carries some element of risk. Examples include suturing a laceration which could be infected, or acting as a Good Samaritan and helping someone who has fallen in the supermarket.
Medical malpractice insurance protects healthcare providers against the risks they take every day in their practices and out in the general public. While no policy can eliminate risk completely, medical malpractice insurance can reduce a lot of it, giving providers peace of mind they need to concentrate on their patients and on the tasks at hand.
Family Practice Malpractice Insurance Protects Your Reputation
Lengthy and publicized court battles over alleged malpractice can ruin reputations that family practice physicians have worked years to develop and maintain. If you are sued, your insurance carrier quickly works on your behalf to settle that claim out of court–and out of the spotlight.
Family Practice Malpractice Insurance Costs
If you would like to know more about comprehensive, tailor-made insurance to protect your family medicine practice, contact eQuoteMD. Based in St. Louis, Missouri, eQuoteMD is one of the country’s top medical malpractice brokers, protecting providers in all 50 states with affordable, quality coverage.
Let us work with you to give you the peace of mind and security you deserve. Call us at (855) 823-5283 to learn more, or you can request a complimentary quote here. We look forward to working with you!