Doctors Liability Insurance…what is it, and what are the risks of not having it? So often, insurance brokerages make understanding and obtaining doctors’ liability insurance more difficult than necessary. In this article, we will look at simplifying what it is, why you need it, and how we can help you obtain it.
To start, insurance is the re-assignment of risk. It is a risk transfer. Doctors’ liability insurance is the risk transfer of the possibility of a doctor being sued over their practice. Insurance carriers take on your liability in exchange for a premium, while brokers work as an intermediary between medical professionals and carriers to find the right coverage for the right price. As times change, or claims arise, the right broker will be able to work with you to adapt to your ever-growing needs.
Given the nature of the field, claims and payouts are much higher in the healthcare space than in other spaces. This causes risks to be much higher as a claim could threaten more than your practice. Risks of not having doctors’ liability insurance include:
- Loss of practice.
- Loss of personal assets.
- Loss of livelihood.
- Lack of patient care.
- Legal troubles.
In a profession where patient care is the priority, having doctors’ liability insurance is key to ensure that even amidst malpractice, a patient can still be taken care of. Aside from patient care, doctors’ liability insurance provides a financial ally as large payouts are the norm. With the average malpractice payout being $329,565, financial backing is worth the annual premium. While the loss of personal assets is a risk, so is the loss of practice. Poorly resolved claims and high payouts can threaten both the reputation and financials of a practice. As doctors typically prioritize personal over practice, without liability insurance, often the first thing to go is their business.
At eQuote MD, we can help. As a broker with access to all the major carriers, we can be a means for you to mitigate risk while not breaking the bank. As stated above, the risks of not having doctors’ liability insurance can lead to substantial loss. We want to help that not be the case. Insurance professionals at eQuote MD can promise the following:
- Deep understanding of risks facing medical professionals
- Deep understanding of the insurance market and solutions
- High-touch client care that provides clarity
- Excellent solutions to your needs