Whatever your medical specialty and regardless of when you begin your professional career, you need medical malpractice insurance. Why spend the money on insurance premiums when you have a long list of other expenses?
Let’s talk about why new healthcare providers (and experienced ones, too) need this all-important coverage.
Have You Ever Been Sued?
Frankly, it can be a frightening experience even if you are not at fault for a car accident, workplace injury, or other circumstance where someone claims you owe them monetary compensation. Litigation can be even more daunting and distracting if you are a healthcare provider, such as a general surgeon, OB/GYN physician, nurse practitioner, dentist, physical therapist, physician’s assistant, registered nurse, or other highly trained medical professional.
Frankly, physicians and other healthcare professionals can expect to be sued at least once during their careers. Out-of-pocket legal fees, cash settlements, lost wages, and the mental wear and tear malpractice court cases cause add up quickly. The career a young provider has studied so long and hard for can be lost before it even starts.
Do You Know the Reasons for Getting Medical Malpractice Insurance?
Medical malpractice insurance policies are truly invaluable. The best policies are tailored to the individual provider, the state regulations the insured practices in, and the possible monetary damages that patients could claim they are due because of neglect, misdiagnosis, or delivering substandard care. The new healthcare provider must focus on purchasing coverage and should choose an insurance broker and an A-list malpractice insurance carrier with excellent reputations and who offer comprehensive benefits at fair rates.
The reasons healthcare providers–not only those just starting their practices–should purchase quality coverage are:
- The state they practice in requires that they carry a certain amount of insurance coverage (examples are Colorado, Kansas, and Connecticut)
- Their reputations as trusted and skilled healthcare providers are at stake
- Licenses to practice can be impacted by medical malpractice litigation
- Personal assets may be depleted to pay judgments or settlements when providers do not have medical malpractice insurance or if coverage is insufficient
- The financial solvency of the medical practice involved and the job security of its employees can be threatened
- The group practice, hospital, medical center, or another employer may not cover its healthcare providers with sufficient medical malpractice insurance, or the policy may be in effect only when the provider stays employed by that business entity
Finally, medical malpractice insurance protects all healthcare providers who, as human beings, can make mistakes that inadvertently endanger or injure patients. Perhaps it’s a misdiagnosis or care that the patient or family feels–and can prove–was professionally substandard. Whatever precipitates litigation, the right medical malpractice insurance policy can afford peace of mind that all will be well in the end.
Medical Malpractice Insurance for Internal Medicine
At eQuoteMD, we provide medical malpractice insurance, which is customized to each individual provider. As a brokerage, we do not sell one product, but rather, we research offers from many A++ insurance companies to give you the best possible coverage at rates you can afford.