No healthcare provider should be without medical malpractice insurance. As a pediatrician, you want the best protection at a price you can afford. In this blog, we will look at how to find the right pediatrician malpractice insurance and talk about what impacts cost.
Does a Pediatrician Need Medical Malpractice Insurance?
Many states require doctors to get medical malpractice insurance policies in order to practice. The right insurance coverage protects your assets, income, reputation and that of your employees.
Sadly, pediatricians are sued each and every year in the United States. Plaintiffs claim:
- Medical error
- Substandard medical care
- Missed diagnoses
- Negligence
In fact, 20 percent of all American pediatricians are sued annually, regardless of their practice location. Urban and rural pediatricians, those in private and group practice and pediatricians who work out of a hospital or medical center can be targets for malpractice lawsuits.
So, be sure to set aside money in your budget to purchase medical malpractice insurance. Some states require that physicians purchase it. Some states do not.
That said, get the protection you need and deserve. Today’s society is litigious–that is, willing to pursue lawsuits quickly. Here are some tips on the costs of pediatric malpractice insurance and on how you can find your best coverage.
Tip #1 Understand Some Basics Regarding Malpractice Insurance
Pediatricians should purchase medical malpractice insurance with limits of at least $1 million per incident and $3 million in aggregate per year. Aggregate means the maximum amount of money an insurance company will pay out in claims settlements over the course of the policy period.
Also, you should understand that there are two types of medical malpractice insurance: occurrence and claims-made. Occurrence policies cover any incidents which happened during the policy period. This is regardless of when the claim is made.
Claims-made policies only cover events which happen and are reported within the policy period. Claims-made policies cost far less than occurrence policies.
Finally, make sure you carefully review the terms and conditions of any medical malpractice insurance policy before purchasing it. This will help you understand what is covered and what is not. Plus, you will understand any exclusions or limitations that may apply to you.
It is also important to regularly update your medical malpractice insurance coverage. A careful review with your carrier ensures that your policy adequately protects you against potential risks.
Tip #2 Work with a Reputable Medical Malpractice Insurance Broker
A high-quality and experienced broker understands the complexities of medical malpractice insurance. The broker can help you find the best insurance policy to suit your needs.
A quality broker works with a wide range of insurance policy options and carriers. This valuable expertise can save you time and effort in comparison shopping. Ultimately, you will save money, too, as your broker looks for great coverage at the best possible cost.
Additionally, a broker can provide you with valuable insights into the risks associated with a pediatric practice. You will learn ways to mitigate, or reduce, them.
The broker can assist with claims management and offer support during any legal proceedings related to a malpractice lawsuit. Frankly, this kind of help is priceless.
Tip #3 Don’t Rush to Buy the Least Expensive Insurance Policy
There is an old saying, “You get what you pay for.”
So, when selecting your medical malpractice insurance policy, don’t choose the lowest cost. What looks like a bargain may, in reality, not be. Instead, consider the policy features carefully.
You may have to pay more for quality coverage. However, in the long run, the cost will be worth your peace of mind. You will be better protected.
Tip #4 Review Your Insurance Coverage Every Year
Reviewing your medical pediatric malpractice insurance coverage and current practice needs ensures the best protection for you, your employees and your income. Your insurance broker will help you look at how your practice has grown in the past year. Maybe you added new equipment, offered additional procedures, expanded to a second location or took on a partner or mid-level practitioner.
When you analyze how your practice has changed, you and your broker can adjust your coverage to meet any potential risks.
Pediatric Malpractice Insurance Costs
At eQuoteMD, our experienced team members work with healthcare providers in every medical specialty and in every state in the country. They comparison-shop our long list of A+ insurance carriers. The result is the best possible coverage at the lowest possible cost.
Our office is located in St. Louis, MO. Contact eQuoteMD today to speak with an insurance counselor and to get a complimentary quote. Call us at (855) 823-5283 for more information about pediatric malpractice insurance.
