SunGate Insurance Agency Blog
Medical science is advancing so quickly these days that it can seem—to the general public at least—like there is a treatment or medication that will solve every ailment. This perception can lead to the belief that doctors and medical practitioners are modern-day miracle workers with an easy cure right at their fingertips. Unfortunately, when the expected miracle doesn’t happen and the outcome is less than successful, many patients quickly look for someone to blame. As a result, every doctor may find themselves facing a malpractice lawsuit, even if the course of treatment was correct and mistake-free.
Many states, including Florida, do not legally require physicians and medical specialists to carry medical malpractice insurance and because the cost of malpractice insurance was exceptionally high, many physicians took their chances and practiced without. Luckily, legal reforms over the past two decades have led to a more stable and significantly more affordable insurance market. So while legal reforms have also brought down the average claim payout, there are still many excellent reasons why it makes sense to purchase medical malpractice insurance.
So why should you purchase medical malpractice insurance? Here are a few simple but compelling reasons why it just makes sense:
The fact is, even the best doctors can be sued by a patient seeking to blame someone for a negative outcome to treatment. A majority of physicians will find themselves facing a lawsuit at some point; this is especially true for specialists such as surgeons and obstetricians. And just one lawsuit can be devastating, threatening your personal, professional, and financial security.
What Should Your Medical Malpractice Insurance Cover?
A comprehensive malpractice insurance policy should provide you and your medical practice with financial protection should a client or a patient file a lawsuit against you. Unfortunately, no matter how spurious the claim, however clear it may be that the patient is simply seeking to air a grievance or find someone to blame, you still have to deal with legal fees relating to the lawsuit and may potentially even have to pay out a settlement. Here are a few things to think about when purchasing a malpractice policy:
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