What is Medical Malpractice Insurance?
Rendering medical is an honorable and much-needed service, but it’s also an act that comes with significant responsibility. In addition to the moral responsibility that medical providers feel, they also have a legal obligation to render proper care. Should a provider make an error, they might be held financially responsible for any negative effects of the mistake. Medical malpractice insurance won’t stop something tragic from happening, but it can help shield providers from financial consequences if they make an error.
Medical malpractice insurance policies are specialized professional liability policies that are intended for medical providers. Because the insurance is so specialized, medical providers ought to consult with an agent who’s specifically familiar with these policies when comparing coverage options.
How Much Medical Malpractice Protection Should Providers Carry?
Because medical malpractice lawsuits can be expensive to both defend and settle, it’s generally wise to select a medical malpractice policy that has high limits. Exactly how high those limits should be depends on the particulars of a person’s situation and level of care rendered. A policy that provides professional liability insurance for doctors who perform surgery will likely need higher limits than one that covers an EMT.
Providers should work with a knowledgeable insurance agent when determining what limits their coverage should come with. An agent who knows medical malpractice policies will be familiar with various potential claims, and they can illustrate how costly various potential scenarios could be.