To err is human. With that said, there's no protection from a professional mistake without having a medical malpractice insurance policy in place.
As a healthcare provider, it's vital to know that even a minor mistake can have severe consequences, not just to your patients but also for your whole practice. Since there is a decent likelihood that you will face a malpractice claim at some point in your career, can one small mistake ruin it all just like that?
That's why medical malpractice insurance exists. Malpractice insurance is designed to help prevent or limit your responsibility from damages caused by negligent medical care.
That's a lot of legal jargon right there, so let's break that down.
- Negligence is a fancy legal word for mistakes.
- Damages are injuries or harm caused by negligence.
- Civil courts allow those injured or harmed by negligence to seek financial awards from those responsible for their damages.
By purchasing a malpractice insurance policy, you will have a specialized legal team available to defend your practice from any potential negligence cases. You will be provided a lawyer as part of your coverage to protect you from a medical malpractice claim.
These lawyers specialize in this exact area of law and can be counted on to limit your damages in a hard case or get a weak case thrown out before it costs you a dime. That's the peace of mind that comes with reliable malpractice insurance.
Other Medical Malpractice Insurance Benefits.
Getting covered includes complimentary educational courses on risk management. These courses can help you eliminate preventable mistakes before they happen, not to mention the fact that taking them can lower your rates. Keep in mind that malpractice insurance does not cover anyone from criminal charges or damages caused by intentional mistakes.
Instead, malpractice insurance protects your finances, your practice, and your very reputation from any possible mistakes made to patients in your care or in your facility).
Who Should Have Medical Malpractice Insurance?
Literally, any healthcare services provider would benefit from having malpractice coverage. In many states, all practicing physicians are required to have at least some form of medical malpractice insurance coverage. Some healthcare facilities even require coverage for the employees who work there.
Hospitals are required to have malpractice insurance, which makes sense, and some are large enough that they can even self-insure. Many hospitals themselves need malpractice insurance coverage of their healthcare providers to have staff privileges at their facility.
Here is a quick list of some occupations that should be covered for medical malpractice:
- Medical Doctors
- Physicians
- Physician Assistants
- Nurses
- Podiatrists
- Medical School Students (if not covered through school or facility)
Here is a quick list of some of the facilities that should also have an insurance policy:
- Hospitals
- Shared Medical Practices
- Outpatient Surgery Centers
- Long-Term Care Facilities
- Behavioral Health Centers
Regardless of your profession, those who complete a risk management course (and other educational programs from your insurer) will find discounts are often available. Most insurance providers offer this option, but not all. Most policies vary by state as well due to differing rates and laws at the state level.
How Much Does Malpractice Insurance Cost?
Obviously, coverage rates vary for the individuals or entities applying. For instance, podiatrists tend to pay less than other types of physicians. Registered Nurses (RNs) seem to get reasonable rates on malpractice insurance. Nurse Practitioners (NPs) and Certified Registered Nurse Anesthetists (CRNAs) usually have more expensive malpractice insurance premiums.
Physician Assistants (PAs) are a rapidly growing profession with a lot of variance in role or responsibility at differing places, so rates for PAs can vary. Medical students are often covered through their institutions, but there are some exceptions. An individual plan would be beneficial in some of those cases.
Regardless of your profession, those who complete a risk management course (and other educational programs from your insurer) will find discounts are often available. Most insurance providers offer this option, but not all. Most policies vary by state as well due to differing rates and laws at the state level.
