Medical Malpractice Insurance: What to Look For and How to Buy It

//Medical Malpractice Insurance: What to Look For and How to Buy It

Medical Malpractice Insurance: What to Look For and How to Buy It

You may know you need medical malpractice insurance, but you may not know the first thing about where to start. According to the New England Journal of Medicine, most physicians face at least one lawsuit by the age of 65 – a sobering fact for those who work in the healthcare field. Being so vulnerable to a lawsuit that could put your practice and career in jeopardy is a scary prospect for many.

That’s why it’s best to protect yourself as much as possible with medical malpractice insurance. But what do you look for and how do you buy such a policy? First off, look for an agency that’s dependable, trustworthy, experienced and highly skilled in this area – pretty much the same qualities patients look for in a doctor like yourself! Choosing an experienced brokerage firm that represents your interests to the insurance companies rather than the other way around. At The Kerr Agency, we only use the top-rated carriers to ensure top coverage and protections for your business.

While you may deal with bust schedules, stressful situations and worried patients on a daily basis, you certainly don’t want to experience the stress of a malpractice suit on top of all that. Did you know tat the risk for such a suit for a psychiatrist is nearly three percent, while the risk for a neurosurgeon is up to 20 percent! Not having to worry about that type of pressure can’t be mitigated when you are backed by a medical malpractice insurance policy. This will cover you for

  • Court costs
  • Expert witness costs
  • Indemnity of settlements
  • Other damages as a result of accidents, errors, alleged neglect or adverse events

Having an insurance provider you can trust with customizing just the right policy for you is key. A policy for a dentist will have different requirements than, say, one for a heart surgeon. You need someone skilled in this type of insurance so you get all what you need – and none of what you don’t. Getting optimal insurance coverage for yourself as a physician or other health care provider begins and ends with an attentive agent who works FOR you.

Dealing with an insurance carrier that gives care to the care-giver is important. The personal consequences of a malpractice suit, such as burn out, reduced career satisfaction, losing trust in patients and practicing defensive medicine, can be mitigated when a physician knows that they can turn over the problems associated with a malpractice suit to a team of experts who will do their best to resolve a dispute to the best of their ability and in the best interest of the physician. Having a policy in place, with a respected and established insurance carrier can do much to alleviate the fear that many physicians feel because of the increase in medical malpractice suits.

 

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