Why Medical Malpractice Insurance is Important For Physicians

What Is Medical Malpractice?

Medical malpractice consists of negligent acts by a medical professional. Malpractice occurs when a person strays from the standards that have been set by the medical community. Because this professional has departed from these standards, it has caused sickness, serious injury, or death to someone in their care.

Why Is Insurance Important?

Medical malpractice insurance is vital to a physician’s career. If they do not carry coverage, physicians put their career on the line. Financial ruin can ensue if a patient brings a lawsuit against him/her. Just one case can make or break a career that the physician worked so hard for.

If a lawsuit is brought up in court, the plaintiff would be the patient, a party acting on behalf of the patient, or the executor of a deceased patient’s estate. Malpractice lawsuits can be made against a single physician, however, they can also be made against a hospital, clinic, or other type of medical institution. Damages awarded to a plaintiff may include compensatory and punitive damages. These damages consist of loss wages, medical expenses, and life care expenses. If reckless conduct was involved, punitive damages may also have to be paid.

How Can Physicians Get Medical Malpractice Insurance?

Physicians can cover themselves from liability by purchasing insurance through a broker or directly via an insurance provider. Malpractice insurance prices fluctuate based on the physician’s specialized field and the state they work in. The state determines and approves the base rates for malpractice insurance, while the insurance providers adjust those rates according to other factors such as whether or not the professional works in a high-risk position.