If you practice medicine, malpractice insurance is a must. Myths and misconceptions about professional liability insurance for doctors make the subject more complicated than it is. Here are some common myths about medical malpractice, followed by facts:
You can not be sued for more than your policy limits
This statement is false. You are the one who is being sued for misconduct. If a jury awards a plaintiff an amount that exceeds the limits of your coverage for medical malpractice, your assets may be at risk for the balance. Judgments can be made against your assets for the amount that is outside your coverage limits.
It is important to have insurance that matches your practice. Many medical malpractice insurance policies provide coverage from $ 100,000 to $ 300,000 per claim and from $ 1 million to $ 3 million per insurance period (usually one year). You are personally responsible for any damages that exceed the policy limits.
Only doctors need medical malpractice insurance
Medical providers other than doctors are exposed to risks of medical malpractice. Nurses, caregivers and other caregivers are held accountable. Medical malpractice insurance can help protect a range of medical professionals, including nurses, licensed nurses, clinical nurses, medical students, residents and others. All caregivers, and anyone who provides direct or indirect patient care, need a medical malpractice insurance.
If you are covered by your employer, you do not need your own malpractice insurance
Although most medical employers provide some malpractice insurance for their employees, you may need personal professional liability insurance to be fully protected. Personal coverage is portable from job to job. It can protect your assets, your license and your financial future wherever you go. A claim for damages can be submitted up to two years after the treatment, in which case you may have moved on and the previous practice may have been closed or merged with another clinic or hospital.
Having a personal injury insurance policy makes you a more likely target for a lawsuit
This is also false. When a lawsuit is filed, the plaintiff’s attorneys name each provider involved in the patient’s care who may be responsible, as they only have one opportunity to bring their case to court. They have no way of initially knowing who has personal malpractice or their policy boundaries. Public registers of private insurance contracts do not exist. Information on coverage of medical malpractice comes later, in the detection phase of the trial process.
Doctors no longer need medical malpractice insurance when they retire
Exposure to malpractice claims continues for some time after you have stopped actively practicing medicine. Medical malpractice insurance provides coverage for incidents that occurred and were reported while you were insured with a carrier. If retirement is imminent, consider buying a tail. This is an extension of a non-life insurance to cover the liability period after you have completed your internship. Our agent can help you weigh risk against cost to find the most affordable option.