Malpractice Insurance: What It Is and Why You Need It
Let’s face it, accidents happen. Mistakes are all part of being human. As a medical professional, it is imperative that you are protected against unforeseeable circumstances that could put your career and personal life in jeopardy. Liability insurance is designed to protect you from claims or lawsuits. The type of liability insurance you need as a medical practitioner is malpractice insurance. Whether or not your state requires it, it behooves you as a professional to pay the yearly premium. Examples of malpractice include wrong prescriptions or dosage, wrong surgical procedure or treatment approach, childbirth injury and misdiagnosis. However, it does not cover sexual misconduct or illegal activity, which includes tampering with medical records. Malpractice insurance is one of the most important purchases you can make as a health provider.
What Is Malpractice Insurance?
Malpractice insurance helps cover the legal costs and the settlement amount so you do not have to pay for it with your personal assets. Legal fees and the settlement payout can reach into the millions. When you research lawyer fees in California, court reporters Sacramento and exhibit preparation services, it becomes apparent that there are many cost-incurring services, and you do not want it coming out of your own pocket.
As a medical practitioner, you are obligated by law to provide a standard level of care and follow acceptable practice standards as derived by your medical community and your legal scope of practice. In addition, you must follow the mandated code of ethics in your individual field. When you treat, you aim to help the client or patient get better. You should never make a patient worse and you should not complicate the client’s situation leading to additional medical conditions or treatments, which can be financially disruptive and detrimental to their overall well-being. You may be the subject of an investigation if any of these areas are deemed to be in violation.
Malpractice is a leading cause of death according to a recent Johns Hopkins study. Although you may think it could never happen to you, it is best to be protected. If your conduct is in question, your malpractice insurance is there to help. It is the answer to protecting yourself in a litigious situation.
How Much Is Insurance?
The cost of insurance depends on your specialty and the state in which you practice. A higher premium translates to a higher covered amount. Each medical field has its own level of risk, whether you are a surgeon, a counselor, a medical assistant or an orthodontist. Some positions are riskier than others. For example, a speech-language pathologist does not have the same daily risk or liability as an emergency room physician.
The average premium a year for a speech-language pathologist is $300 versus $20,000 for an emergency room physician. It is important to understand the level of risk that comes with your field. Although not always mandatory by law, each state has its own specifications for minimum and maximum coverage amounts. A common annual policy is $1 million per incident and $3 million aggregate. It is best to contact an insurance company that is familiar with your state’s specifications.
Where Can I Get a Policy?
Numerous insurance companies offer malpractice insurance and it may also be obtained through your employer. Some insurers specialize in certain professions such as nursing, social work, dentistry or therapy. It is important to find a company that specializes in your area of expertise. The agents have training in the types of risk associated with each specialty and are well-versed in the type of policy that fits your needs.
Regardless of the liability your profession imposes or whether it is a state requirement, malpractice insurance should not be considered an optional purchase. If you do not carry malpractice insurance, you may lose all personal and professional assets. It is worth the peace of mind and financial investment so that you can practice what you love and know that you have a policy in place to help protect you if something goes wrong.
