The doctor’s first responsibility is to provide care for the patients. Sometimes, in the process, patients feel the lack of attention, or they can face other challenges during treatment. That can result in medical malpractice lawsuits. Ignoring the need for medical malpractice insurance can directly impact your career, reputation, and your practice.
Till date, almost 55% of the doctors in the US have faced similar lawsuits from disgruntled patients or their families. Between 2013 and 2017, the rate of similar lawsuits has increased by 15. Reports show that surgeons and gynecologists are at least 85% more vulnerable than psychiatrists and general physicians towards these trials. Patients and their families cited delayed diagnosis, complications from surgery or disease progression most frequently as the causes of the medical malpractice suits. Over 58% of these physicians were not prepared to face lawsuits, and the monetary payouts caused quite a dent in their earnings and repute.
Five biggest mistakes you must avoid while buying malpractice coverage
It shows that no one is above a malpractice claim. So no matter how brilliant you are and how much experience you have, you need malpractice insurance. It is professional liability insurance that kicks in during your hour of need. Here are the five mistakes you must never make while choosing a coverage plan for your practice –
Getting the cheapest insurance
It might look like the financially smarter during the time, but the cheapest one might not provide complete coverage. When you can get one malpractice insurance to cover multiple grounds, why pay for numerous policies separately? Speak to your provider about extending coverage, customization options and compare insurance features with your colleagues.
Not checking the rating of the insurer
Always work with an insurance provider with a robust online presence. You can check the profile of any insurer on the web and find out all you need to learn about their service quality. Check their ratings, reviews, and testimonials.
If you believe that you can get more for the money you are paying, compare the prices with other providers. Drive a good bargain whenever you can. Most people are unaware, but even the most prominent companies use the published prices as guidelines. You can get a better rate if you can negotiate adequately. Visit medical malpractice insurance comparator sites for the best rates.
Not checking the malpractice insurance type
When it comes to malpractice coverage, there are several variants. Doctors need to read between the lines at times to distinguish one kind of coverage from another. Check out the difference between “claims-made policies” and “occurrence policy” when researching coverage options. Find out who else needs coverage at your clinic.
Not getting supplemental coverage during the change of insurance
You need to opt for a tail coverage any time you are switching from one insurance provider to another. Check out the employer’s requirements for the “prior acts coverage” or nose coverage, in case you are shifting jobs. While purchasing a new coverage weigh the necessity of prior and subsequent acts for the policy period.
Always double check the details before buying a policy. Try speaking to your experienced colleagues about insurance coverage and deals before going into an agreement. Changing insurers can be a hassle, so try to pick the correct one at the first try.