Medical malpractice insurance is important for every health practitioner, simply because no one is exempted from experiencing a lawsuit at any point in their career. Whether they err in the practice of their profession or not, sometimes malpractice lawsuits can be inevitable.
For this reason, more and more health professionals are availing of medical malpractice insurance. Apart from getting a brilliant medical malpractice defense lawyer, having a medical liability insurance coverage can somehow help provide peace of mind amid the emotional turmoil of facing a medical lawsuit litigation process.
A malpractice insurance is basically an insurance coverage that a health practitioner avails of, so that someone who may sue him for alleged negligent practices or wrongful decisions that have resulted to medical injuries or death have something to claim against. This can be availed of as a group, usually purchased by medical institutions.
Personal finance website Investopedia.com discussed medical malpractice insurance, and has mentioned several crucial information about it. In their write up they also mentioned some statistics involving malpractice claims. Institute of Medicine of the National Academies
“In the US alone, 15,000 to 19,000 medical malpractice suits are filed every year, and $38 billion was paid out between 1986 and 2010 for misdiagnosis of a patient. However, 80 percent of medical malpractice cases end with no payouts at all. In a medical malpractice lawsuit, the plaintiff needs to prove a medical professional violated the general standard of care of a patient, as defined by the medical community.”
Read more here.
Types of Medical Malpractice Insurance Coverage
The US National Library of Medicine – National Institutes of Health has shared an academic manuscript on malpractice insurance and what health workers need to know about it. In the article they mentioned that there are two basic types of malpractice insurance: the occurrence policies, and then the claims-made. National Association of Criminal Lawyers
“Claims-made insurance provides coverage only for incidents that occurred and were reported while you are insured with that carrier. Thus, both the incident and the filing of the claim must happen while the policy is in effect. If you drop a claims-made policy, you are not covered for any suits filed later unless you pay for what is known as “tail coverage,” the term used for an extended reporting endorsement. Tail coverage is expensive—often three times the amount of an annual premium—but it’s essential to be insured for any claims that could arise later.”
Read about the occurrence type of policy in the continuation of the article here.
Medical malpractice insurance is indeed something that every health practitioner should carefully consider, given the uncertainty of the medical profession. Consequently, hiring the services of a good malpractice defense attorney can be the best move to ensure the protection of one’s best interest.