When you work in the medical field you need to be prepared for the worst at all times. Many times the worst case scenario is being accused of medical malpractice. To protect yourself you will need to purchase medical professional liability insurance. This will help you protect yourself if such a malpractice case ever occurs, and in all likelihood it probably will not, but it is much better to know that you have the coverage that you need if you ever need it.
The Cost of Medical Professional Liability Insurance
It doesn’t matter how you look at it, being a doctor is expensive! Not only do medical professionals have the overhead of their physical office location, supplies, and staff, they also have to pay medical professional liability insurance. Like all insurance coverage, it’s better to have it and not need it than to need it and not have it. The result for most doctors is that they are often paying large sums of money to make sure that they have coverage and representation if they are sued.
Medical professional liability insurance premiums basically ensure the doctor that they will have legal and financial help if they are sued for medical malpractice. The way that medical professional liability insurance works is that the doctor pays an annual fee, usually between $5,000 to $150,000, based on the type of practice that a doctor engages in, in return for a variety of different services that vary from plan to plan. Some of the services offered by the medical professional liability insurance include:
- Investigation of all claims against the doctor by the insurer
- Legal representation for the health care provider
- Payment of any claims to a specified dollar amount
Most medical malpractice insurance plans are associated with a certain amount of coverage. For instance, the doctor may buy a plan that will provide them with one million dollars in coverage per incident with up to three million dollars of coverage per year. Of course, only .05% of doctors will ever need this insurance, but it is one of those coverage’s that you do not want to let lapse because it’s nice to know it is there when you need it because defending such claims can be very costly.
The cost of medical professional liability insurance premiums vary widely. The premiums are usually based on where the doctor is practicing as well as their specialty and any certifications that they may have, as well as how much coverage is purchased by the doctor.
