75% of doctors in low-risk specialties face a malpractice claim by the time they reach 65 years old. These types of claims can ruin careers and cause financial ruin for doctors and nurses across the country.
To protect yourself from this, it is important to have medical professional insurance for doctors.
Do you want to learn more about why you should invest in medical professional liability insurance? Keep reading this article for the top seven benefits of this type of insurance coverage.
1. Helps with Legal Costs
One of the primary benefits of getting liability insurance for doctors is that it may help you with legal costs if you have a claim filed against you.
When you are fighting a legal claim, you may need to pay to hire a lawyer and you may need to pay the costs of the settlement that you reach out of court. There are many other legal costs associated with lawsuits.
Because of this, you may be financially ruined if you don’t have help covering these costs! Using medical professional liability insurance can help you cover these costs and protect you financially if you have a claim filed against you.
2. Protects You from Mistakes
Mistakes happen, no matter what profession you are in. When you are working in the medical profession, these mistakes can have serious consequences, both emotional and financial.
One of the most important benefits of having medical professional liability coverage is that it may protect you in the event of a mistake. If the mistake was unintentional, it may be covered under this insurance policy.
This can help protect your job and ensure that your mistake gets resolved.
3. Protects Your Reputation
Next, you may be able to protect your reputation with professional liability insurance! When you are dealing with a liability claim, you may deal with people who target your reputation.
If they damage your good name, you could have a difficult time finding work in the future and you may not seem as credible to your patients.
By having professional liability insurance, you show that you are willing to defend your name and that you are willing to do what it takes to protect yourself professionally.
4. Covers Many Claims
There are many different claims that can fall under professional liability. Because of this, having medical professional liability insurance can protect you in many situations!
For example, liability insurance for a medical practice can cover claims like negligence, inaccurate diagnoses, and other oversights.
It may even protect you from breaches of privacy! If something happens with your client’s personal information, you could be protected from any resulting claims. To ensure you have coverage against as many situations as possible, you should make sure you have the right insurance company representing your business!
5. Income Protection
Another benefit of medical professional liability insurance is that it can protect your income! When you are involved in a lawsuit, it can take months to get resolved. During this time, you will likely be taken away from your work, which means you may not be able to make money during this time.
Having liability insurance may protect your livelihood and ensure that you can still earn a living.
For example, if you are defending yourself in a legal claim, your professional liability insurance may pay for the wages that you lost during this time.
6. Protects Your Business
Having professional liability insurance may also protect your business. When you are dealing with a lawsuit, these legal costs can easily put you out of business. Plus, dealing with a malpractice suit can potentially cause you to lose your medical license.
By having medical malpractice insurance, you could protect your business. Not only could it protect your business financially, but it may secure the reputation of your company while you are dealing with a lawsuit.
Plus, having professional liability insurance for your medical business can help you qualify for leases and contracts. It shows that you are willing to do what it takes to protect your business.
Finally, having professional liability insurance can protect you from third-party risks, like customer lawsuits, property damage, and more.
7. Provides Peace of Mind
Finally, having medical professional insurance for your practice can provide you with peace of mind as a healthcare provider. Even doctors and nurses that are cautious when working with their patients may have to deal with a liability claim at some point during their careers.
In today’s society, many people will file lawsuits without a second thought. Often, lawsuits are filed without merit, simply to try to get a settlement. Because we live in a litigious society, you need to be prepared for the inevitable claims that could be filed.
If you are not prepared for these claims, you may lose a lot of time, money, and more.
By having professional liability insurance, you could be covered in the event of a claim! This way, you can have peace of mind when dealing with your patients and you may be able to provide better care.
Looking for Medical Professional Insurance?
Who needs medical malpractice insurance? Anyone that provides patient care, both direct and indirect care, needs to be covered by medical professional insurance. This can protect you financially, and may even protect your reputation.
If you want to learn more about the types of medical malpractice insurance or are looking for medical malpractice insurance for nurses and doctors, Central Carolina Insurance Agency can help!
Contact our team today to learn more about our insurance policies and to get a free quote for your medical professional insurance coverage.