Perspectives

Why Medical Professionals Need Individual Medical Malpractice Insurance Coverage

Medical Malpractice InsuranceOne night, you were enjoying a romantic dinner with your wife at a fine-dining restaurant. You noticed a commotion, and you heard one of the customers calling for a doctor. Being a physician, you immediately responded. You know very well how to respond to emergency cases, and you saw all the symptoms of a cardiac arrest on the patient. You then worked on the patient. The patient failed to respond and died by the time the paramedics arrived.

The bereaved family filed a case for negligence and included you in the lawsuit. This is horrendous since you were only trying to do what you thought was right. While this incident may or may not happen, you’ll be thankful if you have a medical malpractice insurance coverage if it does happen.

Benefits of Medical Malpractice Insurance

Your medical malpractice insurance will cover the costs to defend a lawsuit, including attorney’s fees. Your employer may have a similar policy to protect the entire organization. However, Gracey-Backer, Inc. noted that it usually does not cover the example given above since it happened outside of your employment. Your employer is not liable for the incident, so whatever actions you need to defend your case are to your own personal account. While your employer may help as the organization’s name might also be part of the mess, it is not their responsibility to pay for your defense.

Why Get Your Own Malpractice Insurance Policy

Although you may already have coverage under your employer’s malpractice insurance policy, your insurance provider may deny anything that happens outside the scope of your employment. Likewise, if there is a conflict of interest, your interest may not be the main concern of the lawyer representing both the employer and you. Considering how much a malpractice lawsuit defense costs, the premium you will pay for a malpractice cover is only minimal. Refer to your professional association for a trustworthy malpractice insurance provider.

By having your own malpractice insurance policy, you get to safeguard your personal assets. You gain peace of mind, as well.