Every medical practitioner knows they can be held responsible for any diagnosis and procedure they perform. And even if they know they did everything they could, they can still get sued and face charges. Keep in mind that there’s always a risk for everything. This is why even the most competent physicians consider getting comprehensive medical malpractice insurance. Before you look for providers, here are some of the things you need to know:
What is the usual coverage and policies of medical malpractice insurance?
A reputable insurance company should cover you against any claim of medical negligence. They also cover your conduct as a member of a peer review panel. This is to protect you from lawsuits claiming that an adverse peer review decision made by the insured was inappropriate and cause a loss of assets in any form. There are policies that may provide a dollar amount available to the insured if a lawyer needs to defend against licensing or peer review proceedings. Keep in mind that every insurance company have their own policies. Make sure to discuss with them the terms and the coverage of your insurance.
Who is covered?
First, it should be obtained by yourself, your entity including the whole corporation—Limited Liability Corporation, Partnership—and your employees. Keep in mind that you need to maximize the coverage since you are rendering the professional services. If you are in a corporation or other entity, consider getting them covered as well because employers can be held liable for the acts of their employees.
It is important to protect the entity since it holds your business assets including the equipment and accounts receivable. Convince your employees to maintain their own coverage as well to protect their assets.
In some cases, particularly in solo practice incidents, insurance companies may provide you an entity coverage sharing policy limits with the health care professional at no extra charge. If there is more than one in a group, the premium charge is usually about 10% of all the members are paying. Again, make sure to discuss this with your provider.
Are there exclusions?
Just like any other insurance policies, they may contain exclusions. Usually, they don’t include coverage of illegal conduct, items misrepresented on the application for insurance, hospitals or laboratory administration, records alteration, and sexual improprieties.
You also need to see what kind of coverage you may need for the equipment you use in your practice. Keeping equipment cycled out and up to date can be expensive but essentially. For example, Philips MRI Parts can cost anywhere from a few hundred to a few thousand dollars, but faulty equipment claims could cost you multi-million dollars in legal fees and law suits. You have to cover all of your bases.
While this can be expensive, it is only advisable to review the coverage of your insurance company. Remember, your name and your professional career is on the line. So, be careful with your decisions. Maximize your options and choose a licensed insurance company. Do your research and make a background check. Consider reviewing their profile and credentials. They should at least provide at least three well-known referrals.