Medical Malpractice Insurance

Globe Life Insurance

Medical malpractice Insurance covers doctors and other professionals from the medical fraternity for any liability claims arising out of negligence or omission, while treating a patient. Medical Malpractice Insurance cover is available for doctors and other health care professional from financial liability.

Medical malpractice is an occupational hazard for a doctor or a health-care provider, which cannot be ruled out. The damages awarded to a victim due to medical malpractice may reach the million-figure and the amount may further exceed if punitive damages are imposed. Medical Malpractice Insurance, thus, gives the financial shield to a medical community.

Medical Malpractice Insurance is important for every medical professional as it gives them enough room, if not fully to steer out of financial liabilities arising from legal tangle. The lawsuits and claims have become a common aspect and as such, medical malpractice insurance has brought some respite for medical professional.

Medical liability insurance was once offered by most of the insurance companies. However, the going was not as smooth as expected by the insurance companies. With the rising number of cases against medical professionals, some of the insurance companies were forced to discontinue their medical liability insurance, while other insurance companies hiked their premiums drastically.

Impact Of High Cost Medical Malpractice Insurance

Medicos guilty of medical malpractice were required to pay higher premiums like rising auto insurance premiums, which went up with every ticket you received. High-risk specialty areas were the worst hit, as they were more prone to fall into the trap of malpractice claims, and they were required to shell out a big share as premium.

The lack of affordable medical insurance forced medical professionals, particularly those engaged in specialized areas like orthopedics to retire early or simply stop practice. In general, the health costs have skyrocketed owing to this factor.

Despite, the higher number of lawsuits and mounting costs, there are several insurance companies that offer medical liability insurance directly through its own agent or by independent agents. The Independent agents sell policies of various companies and thus do not remain confined to a particular company.

Medical professionals can seek advice of agents to select a policy according to his need from the different policies available in the market. The premium rate varies, so you cannot expect the premium rate of an orthopedic surgeon to be at par with a medical practitioner. The medical practitioners are advised to look at all the options before zeroing in on a particular policy of a company as the premium rates are fixed and cannot be negotiated.

Notwithstanding, cost involved in medical malpractice insurance, the medical professional looks for affordable medical liability insurance, for who knows one mistake might cost financial ruin, leaving you penniless.

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