6 Critical Qualities You Should Look for in a Medical Malpractice Insurance Company
If you are a doctor or a medical professional, you at risk of getting sued by patients. Whether there was malpractice or not, you need to have a legal defense to represent yourself in court.
Patients can sue doctors for all sorts of reasons ranging from misdiagnosis to surgical errors that caused suffering. Whether these claims are valid or not is irrelevant in the initial stages. As a medical professional, you need to protect your reputation, investment and prepare a defense strategy. For most doctors, this is easier said than done as they are already overworked and have little time to spare outside their regular schedule. The added stress of managing a patient claim can also take a toll on the physician’s job performance.
This is exactly where medical malpractice insurance comes in. Specifically designed for medical professionals, these policies cover malpractice claims made by patients as well as the legal costs. Medical malpractice insurance companies also have a team of legal and medical experts who analyze the claim and prepare a legal defense. Representing an insured doctor or nurse, they can either choose to fight the claim or settle by paying the claim amount.
From a medical professional’s perspective, choosing the right medical malpractice insurance company is extremely important. The following are 6 qualities you would want in a firm that offers malpractice insurance policies.
A Company that’s an Integral Part of the Local Medical and Legal Community
You want a company that has extensive experience operating in the same area you are practicing. Therefore, if you work in a clinic in New York, you want a company specializing in medical malpractice insurance in New York. That way you know for sure that the company knows all the New York state laws as well as have networks in the local medical community to piece together a solid defense.
Focuses on Medical Malpractice Insurance
Specialization is the key when it comes to picking a reliable insurance company that offers medical malpractice coverage. Stay clear of firms that offers almost every insurance product under the sun.
Have Great Financial Stability
Feel free to do a bit of research to find out if the company is financially stable. There are plenty of independent rating companies that rate insurance firms based on their claim settlement history and their financial health.
Allows Physicians to Report a Claim Before Getting a Legal Notice
There are two types of malpractice insurance policies. One that only gets active when a legal notice is served and policies that allow doctors to preemptively file a report suspecting a future lawsuit. You want a policy that gives you the freedom to file a claims report anytime you want.
Offers a Peer Support Program
Social media outrage and workplace alienation following a malpractice claim can be extremely damaging for practicing physicians both emotionally and professionally. A peer support program helps doctors find support by interacting and seeking help from fellow professionals.
Offers Policies that Do Not Deduct the Defense Cost from the Total Limit
Selecting the right coverage amount is critical as medical malpractice claims can easily amount to millions of dollars. It’s also important to pick a policy that calculates the legal defense costs separately. If the total limit is inclusive of the cost of the legal fees, then that may force you to pay from your personal funds if the claim amount is high.