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Expert Advice on Malpractice Insurance Cover

Insurance CoverThe practice of physicians practicing bare- that is without malpractice insurance is increasingly becoming rampant in Florida. Doctors are opting to practice without insurance is not illegal. However, the law clearly states that if a doctor is practicing without insurance, he/she should make this fact well known and understood by his/her patients. One of the reasons why doctors avoid getting the insurance is because the hospital may have liability insurance for its employees. However as explained below, such insurance is inadequate. It is advisable for doctors – physicians, surgeons and dentists to purchase malpractice insurance. Below are reasons why insurance is vital in any medical practice.

Reduces Risk

Malpractice insurance can save a doctor from a huge pay off after a patient’s claim succeeds. For high-risk doctors, this is especially critical. If a procedure goes wrong and a patient files a claim for several hundred thousands of dollars, and the doctor loses that claim, the insurance can step in the place of the doctor and compensate the patient. The premiums the doctor is ‘saving’ by not paying for the insurance cannot even come close to some of the damages that patients are awarded for medical negligence. Hence, doctors are advised to take up the insurance just in case of anything.

Personal Assets

Practicing bear means that a doctor is putting his/her personal assets at risk in case he/she loses in a medical negligence case. Personal assets of the physician will be used to satisfy the amount he is liable for in case the doctor loses the medical malpractice claim. Such a move is likely to affect the family of the doctor, standing in the society and ability to practice. To avoid such eventualities, it is highly advisable for doctors to purchase malpractice insurance.

Inadequacy of Hospital Insurance Plans

Hospitals normally have liability insurance to cover their employees. Most medical practitioners use this fact as a reason to avoid taking out a malpractice insurance. However as explained above such insurance is at best inadequate. There might be some aspects that it does not cover. For example, if an incident falls outside the job description the employer may refuse to defend the doctor. To be on the safe side doctors are encouraged to purchase their insurance for more clarity. Medical negligence can occur at any time. Most doctors are aware but obliviously continue to practice without insurance. Doctors are encouraged to mitigate the liability from such risks. Taking out a malpractice insurance is a superb way of doing so.
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