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Medical Malpractice Insurance: Here’s Why Doctors Should Have One

Doctor Holding a ChartThere is a reason why doctors are said to “practice” medicine, and that is because no human body reacts exactly the same as any other. Doctors are also human beings and just like other people, they make errors in judgment despite having attended medical school for almost a decade. Health care professionals witness life and death. Sometimes, during work, they handle critical cases because they practically deal with the lives of their patients. However, there are instances that errors occur that are out of their hand and if worse comes to worst, they may face legal action. They may face a case of medical malpractice, also referred to as medical liability. For this reason, many states have required health care practitioners like doctors to purchase coverage against claims resulting from negligence or those causing harm to the patient resulting from a care that the doctor recommended.

What Is Medical Malpractice?

Medical malpractice happens when a medical practitioner’s act results to harm the patient. As a result, the patient sues or brings a claim against a medical practitioner. This can occur as a result of an action taken by the healthcare professional or by the failure to take a medically appropriate action. For example, it includes the failure to diagnose or misdiagnose a disease, inability to provide appropriate treatment for a medical condition, and unreasonable delay in treating a patient. It could also include the failure as a result of faulty equipment.

What Is Medical Practice Insurance?

Medical malpractice insurance protects a professional working in the medical field from loss due to a lawsuit. Liability coverage or Florida medical malpractice insurance is a coverage intended for health care professionals and it protects doctors when the court awards patients with financial damages in a medical malpractice lawsuit. Most states in the country require health care professionals to avail of their coverage. There are many insurance companies that offer this service and the cost of premiums depends on the type of specialty the physician practices and not on the history of the worker.

What’s Covered, What’s Not

The medical malpractice insurance covers expenses related to defending and settling malpractice suits. It also covers the damages if you were found liable by the court. Other fees covered are the lawyer’s fees, court fees, arbitration costs, settlement costs , compensatory damage costs and medical damages. However, it does not cover liability that comes from criminal acts, sexual misconduct and improper alteration of medical records.

Why Is It Important?

Aside from the insurance paying claims on behalf of the insured, it provides the health care professional with legal representation and it will also initiate the investigation of the claims. With insurance, doctors and other medical professionals will have peace of mind without worrying that their financial assets will be lost in the event of a lawsuit.
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