Owning medical malpractice insurance is beneficial for all healthcare facilities and practitioners, including your own little business, even if the facility or practitioner is very new. This kind of insurance policy protects your practice financially in the event that a patient sues your business for malpractice, which can refer to a wide variety of errors and omissions that occur in the course of providing medical care. These may include incorrect diagnosis, inadequate treatment, improper medical advice, and other forms of negligence.
You probably have a limited budget to work with at your small practice, which is why you might be questioning if you truly need this coverage. Take into consideration the following three advantages of having medical malpractice insurance before dismissing it as a needless investment.
- When you have your own malpractice insurance, the insurance company will supply you with an attorney to represent your individual needs and concerns. Some policies even provide you the option to select your own legal representation. When you are protected by both your personal policy and the policy provided by your employer, the two insurance companies work together to coordinate representation, benefits, and the allocation of claim costs as well as any indemnity or settlement payments.
- Other benefits, such as coverage for assault, first-aid expenses, violations of the Health Insurance Portability and Accountability Act, libel or slander, depositions, property damage, and license protection benefits, are also provided by individual policies and are not typically included in employer policies. These benefits can be found in an individual’s own policy.
- In addition, the majority of businesses that sell individual policies also sell risk-management services. These services may include continuing education credits, details on claim trends, assessment forms, newsletters, and a variety of other helpful resources.
- It is impossible to predict when someone will file a claim of medical malpractice against you or your facility. If something like that were to happen, having this coverage would make it easier to pay for your legal defense and any damages you might be given.
- Even highly trained and experienced medical professionals are not immune to the possibility of erroneously diagnosing a patient’s condition. In the event that an error is made while providing care at your office, having medical malpractice insurance in place might provide the essential protection.
- Patients have a wide variety of options to choose from when it comes to their medical care, so they can take their time deciding which physician they want to see. The presence of medical malpractice insurance not only demonstrates economic discipline but also reassures patients that they will be taken care of in the event that something does not go quite as planned.
Are you prepared to find out more? Have a conversation with the medical malpractice insurance brokers in australia today about the possibility of adding this coverage to your existing insurance portfolio.