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Most Asked Questions About Malpractice Insurance

Maria Palma

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Medical malpractice insurance is considered a negligence, whether intentional or not, that leads to sickness, injury, or death to a patient. If this happens, a medical malpractice lawsuit can be filed against the medical professional(s) or hospital, which is very costly and time consuming to defend.

Many people are unsure of what malpractice insurance actually is and how it works, so here is a compilation of frequently asked questions and their answers:

Why Do I Need Medical Malpractice Insurance?

Insurance can cover any court costs and/or payout if a claim is filed against you for malpractice. Without this insurance, you could be personally be held liable for all costs, which could ending costing millions of dollars.

The majority of states do require that medical professionals carry medical malpractice insurance. Even medical schools will ask that students have a policy before enrolling.

Isn’t Having Coverage Through My Hospital Enough?

It depends. If you do any type of medical volunteer work, provide services or advice outside of the hospital, or having your own legal counsel is important to you, you might want to consider purchasing your own policy. It also depends on the type of policy your hospital has. It may or may not be enough to cover the costs of a lawsuit.

How Can I Purchase Malpractice Insurance?

You can obtain a policy through a licensed broker who specializes in professional liability insurance, through an independent insurance provider directly, or a physician-owned mutual company.

Can I Personally Be Held Liable For a Malpractice Claim?

It is possible. If you don’t have any type of policy or you have inadequate coverage, a patient can go after your personal assets.

Aren’t All Policies the Same?

There are different types of policies depending on the position you work and specific time frames. Where you work, if you’re in a high-risk specialty, and your income will determine the coverage limits of your policy. When you work with an agent, he/she can show what the best policy would be for you.

How Do I Know My Malpractice Insurance Company Is Legit?

The best way to know is to do your due diligence. Conduct research on the Internet and ask colleagues or friends for recommendations. Check with the Better Business Bureau and look on websites like Angie’s List for reviews. Your agent can also help you with this research and let you know which companies have the best reputations.

Just like any financial transaction you make, purchasing malpractice insurance requires careful consideration. This is your livelihood at stake, so make sure all of your questions are answered and you feel confident in your choice of policy.

For more information, contact Nexus Insurance Services:


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