How to Buy Medical Malpractice Insurance
Medical malpractice insurance is an insurance policy that doctors purchase to protect themselves in the event of legal judgment due to medical mistakes. It is a requirement in most states that a physician carries this insurance in order to practice, so every physician must learn how to buy medical practice insurance to protect their assets.
Materials
- Phone
- Internet access
- Educate yourself on malpractice insurance by reading information on malpractice cases.
- Talk to associates who may have experienced a malpractice suit. If you are affiliated with a hospital or a group, check if they have malpractice coverage in place and what it entails. Find out if the coverage in place covers you or if the coverage is merely for the business and the business partners. Request a copy of the policy if the coverage covers you as well, so you can have it on file. Examine the policy offered by your employer, and check if you will have your legal defense in the event of malpractice case or whether you will have to bear the cost of an attorney.
- Obtain insurance information from the American Academy of Physician Assistant, the American Board of Medical Specialties (ABMS), as well as the American Bar Association and others that you may have affiliation. These organizations will have information on what to look for and will recommend insurance agents that work in the malpractice field.
- Review your financial assets to determine the level of medical practice insurance you need. Make sure that you include all asset that you and as well as your spouse owns.
- Ask other doctors for medical malpractice insurance company recommendation or look online for insurance companies. Compare the different companies you received based on pricing, and coverage plans. Note that some companies may only cover one specific area such as dentistry, hematology and podiatry.
- Examine thoroughly all policy estimates that you receive and make sure that it is adequate for your specific financial situation and appropriate for your specialty.