Facts About Physician Malpractice Insurance
Physicians need to give the best treatment to their patients
, as it is a matter of life or death to the patients. There can be physical or financial loss caused due to the negligence of the Physician. At times, patients may be given improper diagnosis or ineffective medication, which will drive them to take legal action against the hospital or Physician. During such times only Physician malpractice insurance or professional liability insurance can compensate the sudden financial loss incurred by the Physician or Doctor.
Physician malpractice insurance is meant not only for doctors but also for other health care providers such as therapists, dentists and nurses. Medical malpractice includes negligence or deliberate acts of the professionals who fail to discharge their duties thus deviating from the accepted standards of the medical community. In some states, the law requires doctors and physicians to purchase Physician malpractice insurance. Should they fail to take the insurance policy, they will be fined heavily. Initially the cost of Physician malpractice insurance was quite flat but during the recent years from 2002, the prices have skyrocketed. One major reason for the rapid increase in the cost is because insurers couldn't make enough profits out of Physician malpractice insurance business and ultimately some insurance companies were forced to quit.
Physicians or doctors who carry out private practice have to pay huge premiums in case of Physician malpractice insurance to avoid bankruptcy, which may result in the event of a law suit being filed against them for malpractice. The cost of malpractice insurance depends upon various factors and it differs from each state. Based on the complexity of the practice carried on by the physician, the cost of buying Physician malpractice insurance and the premium will be high. Some physicians and surgeons have to take more than one type of coverage as they practice in more than one state. A physician who is employed under a public / private medical institution or hospital has an advantage of paying partial premium whereas the remainder is borne by the hospital.
There are few exemptions when it comes to Physician malpractice insurance. Physicians employed by federal or state government are exempted from taking this type of coverage. The government takes insurance policy for them. If the patients get affected due to medical malpractice, the physicians suffer huge malpractice claims. When a lawsuit is filed against a physician and if he loses the case against the plaintiff (patient or a legal representative on the patient's behalf) the compensation will be given by the malpractice insurance company. Even if the case is resolved in favor of the defendant (medical practitioner) the attorney's fee and any other expense is borne by the insurance company. This is passed on to the doctors who are bound to pay huge premiums who in turn charge heavily for treating their patients.
by: Sunil Punjabi
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