Protecting Your Practice with Medical Malpractice Insurance

Protecting Your Practice with Medical Malpractice Insurance

Prescription NegligenceAs a medical professional, you want to protect your practice and assets from any possible claim. After all, you’ve worked hard to achieve your current profession. It will be tragic if it ends simply because you didn’t take any safety measure. This is where insurance companies come in.

The American College of Physicians, American Academy of Physician Assistants, and Gracey-Backer, Inc. noted that having insurance does not only give you a good profile in hospitals and medical facilities, but also keeps your personal liabilities safe.

What are the Insurance Policies in Florida?

he 458.320 Financial responsibility statutes specify that doctors need to have $100,000 in malpractice insurance to practice medicine. They should have at least $250,000 if they want to receive hospital staff privileges—seeing patients in hospitals and not their private practice.

It’s important to take note of what kind of insurance you’re getting. Claims-made and occurrence-made insurance are different, so it’s best to understand them before applying for anything.

Is it Possible to Practice Without Insurance?

Experts say that Florida law regarding medical practice may have a loophole, as it allows some doctors to practice without any insurance at all. They need to post a sign in their office and inform patients about the situation, but the risk and difficulty of collecting money is still there. When hospitals are involved, they could be liable for allowing a doctor with no insurance to pass the required insurance or assets.

Why Don’t Some Professionals Apply for Insurance?

Some professionals don’t apply for insurance because of the issues they had in the past or have heard from fellow practitioners regarding their patients and insurance companies. Others even believe that having insurance will only attract more claims, as the claimants are aware that they’re insured. The pressure to settle claims could also be the reason, as some companies want to avoid high legal costs.

Don’t let any claim take away everything you’ve worked hard for. Protect your practice and assets by applying for a medical insurance.