Medical Malpractice Insurance

Medical malpractice Insurance covers doctors and other professionals
from the medical fraternity for any liability claims arising out of
negligence or omission, while treating a patient. Medical Malpractice
Insurance cover is available for doctors and other health care
professional from financial liability.

Medical malpractice
is an occupational hazard for a doctor or a health-care provider, which
cannot be ruled out. The damages awarded to a victim due to medical
malpractice may reach the million-figure and the amount may further
exceed if punitive damages are imposed. Medical Malpractice Insurance,
thus, gives the financial shield to a medical community.

Medical
Malpractice Insurance is important for every medical professional as it
gives them enough room, if not fully to steer out of financial
liabilities arising from legal tangle. The lawsuits and claims have
become a common aspect and as such, medical malpractice insurance has
brought some respite for medical professional.

Medical
liability insurance was once offered by most of the insurance
companies. However, the going was not as smooth as expected by the
insurance companies. With the rising number of cases against medical
professionals, some of the insurance companies were forced to
discontinue their medical liability insurance, while other insurance
companies hiked their premiums drastically.

Impact Of High Cost Medical Malpractice Insurance

Medicos
guilty of medical malpractice were required to pay higher premiums like
rising auto insurance premiums, which went up with every ticket you
received. High-risk specialty areas were the worst hit, as they were
more prone to fall into the trap of malpractice claims, and they were
required to shell out a big share as premium.

The lack of
affordable medical insurance forced medical professionals, particularly
those engaged in specialized areas like orthopedics to retire early or
simply stop practice. In general, the health costs have skyrocketed
owing to this factor.

Despite, the higher number of lawsuits
and mounting costs, there are several insurance companies that offer
medical liability insurance directly through its own agent or by
independent agents. The Independent agents sell policies of various
companies and thus do not remain confined to a particular company.

Medical
professionals can seek advice of agents to select a policy according to
his need from the different policies available in the market. The
premium rate varies, so you cannot expect the premium rate of an
orthopedic surgeon to be at par with a medical practitioner. The
medical practitioners are advised to look at all the options before
zeroing in on a particular policy of a company as the premium rates are
fixed and cannot be negotiated.

Notwithstanding, cost
involved in medical malpractice insurance, the medical professional
looks for affordable medical liability insurance, for who knows one
mistake might cost financial ruin, leaving you penniless.