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Malpractice insurance is an important component of a physician’s career. It’s something that can’t be avoided. If you’re considering purchasing physician medical malpractice insurance or physician assistant malpractice insurance from a company that specializes in these types of policies, here are some pros and cons you may want to consider... Pros Get your legal costs covered regardless if you win or lose. Instead of going bankrupt because you don’t have the cash flow to pay legal costs, your insurance company will take care of it. Protect your personal assets. Instead of selling your home, boat, or car to cover punitive damages on a malpractice claim, your insurance will help cover these damages up to your limits of liability. Have lost wages covered. Going to court means time away from your work. If you have malpractice insurance, you will be reimbursed for those days missed that you are in court. Peace of mind. Being sued for alleged malpractice can be extremely stressful - especially if you don’t have insurance. With insurance you’re able to focus more on taking care of patients instead of having that fear and worry of what could happen. Cons Potential to get caught up in politics. Medical malpractice reform is an area that receives a great deal of attention by the media. In the middle of this talk is the idea that malpractice is driving up healthcare costs. Paying too much attention to the politics can steal focus away from what matters most: taking care of patients. High malpractice insurance rates. This has prevented many people from pursuing a career as a physician or physician assistant. Meanwhile, other physicians are quitting their jobs or relocating to areas where insurance rates are lower. However, when you work with a malpractice insurance broker with a wide network and various resources, you may be able to receive discounts and save money. A physician should conduct due diligence when selecting insurance and be well educated about the types of insurance and options available. It is important to choose a policy that provides the best coverage. Don’t let the cost of medical malpractice insurance stop you from doing work that you enjoy. If you focus on providing quality care for every single patient that you encounter and keep the lines of communication open, you’ll be in a good position and reduce your risk of being sued for malpractice.
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