Every medical practice should be equipped with medical malpractice insurance, but this is especially true of large practices that have several doctors working under the same roof. Whereas one medical professional in a practice can generally stick to guidelines and high expectations of care, the presence of multiple doctors may leave wiggle room between guidelines.
Even with a well-educated and experienced staff of healthcare professionals, mistakes and misdiagnoses are possible. And if an error—whether real or perceived—leads to a legal liability lawsuit, the resulting events could rock the financially stability and reputation of your practice.
Fortunately, you can protect your practice with medical malpractice insurance, which is a form of professional liability insurance that is custom tailored to the risks of the healthcare industry. This coverage helps fund your practice’s legal defense, as well as any awarded settlements (up to policy limits).
Medical malpractice insurance can be beneficial for a variety of healthcare practitioners, including physicians, surgeons, hospitals, medical clinics, naturopathic doctors, plastic surgery centers, weight loss clinics, chiropractors, dentists and more.
Doctors are humans and humans make mistakes. But being that one in eight preventable medical errors results in a malpractice claim, it’s crucial to consider the value of medical malpractice insurance when it comes to protecting your large practice. If you’re ready to learn more, contact your independent insurance agent for personalized assistance today.