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Malpractice Insurance

Working in the medical field can be a risky endeavour. People rely on medical professionals to provide quality care that cures, or at least alleviates, physical suffering. Most of the time, medical professionals practice with confidence and skill, but occasionally something goes awry. It is these times when medical malpractice insurance becomes of paramount importance.

Medical malpractice occurs when a health care professional fails to provide services that measure up to the accepted standard of care. Whether committed by act or omission, malpractice lawsuits can endanger both the reputation and the livelihood of medical professionals. To help them meet the sometimes unexpected challenges of malpractice charges, most health care providers will purchase an insurance policy which covers them in the event of an accusation of malpractice.

Malpractice Insurance is Professional Liability Insurance

Malpractice insurance is sometimes also known as professional liability insurance. In many cases, purchasing such a policy is required before the health care professional may be hired by a hospital, care facility, or open a private practice. Though often expensive to acquire, this type of insurance provides enormous peace of mind. With care and a sufficient bit of luck, the medical professional should never have to use this coverage. And if they ever do need to use it, coverage in the excess of several million dollars should provide them with the ability to settle the lawsuit before it ever goes to trial.

Because this type of insurance is so expensive, many hospitals and other care facilities will purchase policies on behalf of their employees. These policies will also typically cover the hospital or other organization in the event that they are sued in conjunction with the medical professional who allegedly provided the negligent care.

Malpractice Insurance - What You Should Know

Insurance rates will vary based on geographic location and the specialty practiced by the health care professional. Medical professionals who are considered to work in high risk situations will pay more than those whose specialty is considered of lower risk.

Malpractice insurance is particularly useful because most malpractice lawsuits range in length anywhere from four to five years. It is a costly pursuit, one that often results in lost time and wages. The expense of pursuing such a case is highly expensive, making the cost of purchasing an insurance policy eminently sensible. In many states, it is even a fundamental requirement that medical professionals have such coverage before beginning to practice. Such insurance minimizes financial losses related to malpractice lawsuits.

Last modified: May 29, 2011