Not many professionals like to give malpractice insurance much thought. Suppose you’re wondering why; it’s because it’s one of those things that become relevant only when something has gone wrong. But even with this, understanding malpractice insurance is critical as it can save your reputation, practice, and finances.
What is Malpractice Insurance?
A particular type of insurance purchased by healthcare workers and lawyers protects these professionals in the event of potential negligence while carrying out their duties. Even though these individuals are highly trained and may even have years of experience, they’re ultimately human and, as such, are likely to make at least one mistake during their careers.
Good malpractice insurance shields these professionals from any litigations or claims that may follow from such an occurrence.
Who Pays for Malpractice Insurance?
Who pays for malpractice insurance varies, depending on the source of professional liability that the doctor or nurse is on. There are two (2) sources of insurance here you should know. These are:
Employer-Provided Malpractice Coverage
Your employer essentially handles this type of malpractice insurance. The direct implication is don’t worry about the specifics of the policy. Your employer will be in charge of taking care of securing and maintaining the coverage.
The downside of this type of policy source is that it doesn’t give you much flexibility or freedom if you offer your services at various practices.
Provider Malpractice Coverage
With this source of malpractice insurance, the doctor or lawyer is responsible for finding, securing, funding, and managing the policy. They must do everything from selecting their plans to paying the necessary fees. For many professionals, this can be challenging.
But the benefit of going this way is that you have all the flexibility you want and can work in as many practices as you want without worry!
Is Getting Your Malpractice Insurance Yourself Worth It?
Yes, getting your malpractice insurance yourself is worth it. Here are a few reasons why:
It Gives You Confidence and Peace of Mind
When you buy your medical malpractice insurance yourself, you always have a better idea of what it is. It gives you the peace of mind to throw yourself into your work and give it your best.
It Offers More Flexibility
Since you’re in charge of your policy, you won’t be beholden to any specific employer or practice. So, you can take on as much extra work as you want.
It Secures You Against Financial Loss
Paying for medical litigations or claims out-of-pocket can be more draining than you might think. While you don’t have to take our word for it, this isn’t something you want to find out from experience. Managing your policy yourself saves you the trouble of worrying about that.
Bottom Line
A lot goes into medical malpractice insurance. Remember that you can have your employer get this policy for you or secure it yourself. The latter option is usually the more satisfying, primarily if you work at multiple practices.
