Why You Need Your Own Malpractice Insurance

Many individuals in the healthcare industry may find themselves wondering if or why they need their own malpractice insurance plan. Such a plan provides financial protection in the event of a malpractice claim made against your person or your practice. This helps protect you against misdiagnoses, errors made during treatment, and incorrect medical advice given to a patient. So why do you need your own malpractice insurance? There are several reasons to opt for your own supplementary malpractice insurance plan. These include:

1. You can never know when a malpractice claim will be levied against you or your practice. Just because it has not happened to you yet does not mean that it will never happen—many make this mistake. In the event of a malpractice suit, you’ll be glad you had a coverage plan in place that helped you mount a strong legal defense and keep your head above water.
2. Mistakes happen. We are all only human and we all occasionally make mistakes—regardless of how well-trained we are. You may misdiagnose a patient or there may be errors or omissions made throughout treatment. Any advice- or service-providing healthcare professional will benefit from having a malpractice insurance plan in their name.
3. Holding a proper malpractice insurance plan in your name helps illustrate a degree of fiscal responsibility on your part. It also conveys to prospective patients that they’ll be covered if things do not pan out according to the plan.

Now that you know why you need your own malpractice insurance, it’s time to determine what kind of plan you need. At Baxter & Associates, we provide medical malpractice insurance/professional liability insurance to lawyers and healthcare professionals, including doctors, physician assistants, dentists, chiropractors, CRNAs, NPs, and to group practices ranging from 2 to 200 practitioners and beyond. Let us help you find an affordable or supplementary malpractice insurance plan that makes sense for your profession or practice.