Over the course of their careers, it is estimated that 75%-99% of doctors will be threatened with a lawsuit. That is reason enough for any physician to seek out doctor’s malpractice insurance. There are many benefits to having this type of insurance.
Protects Against Lawsuits
The main thing that doctor’s malpractice insurance does is protect the doctor in the event of a lawsuit. If a lawsuit is successfully levied against a physician, malpractice insurance pays out so that the doctor can pay less out of their own pockets and remain solvent. In essence, this can help keep a physician in their practice even if they have made some kind of mistake. Having malpractice insurance can help prevent a physician from losing their practices over small mistakes by covering some or all of the cost of the lawsuit.
Helps Keep Costs Low
One of the results of a doctor having this insurance is that it keeps costs low. Because the doctor has to pay less out of pocket for any lawsuits, they don’t have to worry about raising their rates. This allows them to keep prices low for their patients, which will, in turn, keep patients coming back.
Purchasing doctor’s malpractice insurance is an excellent idea for any practicing physician. Malpractice insurance helps to keep costs low by protecting the doctor in the event of any lawsuits. Every doctor should have this type of insurance.