Medical Malpractice Insurance Companies

There are many insurance companies who offer medical malpractice insurance to physicians, hospitals, and other medical personnel. An insurance professional can help a doctor build the appropriate insurance policy that will cover any potential lawsuits and cover expenses if there is a malpractice suit filed against the physician. It is important that the insurance policy is tailor-made for each particular physician so that the doctor is not under-covered or paying too much for coverage that is unnecessary. An umbrella policy that covers every aspect of the doctor’s practice is a popular option that includes the business element of the doctor’s practice.

Medical Malpractice Insurance CompaniesThe Doctors Company, a medical malpractice insurance company that is owned and led by physicians insures more physicians than any other company in the U.S. This company rewards doctors who practice good medicine with lower rates. They offer traditional coverage for neglect and errors that physicians may make, and they also cover areas that are brand new categories in the assortment of possible lawsuits. An example of a newer area is the Internet and email communication. Doctors can be presented with a lawsuit if they do not adhere to privacy requirements with their patients’ records. Doctors are cautioned against using email for communication for several reasons, including the fact that communicating with a patient regarding a sensitive issue could potentially leave the doctor open to a lawsuit if another person accesses the information.

Almost 55,000 physicians and surgeons are covered by The Doctors Company’s malpractice insurance policies. A very large insurance company like this one has access to legal representation at discount prices because of the volume of services that they use. Doctors who buy their coverage through The Doctors Company receive legal representation for any actions brought against them by medical licensing boards, federal agencies, and Medicare/Medicaid. They are also automatically covered for cyber liability protection, the fastest growing threat to physicians today. This protects doctors from loss or theft of electronic patient information, fines and penalties, and reimbursement for data recovery.

This company offers much more, such as unique coverage plans that are customized to fit the physician’s particular needs, according to the state in which the doctor practices. They can add non-standard risk coverage if it is necessary. The Doctors Company also works with large physician groups to provide the coverage that they need.

Doctors who are looking for malpractice insurance coverage should consider more than just the cost of the policy, although this is an important factor. The first thing that doctors should look for when buying malpractice insurance is the financial stability of the insurance company. This can be checked by looking for the rating that the insurance carrier receives from an industry analysis. Fitch Ratings or A.M. Best Company are two analysts who can provide this information.

They should also check the latest lawsuits in their profession, and make sure that the policy they are thinking of buying covers these. Simple malpractice insurance is no longer enough coverage for doctors to have. If a physician finds a good deal on insurance coverage from a small company, it is especially important to ensure that the insurance company has a reputable past in covering doctors who have faced lawsuits.

Another important consideration is whether or not the insurance company has risk management and patient safety programs in place. The company should be proactive in providing specific methods and programs that will prevent repeated problems in the doctor’s practice.

Different states have laws and regulations regarding medical malpractice insurance, and they are often very different from state to state. The doctor should also know the coverage requirements in the state in which he or she practices.

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