If you have finished your residency and are getting ready to either start working for a hospital or with a group of other physicians, you may decide to forego having your own medical malpractice insurance if you are in a state that does not require it. However, you should not make this mistake, as well as the ones below, if you want to ensure that you are fully protected.
1. Depending on the Facility Where You Practice for Full Coverage
When you first start with a facility or office, you may have been told that you will have some kind of coverage if something were to happen and you are sued for malpractice. And, while the coverage provided may help offset some of the settlement if the courts rule against you, do not make the mistake of assuming that it will be enough.
Especially if multiple doctors are covered under the plan, the facility will probably only provide a low amount of coverage. This amount usually helps protect the facility itself instead of protecting you. You may still end up paying most of the settlement amount out of pocket unless you have your own policy to cover it.
2. Neglecting to Secure Tail Coverage for When You Switch or Stop Practicing
Another mistake that you should avoid when it comes to purchasing your own medical malpractice insurance is neglecting to secure tail coverage. This type of coverage covers you in the interim between jobs or after you decide to retire or just stop practicing.
Even if you are not practicing medicine for a certain amount of time, this does not mean that you are safe from past patients. There is still the chance that a former patient may decide to sue you for malpractice for a perceived mistake from several years before you stopped or paused your practice.
If you do not have tail coverage, you would end up having to pay the entire amount out of your own pocket. To keep this from happening, make sure you check that you have adequate coverage and that you continue to make your premium payments even while you are not working.
Even if the hospital or health clinic at which you practice has some coverage for you in the case you are sued, you should seriously consider getting your own policy to ensure that you are fully covered. For more information, contact a company that offers medical malpractice insurance.