Why Should You Have Professional Liability Insurance?
There are a lot of different types of insurance to consider when you have your own business, such as general liability insurance. However, if you provide a service, then you should also consider professional liability insurance in case someone sues you for making a mistake while providing your service.
What Is Liability Insurance?
Businesses that create a product have product liability insurance to cover the product if it causes injury. However, doctors don't have products. They do, however, offer services, which can be seen as a type of product. For doctors, liability insurance is often also called medical malpractice insurance. It is also often referred to as errors and omissions insurance. It's important to keep in mind that liability insurance isn't just for doctors who maliciously mislead their patients. Even if you simply forgot to document something minor that leads to a major problem, the patient may sue you.
It Pays Legal Feels
These lawsuits are exactly why you need liability insurance. For starters, if you are sued for negligence or malpractice or simply some kind of mistake, the insurance will help pay for your legal fees, such as defense costs. Even better, you don't have to wait until the case is over and you've been found innocent for the benefits. Even if you are ultimately forced to pay the patient, the insurance covers your legal fees.
It Pays Settlements
Speaking of settlements, if the patient does win, they may win big money. If you don't have liability insurance, this money comes from your personal funds. However, if you do have liability insurance, they will pay the settlement for you. Keep in mind that like all insurance policies, there is a limit to how much the insurance will pay, so you may still be responsible for some money.
Do You Need an Attorney?
Even if you have liability insurance to protect you against a lawsuit, you want to have a medical malpractice attorney in your corner. They will do their best to prove that you did everything you were supposed to when treating the patient. This protects your reputation and wallet because, even if your insurance pays for the settlement, your premiums are likely to increase.
If you don't have liability insurance, you may be breaking the law, but in either case, you aren't protecting yourself. Liability insurance is the best way to protect your product: your service. For more information regarding liability claims or medical malpractice lawsuits, contact an attorney in your area today.