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Do Specialty Medical Providers Need More Insurance?

By December 6, 2023February 6th, 2024Specialty Insurance

Working in the healthcare industry, especially as a specialty medical provider in Maryland, can be challenging. It can be difficult to determine the appropriate amount of medical liability insurance due to the intricate nature of patient care and evolving medical practices. 

Below, the experienced insurance professionals at Unity Insurance explore the reasons why medical workers in specialized fields may require additional insurance coverage compared to workers in other industries.

How To Determine Minimum Medical Liability Coverage in Maryland

Medical professionals, including specialty providers, face inherent risks in their daily operations. Doctors in Maryland who are part of health plans or have hospital credentials must have medical professional liability insurance. This insurance typically covers a certain amount per incident with a limit for the year. An experienced Unity insurance agent can help you determine exactly the coverage and limits you need for your specialty. 

However, specialty providers, particularly those with high malpractice risk, such as neurosurgery, cardiovascular surgery, and general surgery, may find it beneficial to invest in additional, more comprehensive insurance coverage for the following reasons:

  • Unforeseen Complications in Medical Procedures: Medical procedures, especially those performed by Maryland physicians in specialized fields, carry inherent risks of complications. Despite the highest standards of care, unexpected outcomes still occur. Maryland medical liability insurance offers financial protection in the event of malpractice claims or lawsuits related to alleged negligence.
  • High Stakes in Patient Care: Specialty medical providers often deal with high-stakes patient care scenarios. Unlike more general, routine medical care, the nature of their work often involves intricate procedures and decisions that can have significant consequences. Given the high potential for legal action against specialty providers, you may want to consider increasing your medical professional liability insurance coverage if you’re in a specialty field.
  • Specialized Equipment and Technology: Specialty medical providers like plastic surgeons and obstetricians often use advanced and specialized equipment and technology. Comprehensive insurance coverage becomes a critical tool if equipment malfunctions or errors and technology-related issues lead to patient harm. Medical liability insurance in Maryland can cover economic damages and legal expenses, providing a safety net for unforeseen circumstances.

The Financial Impact of Legal Challenges

As patients become more informed about their rights, legal actions are increasingly common. These medical malpractice lawsuits can have a significant financial impact on specialty medical providers as legal defense costs, settlements, and potential damage awards can be substantial. Adequate insurance coverage not only protects against these financial burdens but also allows medical professionals to focus on patient care without the constant fear of crippling legal expenses. Securing robust insurance coverage helps proactively mitigate risk and addresses the evolving landscape of medical malpractice claims.

Speak With An Agent At Unity Insurance About Your Maryland Medical Liability Insurance Needs Today

Given the unique risks faced by specialty medical providers, off-the-shelf insurance policies may not provide the level of protection required for specialized fields. At Unity Insurance, we can help you customize your Maryland medical liability insurance policy to find coverage that aligns with the distinct challenges of your medical specialty. Our professionals provide guidance and support to ensure you make the right decisions regarding your insurance options. We work with our clients to provide the best plan for individual needs. Call 410-539-6642 to learn how the experienced insurance agents at Unity Insurance can assist you.