As a healthcare professional, you are likely aware of the importance of medical malpractice insurance. This insurance protects you in case a patient or their family brings a malpractice suit against you. It covers legal fees and other costs associated with the lawsuit. However, navigating the world of medical malpractice insurance can be complicated. Below, the insurance professionals at Unity Insurance clarify the ins and outs of medical malpractice insurance in Maryland.
Why Do I Need Medical Malpractice Insurance?
Maryland law does not require healthcare professionals to carry medical malpractice insurance. However, hospitals usually require it for professionals working in their facilities. Choosing not to have medical malpractice coverage can restrict the healthcare networks or preferred provider organizations that you can join. Although medical malpractice coverage is not legally required, it is essential for working in the field.
Medical malpractice insurance can also be a lifesaver that prevents financial ruin in the case of a judgment. These lawsuits can be incredibly expensive, often costing hundreds of thousands or even millions of dollars in legal fees and settlements. Without insurance, healthcare professionals may be forced to pay these costs out of their own pockets, which can be devastating.
Purchasing Medical Malpractice Insurance Coverage in Maryland
When it comes to purchasing medical malpractice insurance coverage in Maryland, there are two main types of policies medical professionals must understand: claims-made policies and occurrence policies. Claims-made policies provide coverage for claims that are made during the policy period, while occurrence policies provide coverage for incidents that occur during the policy period, regardless of when the claim is made.
For example, if you have an effective/retro-active date of 2018 and a claim is made in 2023 over something that happened in 2019, your current claims-made policy, with current limits, terms, and conditions, would cover the claim retroactive to the 2019 incident date for which the claim is being made.
Alternatively, an occurrence policy pays out on the policy term in force when the incident resulting in the claim occurred. In the example above, you would file the claim with the carrier you had back in 2019 even though the claim was made in 2023.
An experienced insurance agent, like those at Unity, can discuss your coverage options and help you determine exactly what type of coverage you may need for your practice.
How Much Medical Malpractice Insurance Do I Need?
According to the American Medical Association, as many as 31% of all physicians had been sued at some point in their careers. While physicians in some specialties, particularly surgeons, anesthesiologists, and those who practice emergency medicine, are at higher risk of malpractice claims than others, payouts can vary drastically so it is clear that the coverage can be beneficial to those in various specialties.
Coverage is typically purchased by individual healthcare professionals or medical practices with the cost of the insurance premium depending on various factors, including:
- The practitioner’s specialty
- Level of experience
At Unity Insurance, our team of experienced insurance professionals is dedicated to helping healthcare professionals understand their insurance options and purchase the proper coverage for their needs. We take the time to get to know each of our clients and develop a deep understanding of their unique risks and exposures. This allows us to provide personalized recommendations that help our clients protect themselves and their practices from the financial consequences of malpractice lawsuits.
Speak With An Agent At Unity Insurance About Your Insurance Needs Today
Unity’s insurance professionals serve as your advocate from the very beginning. From selecting coverage to filing a claim, we are by your side every step of the way. Additionally, we understand that the insurance process can often feel overwhelming, and having a business advisor you trust can provide needed comfort.
At Unity Insurance, we know insurance plays a vital role in every stage of your life and business. Our professionals provide guidance and support to ensure you make the right decisions. 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.