Doctors carry out a critical and invaluable task. They treat ill people daily. Unfortunately, they are also exposed to the risk of a devastating lawsuit which may eradicate their hard earned personal assets. The best way of protecting them from this devastation is by having professional liability insurance.
Financial devastation protection
This insurance, commonly referred to as the medical malpractice insurance, protects doctors and health officers from the costly lawsuits. Unfortunately, in today’s world, people file for the lawsuit immediately when they suspect a wrong has been done. One malpractice may declare a doctor bankrupt hence having the financial devastation liability insurance protects the doctors against such losses. For a total cover, a doctor should find the policies which include errors and oversights, professional negligence, inadequate or faulty services, misrepresenting services as well as incomplete treatments or services.
Protection Against Errors
Human is to err, and so the doctors make some mistakes in the line of their duty. Sadly, errors in the health sector are quite risky since a single mistake may the cost the life of the patient. An inadvertent error may also create long-lasting implications for the doctor. The professional insurance ensures that the practice of the doctors’ remains intact even when after making mistakes on the patients. The doctors should also work carefully too. Of course, liability insurance is not the only important kind for physicians. Life, critical illness and disability insurance for physicians is extremely important, since their income is very much dependent on their ability to physically come to work.
Covers lost wages
Another advantage of having the professional liability insurance is to cover the wages loss associated with a lawsuit involvement. Time is wasted when a doctor is removed from the normal operations. The exercise also leads to waste of income. This insurance ensures that the doctor’s wages are covered during the period when they are not in the office.
Protect Personal Assets
Insurance is one of the safe and sure ways of protecting your property against loss in lawsuit period. Some doctors work exceptionally well and become successful to purchase personal assets like boats, fancy cars, private houses and multiple high-end assets. Once they are lost, the professional liability insurance will cover the loss.
The professional liability insurance covers the allegations made against the physician. This means that if a particular application is made against the doctor during the period covered, the insurance will cover the same. It is therefore vital for all physicians to have the insurance, whether they are just starting their careers or not.
Perhaps, one of the best reasons for doctors to have the professional liability insurance is to have a peace of mind. It is quite stressing to be involved in the malpractice law, but you can always find solace in this insurance.
Doctors work incredibly to save lives and also to ensure that the sick regain their normal physical condition. But, since unforeseen problems may arise, it’s crucial for all physicians to take precautions by protecting themselves. Getting the professional liability insurance is a sure way of safeguarding them from the financial distress associated with the problems surface.
Levine Financial Group works with numerous medical associations in Ontario and specializes in insurance for physicians including, life, critical illness and disability.