With the average claim payment continuing to increase, it's never been more important to have not only the protection you need, but also defense counsel that specializes in medical malpractice insurance.
Tip. Many Ohio physicians have a $1 million per occurrence, $3 million aggregate limit of coverage. Did you know the premium increase for $2/$4 limits is minimal? Ask your agent to give you an idea of the cost if you were to double your coverage.
Regardless of your protection, physicians are on the receiving end of numerous frivolous lawsuits. If you've ever experienced this situation, you know it's no fun. But it's even worse when your malpractice insurance company makes the decision to offer a settlement just to end the claim. What if you did nothing wrong? What if you met the standard of care but your insurance company is paying a settlement? Are you comfortable with a claim showing on your history? Especially one that shouldn't be there?
If the claim is legitimate, then it should be paid so everyone can move on. But when you are facing a frivolous lawsuit, you expect to be defended. You are devoted to providing outstanding patient care and when your practice and reputation are called into question, you deserve an aggressive, relentless defense.
Tip. When considering malpractice insurance carriers, ask about their defense history and success rate. Is the company known for defending physicians, or for paying claims to avoid going to trial? Your agent should be able to give you an idea of how the company will respond to certain types of claims.
Tip. Ask your agent about your policy and what amount of control you have in your own defense. Some companies don't allow you to have the final word in whether the claim is settled or whether you and your reputation are defended.
To learn more about your insurance protection, contact one of our licensed advisors. We're here to help!