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In the last decade, medical malpractice has become a concern within the health care and legal industries. Lawsuits, legitimate or frivolous, claiming medical malpractice has awarded the winning party millions of dollars in compensation. Doctors and other health professional can protect themselves by purchasing a medical malpractice insurance policy. The state where they conduct their business plays a major role in this insurance decision. In some areas, this insurance may be required.

Facts about Medical Malpractice Insurance

Medical malpractice insurance is insurance purchased by physicians and hospitals to cover the cost of being sued for malpractice. It is estimated that 85,000 claims of medical malpractice are filed annually. In 2000, more than half of the jury award amounts were over $1 million with $3.5 million the average payout. A medical malpractice trial takes about four years to conclude. During the court proceedings, a party can rack up over $85,000 in legal fees. However, the premiums for medical malpractice insurance have risen only 52% percent since 1987 while health care costs have jumped 113% during that span.

Benefits of Medical Malpractice Insurance

Having medical malpractice insurance provides protection to the health professional if a lawsuit is filed against them. The purchase of this policy will transfer the liability of payment to the insurer. If someone sues the insured, the insurance company will conduct a thorough investigation in order to rule out unjust or frivolous claims. The insurance company will also pay for the insured’s legal fees. If medical malpractice has been proven, the insurer will pay the award amount up to the coverage limit purchased by the insured.

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