Why Malpractice Insurance Is Important For Medical Professionals

If you are one of the many busy medical professionals working today, you owe it to protect yourself from any malpractice. Having medical malpractice insurance will protect you and give you peace of mind if you are involved in any type of lawsuit.

A good example is a friend who was once to be an owner of a major hospital in Agana Memorial hospital located in Agana, Guam.

He and a couple of his co-physicians were in the process of doing a heart surgery. Unfortunately, the patient died while they were in the middle of the actual surgery. They tried their best to save the life of that patient but, it was too late for him to be revived.

The patient was pronounced dead and the family was informed of what happened. A couple of months after the incident happened, and my friend received a letter from a lawyer in regards to a lawsuit from the bereaved family. They were asking for $5 million dollars for settlement.   My friend’s malpractice insurance at that time only covered for the amount of $1 million.  He lost the case and ended up selling his share at the hospital.   He was under a great deal of pressure to raise the money that he needed to cover the rest of the required funds.

To make a long story short, if he had been covered for more than a million by malpractice insurance, then perhaps he may have not had to suffer that situation. He could have been one of the owners of the hospital and would be receiving monthly income from the hospital.  But he lost everything including his share at hospital. He needed to sell everything to pay the settlement.

It is very unfortunate to have that type of situation especially if you have a family and your kids are still young.  This could have been avoided if he had enough medical malpractice insurance coverage to cover everything.  That’s why I believe that it is in your best interest to have the maximum amount of medical malpractice insurance while you are still active in any medical field. You never know when one of your patients might decide that you didn’t provide adequate care.

It is also recommended to deal with a reliable insurance company who specializes in this type of coverage.  There are many insurance carriers to deal with, but working with a reputable company will ensure that you will be covered in the event of any medical malpractice.