Wiki source for Why Medical Malpractice Insurance Is More Important Than Ever
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Even with the rising costs of medical malpractice insurance, it is more important than ever to be protected by malpractice coverage.
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Health care professionals have worked diligently to get to their level of expertise and one lawsuit could devastate a career. Medical professional liability insurance covers most, if not all, of the legal fees and awards associated with lawsuits so that you can move forward with your life and career.
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The Increasing Size Of These Awards
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Over the past 20 years, the average award in a lawsuit has doubled.
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Within this time span, individual awards ranged from approximately $328,000 on the low end with some award amounts coming in between $1 million and $3.5 million per case. In a recent Boston lawsuit, the jury awarded the parents of a deceased three year old $15 million in damages.
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The Popularity Of Medical Malpractice Insurance Law Suits
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Malpractice lawsuits have become a popular commodity in modern society and have doubled in size every decade since the early 1990s.
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Data obtained from the National Practitioner Data Bank, maintained by the federal Department of Health and Human Services, indicates that between 1991 and 2003, these claims have more than doubled over a 12 year span of time from $2.12 billion in 1991 to $4.45 billion in 2003.
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More recent data indicates that this trend has continued through the last portion this decade as well.
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Recent Changes In The Law
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Many states have begun instituting medical professional liability insurance laws that are subject to statutes of limitations in an effort to maintain affordable coverage.
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This will insure that relevant facts and potential witnesses are available should a suit go to court while also providing potential defendants and their carriers with some certainty that they will not be held responsible for actions that happened long ago.
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Nebraska currently requires that a plaintiff bring an action within two years of the act giving rise to the injury and New Jersey is working on legislation that will narrow the window for filing a lawsuit to not more than four years after the alleged incident.
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The Impact Of A Lawsuit On You And Your Family
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These cases can be a financial drain upon a physician, as well as their family.
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If you are not covered under a comprehensive medical malpractice insurance plan when you are sued, not only will it be difficult to keep your practice open because you wont have the funds to pay office rent or operational costs, it will be almost impossible for you to keep the home you and your family live in or pay for your familys most basic needs without the income from your practice.
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Medical malpractice insurance can protect your business and personal assets from the devastation of a lawsuit and keep your career on track.
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