There are between 15,000 and 19,000 medical malpractice cases that occur each year. Making it crucial that you have the best medical malpractice insurance to cover your business.
If you're not sure why you need liability insurance for your business, you've come to the right place. We're going to provide reasons that are going to convince you that you're better off with the insurance than if you didn't have it all.
Continue reading for everything that you need to know.
1. Mistakes Happen Everyday
We are all human, and there are going to be times when you make mistakes. Although you didn't mean to make mistakes doesn't mean you shouldn't take responsibility for the mistakes that you've made.
This is where having the insurance will come into play. When you make a mistake as long as it was an accident and wasn't a result of medical negligence, the accident will be covered by your insurance.
Even though accidents do happen, it's crucial that you are careful and don't make these mistakes. You never know when one of your mistakes will cause a patient to become severely injured, or it may even cost the patient their life.
If a death does occur, you'd be facing a wrongful death suit, which can be detrimental to your business.
2. Protects Your Reputation
When you first started your business, you realized that to build a strong client base and reputation, you had to work hard. When you have a medical malpractice suit brought against you, it can ruin the reputation that you've worked hard for in the blink of an eye.
This brings us to our next reason as to why you want to have this type of insurance. Having this insurance shows that you're going to do what it takes to protect all of the hard work you've put into achieving your company's reputation.
It also shows clients that you're going to do what it takes to right potential wrongs that have happened to those that are in your care.
3. Protects Company Income
When you don't have insurance to cover medical malpractice issues, you will find that you've got to use company income to cover legal expenses. The cost of legal expenses can be expensive, especially if you lose the case.
When you have insurance coverage, it can cover the wages you lose when dealing with a suite. Coverage of lost wages will give you the ability to continue taking care of yourself and your family.
It may also help to cover some of your legal expenses.
4. Privacy Breach
In the healthcare industry, some strict guidelines and laws have to be followed when it comes to handling patient information. Your patients trust you to handle the data they provide you with carefully and not breach their privacy.
Although not covered by a medical malpractice policy, if you find that one of your client's data has been breached due to cyber attacks or any other form of attack, cyber security insurance coverage will take care of the claim. However, you should be aware that you may have to pay penalties due to the data breach and will need to improve your companies security capabilities. Cyber security is a very important coverage to have in today's technological world.
5. You Can Relax
One of the most significant reasons that you need medical malpractice insurance is to reduce the amount of stress that you feel. When a client sues you, it can be overwhelming and stressful.
But, when you have the appropriate insurance coverage, you won't have to worry about dealing with the companies legal issues. You'll understand that your insurance plan will cover everything that needs to be covered.
Having peace of mind when conducting business is crucial because stress can have an adverse effect on the way you do business.
6. Protects Against Lies
In today's world, some people file lawsuits in the hopes of a payday regardless of whether the claims that they are making are valid or not. And even though there are requirements that someone has to meet before they sue you doesn't mean that you can't be sued.
When you've got liability insurance, it will protect your company and ensure that you don't have issues with false lawsuits. Again even if a claim is proven to be false and has no evidence, your companies legal team will still have to deal with the allegations.
Having the insurance will reduce the amount of frustration and stress that you deal with when going through the legal process that occurs when you're being sued.
7. Covers Employees
If someone is suing your company, they can also choose to take action against individuals that work for the company. Having liability insurance will ensure that all of your employees are covered if they do face individual lawsuits.
You should also ensure that you let employees know that it is possible for them to be sued and what steps will occur if they are sued. If they're confused, they should know that working for the company won't keep them from being sued, especially if they're at fault for causing a patient injury.
Having Medical Malpractice insurance Is a Must
When you're considering getting medical malpractice insurance for your business, you need to know that you have to have it. It will protect your company in ways that you've never imagined. The insurance will not only protect your employees, but it will also protect your company in the event of false client claims.
You've worked hard for your company reputation, and you need to do what it takes to protect it. If you're searching for the right insurance company to provide coverage to your business, contact the Hummel Group.
We've got the experience and knowledge to help you select the best plan possible for your company.