Florida Medical Malpractice Claims-Made Insurance

It is easy to get confused with the different types of Florida medical malpractice insurance available as a medical professional.

There are several basic types of medical malpractice insurance available to Florida doctors and it is important to understand the benefits/drawbacks to each type. Let's take a look at the most common type of medical malpractice insurance that you will find in Florida and most other states such as California or Texas.

By far the most common type of medical malpractice insurance is claims-made coverage. Claims-made coverage covers all types of medical malpractice claims that a patient files during the policy period. Since it usually takes some time between an alleged event of malpractice and a claim to be filed, the first annual premium for Florida claims-made malpractice insurance often starts out relatively low. This premium will increase over the next 5-7 years until it matures and levels off.

For a doctor or surgeon practicing in Florida, claims-made medical malpractice insurance offers several important benefits over the less common types of insurance. For one thing, claims-made coverage does not overcharge you (typically) by attempting to predict what your future costs will be. The premiums paid are based on the historical and current claims for practitioners in similar fields, offering a realistic price.

Additionally, claims-made policies allow a Florida doctor to increase their medical malpractice insurance limits when desired. The policy holder in FL may decide to increase the Florida medical malpractice liability insurance limits due to inflation, increased practice size, or other factors. It is advisable to acquire a claims-made policy that allows you, the policy holder, to use the liability limits that are operational when the claim is filed vs. when the alleged incident occurred. Thus, if you have increased your coverage since the time of the alleged incident, you will be able to use those limits.

Keep in mind that claims-made coverage only covers clients that were treated during the time that you had the policy. If you are switching from an old policy to claims-made or are switching to a new carrier you will need to investigate tail coverage or retroactive coverage with your new provider. Continue to do your research regarding FL medical malpractice insurance claims made and other types of coverage.

Florida Medical Malpractice Liability Insurance - Best Costs and Rates

Do you need to have Florida medical malpractice liability insurance? If you practice some type of medicine and live somewhere in Florida (be it Jacksonville or Orlando), then the answer is almost always yes. Medical malpractice liability insurance is necessary not only to protect you from claims by former or current patients but also to work in the state of Florida (unless you are the rare exception with other assets that qualify).

Whether by an unintentional act, error, or omission, as a medical health professional you can be sued for medical professional negligence. This is why Florida medical malpractice insurance is critical to your financial livelihood. In addition to compensatory damages, including time lost at work or medical expenses, there are also punitive damages potentially to be concerned about. Medical malpractice liability insurance in Florida can protect you from these type of claims if you are involved in a lawsuit.

Each year, hundreds of thousands of deaths are thought to occur in hospitals which were preventable. This translates to a massive need for medical professionals in Florida to have medical malpractice liability insurance. While certainly not all deaths or injuries resulting from negligence will result in lawsuits, inevitably some will. Even if you are entirely innocent of the charges, the medical malpractice lawyer fees are immense and alone may justify the insurance.

There are things that doctors in cities such as Miami or Tampa can do to lower their medical malpractice liability premiums, which is another topic entirely. There are many Florida medical malpractice insurance carriers out there and plenty of time needs to be spent researching them before choosing a provider.

Affordable Florida Medical Malpractice Insurance

If you are a medical professional (doctor, psychiatrist, psychologist, surgeon, etc.) operating in the state of Florida, then finding affordable Florida medical malpractice insurance is something that is critical to your financial well being. It's no secret that whether you practice in Orlando, Jacksonville, Tampa, or Miami you are at risk of being sued for medical malpractice or negligence. Being able to find cheap medical malpractice insurance in Florida is not hard to do and starts with a little research.

To find the best Florida medical malpractice insurance, begin by researching the various companies providing this service. Some Florida medical negligence insurance providers are local companies, providing insurance products to medical professionals in the immediate Florida area. Others are nation wide medical malpractice insurers providing medical malpractice insurance to Florida doctors.

There are a variety of reasons for Florida doctors and surgeons to obtain medical malpractice insurance. The state of Florida requires that medical practitioners have some form of insurance or other secured asset in order to practice medicine. Hospitals in counties such as Miami-Dade will often have their own requirements for medical malpractice insurance coverage. As shocking as it sounds, having solid medical malpractice insurance in Florida can actually help a doctor gain more patients. Patients are often encouraged to look for doctors with sound coverage as a way to identify doctors who care about their patients.

If you are a practicing doctor or surgeon in Florida, you already know the important of finding cheap Florida medical malpractice insurance. Whether you truly make a mistake which leads to a lawsuit or are erroneously sued for a non-existent negligence, a medical malpractice lawyer is not cheap. In order to protect your assets it is important to secure cheap Florida medical malpractice insurance.

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