Medical malpractice insurance is a kind of professional liability insurance, or errors and omissions insurance, that is designed to protect medical professionals from legal actions arising from their practices. This coverage is called errors and omissions insurance because it is designed to cover costs arising from mistakes or alleged mistakes made by such a professional.
Doctors and other professionals will need such insurance because of the high costs of legal defense against claims and the dollar amount of damages that may be imposed. Such claims or torts can be made against professionals for a variety of reasons. Since Congress has refused to place limits on such torts, it is possible for a patient to sue a medical professional or the organization that she works for almost any amount of money. Therefore, most practitioners will need to get some form of malpractice insurance.
How to Save Money on Malpractice Insurance
Almost all medical practitioners, including doctors, nurses, medical assistants, and dentists, will need some sort of malpractice insurance, but the costs of such insurance can quickly eat up the profits of any practice. Therefore, reducing malpractice coverage costs is critical for medical practitioners.
One of the best ways to do this is to work with a professional medical insurance executive such as Floyd Arthur. Such a professional can help a practice find lower cost coverage by working directly with insurance companies to set up custom policies. An insurance professional like Floyd Arthur is an expert at negotiating with insurers for better rates. He also has the expertise to analyze a practice’s needs and offer other solutions that a less-experienced professional might not know about.
Floyd Arthur Insurance can help practices and medical facilities save money by providing other services, including risk management and specialty line casualty coverage. Floyd Arthur brings an extensive knowledge of the insurance industry and underwriting to transactions. This knowledge and his experience put him in an excellent position to provide coverage to practices.