Doctors that are practicing medicine need insurance plans to ensure they are legally protected. An insurance plan can be an important part of protecting their reputation and livelihood. As a doctor, you would never want to face a situation where you are being blamed for medical malpractice. However, this can happen in some situations. Medical professionals face these issues all the time. Whether they are warranted or not, legal aid can help during these times. Insurance plans can help as well. Even for doctors that are no longer practicing, an insurance plan may be useful. Doctors that have retired can still be faced with a lawsuit from a previous patient.
What insurance plan should I purchase?
When obtaining an insurance plan as a physician, it can be best to get legal aid during this time. They can guide you through a plan that will best suit you. Also, they can recommend getting the whole plan. If you do not purchase the “tail” of your Claims Made Medical Malpractice Insurance Policy, you can find yourself in legal trouble later on. You may have to pay large sums of money for legal defense in order to protect yourself from claims of medical malpractice. In addition, if you lose your case, you may find yourself in a position where you are liable to pay the damages from your own income without the involvement or help of an insurance plan.
When a doctor is uninsured due to retirement, they can send the lawsuit papers to their former insurance carrier that may be able to provide defense. When a doctor decides to retire, they have the option to purchase the tail of an insurance plan. If they do not purchase this part of the insurance plan, they may no longer be considered insured by that insurance company. This could have disastrous effects if they are faced with a lawsuit. The doctor may have to pay damages from their personal wealth. This can become a financial burden to some and cause them to go bankruptcy possibly. The tail end of an insurance plan is important for medical professionals after retirement.
When a medical professional is accused of misconduct, it is essential that they retain strong legal representation. If you require a medical law attorney for your legal matters, call Paul E. Walker, an experienced New York City OPMC & OPD Lawyer. Please contact the Walker Medical Law firm to set up a free initial consultation.