Medical malpractice insurance is a type of professional liability insurance specifically for physicians and other medical professionals. More explicitly, it protects medical professionals from any wrongful practices that result in bodily injury, medical expenses, property damage, or any lawsuits related to any claim.
Is Medical Malpractice Insurance Required?
The State of New York currently does not require medical professionals to carry malpractice insurance. While medical malpractice insurance may be very expensive, it can be cheaper to get a policy than to hold your breathe and hope not to have a claim filed against you. Currently, New York does not have a cap on how much plaintiffs may be awarded in a medical malpractice lawsuit. This means that health professionals in New York must have considerable coverage if they do have malpractice insurance.
Can Medical Malpractice Insurance be Helpful?
In short, yes. Since New York does not have a cap on how much a plaintiff can be awarded for damages, medical professionals stand to lose a lot if they do not have malpractice coverage. Although having a policy can be quite expensive, it may save you in the long run if you are ever sued. It is generally not considered wise to go without malpractice liability insurance.
Any time your credibility as a medical professional is threatened, it is essential that you retain the services of an experienced medical defense attorney who has the skill you need to defend your future and protect your reputation.
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.