Medical Malpractice Insurance Agents in Florida

Florida Medical Malpractice Insurance Overview

Florida has gradually become a favorable market for medical malpractice insurance due to the tort reforms and the dropping premium rates despite the tumultuous landscape in the past. 

Medical Malpractice Insurance is a type of professional liability insurance specifically designed for medical practitioners that protects medical workers financially against claims/lawsuits made by patients or their family for medical negligence. 

Medical malpractice insurance provides financial protection for medical professionals against lawyer’ fees, court expenses and, if the professional ends up being guilty of negligence, payments for a settlement or judgment if the healthcare worker wants to settle out of court. 

Is medical malpractice insurance required in Florida?

Medical Malpractice Insurance is not compulsory by federal law, but it is highly recommended to get medical malpractice insurance in Florida to stay covered against damaging medical malpractice lawsuits that can be career-ruining.

Also, agents who don’t have malpractice insurance are required to follow these criteria:

• Post bond
• Create an escrow account
• Get an irrevocable letter of credit and notify agents about it.

Who Needs Medical Malpractice Insurance?

Medical malpractice insurance is recommended to any healthcare professional working in the medical field. 

This includes: 

• Physicians and Surgeons Practicing in Texas 

 MDs, DOs, and specialists (e.g., cardiologists, surgeons, anesthesiologists). 

• Healthcare Professionals 

 Nurse Practitioners (NPs), Physician Assistants (PAs), RNs, LVNs, CRNAs, and midwives. 

• Hospitals, Clinics and Healthcare Facilities 

 Hospitals, surgical centers, rehab centers, and diagnostic labs. 

• Mental Health Professionals 

 Psychiatrists, psychologists, counselors, and therapists. 

• Allied Health Professionals 

 Chiropractors, optometrists, dentists, dental hygienists, and pharmacists. 

• Telemedicine Providers 

 Professionals offering virtual care. 

Why Medical Malpractice Insurance is Crucial for Medical Professionals?

Getting Medical malpractice insurance over going bare for your practice is a no-brainer considering the consequences involved in case of a malpractice lawsuit and the financial woes the follow. 

• A study by American Medical Association, revealed that more than 65 percent of doctors over the age of 55 claim to have been sued at least once in their career. 

• The insurance coverage provided by a hospital is not sufficient to cover the individual professionals in case of a medical malpractice lawsuit. 

• Medical malpractice insurance can protect your hard-earned personal assets as medical lawsuits can wipe them all away if you are not covered. Also, it covers your lost wages while you are fighting a lawsuit.