Malpractice Insurance

RiskManager · Jan 11, 2016

I always have carried my own because I have no faith in hospital employers. They will do what they need to do to cover themselves but have no interest in protecting the nurse herself or her license. They will always act in their best interests, never in yours and if they can force blame onto you to make themselves less culpable they will do it in a heart beat. With my own policy, (which is only $100.00 a year) I have someone who will represent just me and my interests and who cares nothing about the hospital's interests. It is important if you retire to keep the policy in force until the statute of limitations for lawsuits expires in your state.

You need to read the linked article above, especially the part about the coverage limitations and triggering of coverage of your own policy. Unless coverage is triggered under your policy, you will not have someone representing your interests as you believe. Coverage under your policy would only very rarely be triggered.

midole · Jan 12, 2016

hi RiskManager.. is there a way that I can talk to you personally ? I am currently in a similar situation and i need advice.. my email is [email protected]

RiskManager · Jan 12, 2016

hi RiskManager.. is there a way that I can talk to you personally ? I am currently in a similar situation and i need advice.. my email is [email protected]

Email sent.

Goldenfox · Jan 13, 2016

Ok, Please, no one go ape. But what about the idea of riding naked? I once had dinner with a former physician employer and an attorney (both good friends of mine) who told me that the best Liability Insurance is none, and that attorneys are loathe to bring suits if they know you've got nothing for them to get. The trick is to buy nothing of high monetary value in your name, and to post a notice in your office lobby that you carry no malpractice liability whatsoever, and to incorporate your business as a limited liability organization and to keep the value spread of your assets low. I haven't investigated this so I don't know much about it. But I did notice that my personal primary care provider has one of these signs in his lobby. Need to ask him about this.

I hear nurses going on all the time about malpractice insurance and how they need to get it, and I keep hearing the doctors saying how they need to get out of it. One doc who I interviewed with actually asked that I not have any malpractice at all because he carries none and had a concern that my malpractice liability would become a liability issue for him.

What say you?

RiskManager · Jan 13, 2016

Goldenfox, I wonder if you are in Florida, where this approach is used by a minority of providers and the state laws allow for some reasonable shielding of assets. Generally speaking, I agree that plaintiff counsel is looking for deep pockets, which in most cases is fulfilled by insurance or assets that can be attached. If there is no insurance or attachable assets, than most plaintiff counsel are not going to pursue a case because there is no money to be had. A few things to bear in mind: many hospitals will not extend privileges nor will the health insurance payors accept you on their panel if you don't have insurance or provide evidence of financial surety, such as a bond or letter of credit for $ 250,000 that would apply in case of any litigation. You would definitely need to consult with the asset shielding attorneys and accountants: I have heard some of their lectures, and you have to do things very carefully for this approach to be successful.

Goldenfox · Jan 13, 2016

You got me. I am formerly of Florida and New York. Currently on the west coast, but planning to return to Florida to open my own business there. I concede that the aforementioned tactic works only for independent practitioners in primary care who do not round in hospitals and who are in states that permit them to not carry malpractice. Also, it's cheaper to bond out than to carry in specific situations. I know quite a few physicians in Florida who play the system there, and they're doing quite well. It's all a game. You just have to know how to play.