Have you noticed the increase in lawsuits? It’s hard to miss. Scroll through just about any web news page and you’ll see multiple lawsuits in the headlines, for all kinds of things. Are some of these lawsuits legitimate? Absolutely. Are some of these lawsuits frivolous or an attempt to make money? Probably.
Here’s the bottom line: AN ALLEGATION DOESN’T HAVE TO BE TRUE TO END UP IN COURT. You can be at the top of your field and provide excellent care to every patient that you see, and still see the inside of a courtroom.
Your malpractice insurance policy is critical when this happens. Why?
- Even if the suit or claim against you is completely unfounded, it will still take money and work on the part of an attorney to have the suit dismissed.
- Your malpractice insurance company provides the attorneys to defend you in a dental malpractice lawsuit. In that moment, having an attorney with specific experience in defending dentists is invaluable.
- Most standard insurance policies cover the legal expenses of defending you in court without deducting that from your insurance policy limits. If you have a $1,000,000 policy, the cost to defend you in court does not erode this limit.
- Most standard insurance policies do not have a deductible. This means that the insurance company is going to pay every dollar to defend you in court.
- Your policy limits protect your personal assets. When you are sued, your personal assets are at risk and your malpractice insurance policy limits pay out instead of losing everything that you’ve worked for.
In the unlikely event that you end up having to pay out a large sum of money either as a settlement or as damages to a patient, the financial stability of your malpractice insurance company is absolutely vital. You’ve been paying for the insurance all along. You want to make sure that your insurance company has the financial resources to pay out on your behalf if it becomes necessary.
It’s the reality of the world that we live in. Lawsuits happen. And having adequate malpractice insurance limits, with a financially stable insurance carrier, is critical to protecting yourself, your business and your future.