Most medical professionals tend to seek out a medical malpractice insurance agency to get their medical malpractice insurance. However, there are some clinics and hospitals that choose their insurance agency for the whole of their medical staff, and policies are sold to staff just like health insurance. Deductions for the group insurance for medical malpractice in these places of employment are taken from employee checks. On the one hand, it does make things a little easier for the staff to have coverage. On the other hand, there are complications that could develop. If your organization should choose a blanket policy for medical malpractice, here are a few things you need to know first.
One Malpractice Claim May Spike Premiums for Everyone
One malpractice claim against a doctor or nurse covered under a group malpractice policy could cause spikes in insurance costs for everyone. While this would not be something everyone would support, the good news is that it does have the effect of having everyone hold everyone else accountable for their actions. When the whole medical team could be hit with higher premiums, everyone takes action to prevent situations where a medical malpractice suit or claim could be placed.
If a claim is processed and everything has been done to prevent it, you can offset the costs everyone else pays in a couple of different ways, including having the hospital pitch in for part, and the professional against whom the claim was made losing part of his/her salary or wages for a while. Waiting to hire additional staff may help as well. Consider having the staff named in the claim work extra "volunteer" hours so that urgent care clinic hours are covered without added expense.
You Can Secure a Group Plan with Individual Coverage
Some medical malpractice companies can offer group plans with individual coverage. This might be something to consider if the majority of the staff do not want to take on the added responsibility of holding peers accountable---it does add a small extra layer of stress to already stressful careers. Everyone can customize their own plans to make them individually theirs, but still fall under the group plan.
The Costs for Covering Everyone in Your Organization Are Reduced
Until a claim is filed and paid for malpractice, the overall costs for everyone are reduced because it is a group plan. This may appeal to a lot of people who, despite their wages and salaries, may not be able to afford buying malpractice insurance as an individual policy from a different insurance company. It helps to discuss these options with employees in your organization.