Medical Malpractice Insurance for OB-GYN Practices
Your Medical Malpractice Specialists
Obstetrics and gynecology (OB-GYN) are usually associated with labor and delivery to those “outside of the know” until the professional becomes a vital member of the patient’s long term health management plan. Their scope is wide ranging – from preventive check-ups to necessary prenatal care to high-risk pregnancies to treatment for conditions later in life.
An OB-GYN practice can exist as a single provider to a large professional practice or may exist as part of a hospital’s operation. Some are very specific in their operations and some are expanded to included additional offerings such as fertility support.
Why do you need medical malpractice coverage as an OB-GYN?
The cost of any medical malpractice claim for an individual OB-GYN or an OB-GYN practice can be devastating if no medical malpractice / professional liability coverage is in place. The costs of a claim include significant third-party damages and legal defense costs as well as possible license forfeiture. The reputation of both the clinic and the individual professionals involved in the claim can be stained for an extended period of time.
This is especially true when dealing with labor and delivery. Complications from birth can lead to claims being open for an extended period of time. Further, in cases where a patient is presented in labor but has not received any prenatal care can present a significant risk due to possible complications / risk factors that could have been identified earlier.
In today’s litigious environment, plaintiff attorneys could include several parties in a suit that, even if found not negligent, could incur a significant legal defense bill.
Why is the right coverage important?
As with most health care offerings, an uncovered claim can lead to capital strain and reputational damage while having long-lasting effects.
It is necessary that OB-GYN and OB-GYN Practices procure a policy that addresses the unique services being offered.
Carriers are familiar with the vast score of an OB-GYN and some are more comfortable with he full suite of services than others. It is necessary to ensure the policy matches the OB-GYN’s operations.
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How much will medical malpractice for an individual OB-GYN or my OB-GYN practice cost?
The cost of insurance for an OB-GYN, individual or practice, depends on a variety of factors. These factors include, but are not limited to, the experience of the staff employed, the geographic location of the operation, the scope of services being offered, whether prenatal care is required, and the claims history of the OB-GYNB clinic and its professional staff.
All of these factors come together to allow underwriters to determine first, if they will entertain and quote the risk, and, second, how much they will charge for coverage for OB-GYN individual or clinic.
How can a provider reduce the cost of medical malpractice for me as an OB-GYN or our OB-GYN clinic?
OB-GYNs can best manage the cost of medical malpractice insurance by being proactive in risk management strategies while maintaining a clean claims history.
One of the first questions an underwriter will ask is “Have there been any claims?” For some carriers, an affirmation of claim activity could lead to a rejection of the application leading to reduced carrier competition.
A solid strategy in keeping a claims-free resume is to implement industry-based best practices for loss prevention and risk management. While OBGYN clinics and their offerings have been around for some time, there are several steps carriers have identified that can assist in reducing the probability of a claim occurring.
How can Southeast Insurance assist in procuring medical malpractice / professional liability for me as an OB-GYN or our OB-GYN clinic?
Southeast Insurance has several product options that provide the customized terms for OB-GYNs with some having risk management support tools to aid in your endeavor.
We would be happy to answer your questions on this specialization. Please contact us by submitting the form below.
You may also download the application on the application link [LINK HERE] to begin the quoting process or to gain the knowledge of what the underwriting community would like to know about your operation.
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SouthEast Insurance, Inc
154 Porter Ave
Biloxi, MS 39530