If you are in a profession like the medical or dental field, you will need to carry malpractice insurance. In fact, anyone that can be sued for services rendered should carry this type of insurance. Many states require it. Malpractice insurance was once called professional liability insurance and the types of professionals that should carry a policy includes nurses, psychologists, doctors, dentists, and optometrists just to name a few. Hospitals generally carry a policy to cover all their employees.

If you are in private practice though, you are legally required to carry your own policy. If you are student that will be entering the medical field, you will need to obtain your own policy before you can complete your internships and begin working in your chosen field.

This policy helps to protect you and your personal assets if someone files a malpractice lawsuit against you. If you did not have the insurance, you could literally lose everything you worked so hard to get. Many people pursue legal action against their care providers for a variety of reasons. They might be unhappy with the results of a procedure or they may feel that either their or a loved one's care was compromised due to negligence on the part of the caregiver.

The premiums for these policies continue to skyrocket out of control and it is becoming a great concern for both the private practitioner and large institutions. This cost is then passed down to the individual patients. The amount of actual cases being brought against doctors continues to decrease but the payouts that juries are awarding continue to increase. Most of the cases in the court system arise from errors made during surgeries.

Over 30 states have now written into their laws a cap on how much money can be awarded with specific standards in place. The caregivers are trying very hard to implement safeguards so that their practices eliminate as many errors as humanly possible. Many state medical boards are beginning to really clamp down on those doctors that have lost several of their cases in court.

The need for malpractice insurance comes from tort law that allows individuals to sue for damages they have received. Most lawsuits that are won are not for large sums of money but you do occasionally hear about those that result in multi-million dollar settlements. This makes the medical profession a very risky business to be in because you will be under constant scrutiny.

Having malpractice insurance reduces the risk to an individual's assets. The unfortunate reality to the high premiums for this insurance is that good doctors are leaving the profession at an alarming rate.

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