There are many situations in your personal and professional life in which insurance can be helpful.

Common claim risks medical providers may face include:

  • Critical injury or disability
  • Untimely or unexpected death
  • Professional errors

While all these situations may not occur in your life, the odds of them occurring and the financial burden they can cause often make purchasing insurance worthwhile.

Insurance Policies to Help Protect Against Common Claim Risks Medical Providers May Face

While insurance needs vary from person to person, these are common claim risks medical providers face that insurance can help protect against. Consider these scenarios:

Common claim risk #1: You experience a disability and cannot work as a medical provider.

Disability insurance can help protect your income as a medical provider should you become disabled and unable to work due to a covered illness or disability. After all—the odds of experiencing a disability are higher than you may think.

According to the Council for Disability Awareness1, 1 out of 4 American workers experience a long-term disability at some point during their careers. And, the most common disabilities are illnesses rather than accident-caused disabilities2, such as:

  • Musculoskeletal disorders
  • Cancer
  • Mental health issues, including depression and anxiety
  • Injuries such as fractures, sprains and strains of muscles and ligaments

Common claim risk #2: You pass away unexpectedly.  

Life insurance helps provide financial stability for your loved ones in your absence.

These policies may be especially important for medical providers due to your highly specialized skills, high levels of debt and loan requirements.

Because you may expect to earn a higher income as a medical provider for decades and provide financial stability for your family, life insurance may help support your family’s financial well-being should you die.

Common claim risk #3: You make an error treating a patient or a patient alleges you made an error.

Malpractice insurance helps cover the cost of certain legal fees, judgments or settlements that you may face as a result of litigation brought against you for the services you provide as a medical provider.

 

Protecting Against Common Claim Risks Medical Providers May Face

Insurance offers critical protection that medical providers may need in their personal and professional lives. It can be a safety net should something go wrong, helping you and your family recover without risking bankruptcy and everything you’ve worked to build.

Explore coverage options designed for CMA members at LocktonAffinity.com/CMA.

1 “The Chances of Becoming Disabled Are Rapidly Increasing.” Council for Disability Awareness: Prevention, Financial Planning, Resources and Information, Council for Disability Awareness. 2022.

2 “Causes of Disability; Why People Become Disabled.” Council for Disability Awareness: Prevention, Financial Planning, Resources and Information, Council for Disability Awareness, 2022.