Medical Product Liability Insurance
Medical liability insurance is a system put in place to ensure protection against lawsuits and claims. Generally, it is protective coverage that prevents prosecution in light of any damages caused a given product. Typically, claims against medical products come from injuries suffered due to products used in medical equipment, surgical procedures, or such items as hearing/visual aids or prosthetic. However, one consideration in such cases are the statute of limitations. That is, lawsuits or claims against medical products must fall in line with a specific period of time elapsed between original contact with said product and subsequent injury or malpractice. Further, there are disparate facets of laws that exist at the state versus federal levels in relation to medical product liability. If you are researching medical product liability it is important to make sure you have the correct information pertaining to your particular state.
Medical product liability insurance is also vital in protecting medical professionals or manufacturers against claims of negligence in warnings or hazards related to such products. This is similar to the construct of ‘informed consent’ in the research sciences, and is also critical for the success of the doctor/practicioner and patient relationship. One more ethical question regards how much research should be done on the part of a medical professional before using or recommending medical technologies to their patients. If burden of hazardous warnings does fall to a medical product or medical professional, establishing fault on such a party requires stringent investigation as well as testimony in a court of law. Lawsuits against devices can amount in major settlements and monetary rewards on the part of the plaintiff. Thus, another use of medical liability insurance is handling this payment awarded by the courts, so the medical professional or manufacturer does not have to pay that themselves. In fact, it is due to such factors that medical technology is at such a high cost to begin with.
It is clear that in the medical and life sciences there are significant risks involved pertaining to product liability. However, it is also critical that fear is not a common response to such technologies, especially on the part of patients or individuals that can ultimately benefit from innovative products and progressive medical practices. Unfortunately, sometimes human and engineering errors are made, and lawsuits can arise. In this day and age, it is all too common and easy for lawsuits to arise. Many lawyers are on the lookout for potential businesses to target. It is important for medical practices to make sure they have adequate medical product liability insurance incase a lawsuit arises. Medical liability insurance is one measure that is taken, in addition to extensive product testing, that can ensure that manufacturers and professionals are not explicitly blamed for device issues or cases of malfunction. In closing, medical product liability insurance is a necessity for any medical professional, manufacturer, or seller of medical products and ensures fair legal treatment in the case of unfortunate technical or social failure. Without medical product liability insurance, there is a high probability of an unfavorable lawsuit that could lead to bankruptcy.