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What are the potential financial risks of not having a high enough coverage limit??

Based on the search results, here are the key potential financial risks of not having a high enough coverage limit for medical malpractice insurance:

Personal Financial Exposure:Without adequate coverage limits, doctors face the risk of having to pay damages out-of-pocket if a claim exceeds the policy limits. This can lead to financial ruin, as medical malpractice payouts can reach into the millions of dollars.

Inability to Obtain Hospital Privileges:Many hospitals require doctors to carry a minimum level of malpractice insurance before granting hospital privileges. Not having high enough coverage limits can prevent doctors from being able to practice at certain facilities.

Regulatory Non-Compliance:Some states mandate that doctors carry a specific minimum level of malpractice insurance. Failing to meet these requirements can lead to penalties, fines, or even the loss of a medical license.

Difficulty Attracting Patients:Patients often feel more comfortable seeking care from doctors with high malpractice coverage limits, as it demonstrates the doctor's commitment to patient safety and ability to financially back up their care.

Reputational Damage:In the event of a large malpractice claim that exceeds the doctor's coverage, the resulting financial fallout and potential legal battles can lead to significant reputational damage.