Learn all about medical marijuana malpractice insurance. Is your practice covered for recommending medical marijuana? The majority of malpractice insurers will not cover physicians for non-FDA approved procedures, therapies or even medications like cannabis.
Medical Marijuana Malpractice Insurance
DISCLAIMER: Marijuana is still classified as a Schedule I controlled substance by the U.S. Drug Enforcement Agency, and as such it remains a federal crime to grow, sell, and/or use marijuana. Any content contained herein is not intended to provide legal advice or to assist with violation of any state or federal law.
Marijuana has been found to be an effective way to treat a wide variety of medical conditions, from chronic pain to cancer, and from epilepsy to depression. Given the benefits that marijuana can provide, it has been approved for medicinal use in areas throughout the United States. However, as with everything, there are certain risks that are associated with prescribing medical marijuana, and those risks could result in a malpractice claim.
The majority of insurance carriers do not cover doctors for procedures, therapies, or medications that are not approved by the Federal Food and Drug Administration (FDA). Therefore, if you are a physician who has coverage under a standard medical malpractice policy and you are sued for malpractice, chances are that you will not be covered and will be forced to handle the suit on your own.
Carrying a medical marijuana malpractice insurance policy that is specifically designed to offer coverage for medical marijuana malpractice can help to off-set the costs of any legal ramifications that may arise if you are physician who prescribes cannabis and are sued for malpractice.
Why Medical Marijuana Malpractice Insurance Is Important
The costs associated with a malpractice legal claim can be astronomical. Additionally, such a claim could do severe damage to your reputation. Since most standard malpractice insurance policies will not cover medications or therapies that have not been approved by the FDA, you could be facing serious consequences if you are sued for medical marijuana malpractice.
Medical marijuana malpractice insurance is a necessity for any physician that prescribes cannabis for medicinal use, as it can help to protect you from the damaging consequences - both to your finances and to your reputation - that are associated with a malpractice claim.
Who Should Have Medical Marijuana Malpractice Insurance Coverage?
Medical practices, companies, or independent physicians that are any way involved with prescribing or supplying medical marijuana should invest in medical marijuana malpractice insurance coverage.
While body of research that proves the medicinal benefits of marijuana have grown and are continuing to grow, we live in a very litigious society. In the event that a patient experiences a problem or any issue arises as a result of being prescribed medical marijuana, the parties that were involved with the prescription - including the physician who prescribed it, the medical practice that the doctor works for, or the business that supplied the prescription could be sued.
Therefore, it is a wise idea for any party that is involved with medical cannabis in any way to invest in this type of insurance coverage.
How Can You Get Coverage?
Given the ever-increasing use of medical marijuana, a number of insurance providers are not offering policies that are specifically customized to cover medical marijuana malpractice claims. These policies will cover all of the liability needs for medical marijuana, including legal defense fees, judgments, and any compensation that you are required to pay.
You can speak to an insurance provider that specializes in medical malpractice insurance. There is a chance that they may provide coverage for medical marijuana malpractice, and if not, they will likely be able to recommend a reputable company that does offer this type of customized policy.
How Much Does Medical Marijuana Malpractice Insurance Cost?
Like every other type of professional liability policy, the cost of medical marijuana malpractice insurance coverage depends on a variety of factors. The size of your practice or distribution center, the number of patients you treat (if you are an independent physician), the area you are located in, and any history of malpractice claims that have been filed against you are just some of the factors that are taken into consideration and will affect the cost of your coverage.
Medical Marijuana Malpractice Insurance - The Bottom Line
We hope this article on medical marijuana malpractice insurance has been informative. In today's litigious society, it's important for anyone who is associated with medical marijuana to carry professional liability insurance coverage that is specifically designed to safeguard you from medical marijuana malpractice claims.
In the event that a lawsuit is filed against you, the cost of this type of coverage will be well worth the investment. It can help protect you from devastating financial losses and the damage to your reputation that can occur if you are ever in a situation in which a malpractice lawsuit for medical cannabis is filed against you.