A common argument against removing or increasing current liability caps is that it will push the smaller, less financially stable companies and professionals out of business. Companies that would be in danger of going bankrupt from a multi-million dollar lawsuit may have to close if they cannot afford the insurance to offer them further protection.
Doctors especially are among the many voices against lifting liability caps for medical malpractice, as many fear their malpractice insurance would skyrocket. Their only options would be to somehow afford the insurance, potentially raising fees and losing clients, or to close completely and avoid a potentially bankrupting lawsuit.
The real matter is that these companies and professionals should focus more on the safe operation of their practices rather than whether or not they're going to get sued for all they are worth. If they'd take more measures to prevent serious accidents, they wouldn't always have to worry about lawsuits dealing with liability caps.
There are many like me that fear the lower liability caps out there are only giving companies and professionals an excuse to be a bit less concerned about causing incidents that would warrant a lawsuit. While it's true that a limitless liability system could potentially turn some companies away from being in business, do you really want a company drilling for oil that can't be financially responsible for the potential risks their operation comes with?
My article on the dangers of liability caps explains their impact on companies and professionals, as well as the dangers to consumers. It's important to understand the general purpose of liability claims and how they impact both sides of a lawsuit.
Understanding liability caps is important when you are seeking to file a lawsuit, especially for medical malpractice. Virginia medical malpractice attorney Ben Glass has been fighting to help victims in the Virginia and D.C. areas for their medical malpractice claims. For more information, contact us today - 703-591-9829.
Post a Comment to "Opposing Arguments on Lifting Liability Caps"To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."