Malpractice vs PL for Healthcare Professionals
Why do Healthcare Professionals Need Insurance?
There are an unlimited number of mistakes that could be made when it comes to the health care profession, but there are several other reasons that those in the medical field should have insurance:
Some states require healthcare professionals to carry insurance. Additionally, the practice or company that you work for may insist that you carry your own insurance as well. There will be many cases where having your own insurance is a legal requirement, and therefore you must purchase it anyway.
Since you are dealing with patients that most likely have a family, a mistake that you make as a healthcare professional can end up having you sued for more money then you may ever make. Due to the high emotions that come with medical mistakes, you could be sued for millions.
Lawyers charge a lot of money to do what they do and if you want to be defended by the best, you will need a lot of. Insurance policies can help you have great legal representation by having the coverage, which is likely more than what you would be able to pay for out of pocket.
Being able to show your patients that you are a responsible healthcare professional, regardless of in what aspect you are, is going to make them feel more comfortable about being your patient. This is especially true if the same type of medical provider down the street is unable to provide proof of coverage.
Your patients may sue you for any reason, and you will still have to pay to defend yourself even if you did nothing wrong. Insurance for medical professionals is a must when dealing with the public.
What is Malpractice Insurance?
Medical Malpractice insurance is a type of Errors & Omissions Liability insurance that was developed specifically for the healthcare field.
It was created because in the medical field you are working on a human body and there could be a loss associated with it. With the potential for mistakes being rather high in the healthcare profession, Medical Malpractice insurance is a must.
Those who deal directly with patients like doctors, nurse practitioners, dentists, and surgeons are those that need Medical Malpractice insurance.
What is Professional Liability Insurance?
Professional Liability insurance is another type of Errors & Omissions insurance. It is different from Medical Malpractice, though, in that it provides coverage for claims due to a financial loss rather than a physical one.
For example, if you are in a consulting role and give advice that causes a financial loss to your patient or customer, this would be a Professional Liability insurance claim.
What is great about all Professional Liability insurance policies is that they all provide coverage for the settlement or judgment that may be awarded, as well as defense costs which include attorney fees and court costs.
What Should You Get as a Healthcare Professional?
When it comes time to determine what insurance you should get as a health care professional, it is important to understand your position in the medical field and which situations each policy is going to cover.
It is vital to remember the very distinguished difference between Medical Malpractice and Professional liability.
Medical Malpractice provides coverage for losses related to the human body, while Professional Liability provides coverage for financial losses. Once you understand the difference between the two types of policies, you can better determine which you need.
Here are some suggestions based on different medical professions.
Performing surgery on the wrong extremity, diagnosing the incorrect disease, prescribing the wrong medication, or missing a diagnosis altogether could mean a major issue with a patient. You can be certain that if this happens you will want to have Medical Malpractice insurance in place.
Extracting the wrong tooth, failure to diagnose an issue, or even delaying care can all be claims that patients make, and even if you did nothing wrong you will need to defend yourself which could cost a lot of money.
Walk-in clinics, health spas, and chiropractor practices are booming and in need of medical directors or supervising physicians. Medical Director Liability insurance will pay for financial losses due to your supervisory or management duties. It will also pay for your defense costs for these related claims.
Nurses probably see more patients in a day compared to doctors. For this reason, they should have Medical Malpractice insurance.
Massage Therapists risk hurting their customers, even if unintentionally. If you use oil or hot stones, you could burn their body, or you could push too hard while massging a muscle. If you injure your customer, they could sue you.
Takeaways
As you can see, some sort of Errors & Omissions insurance coverage is crucial to every position in the medical field. As a healthcare professional, patients are depending on you to make their lives better.
If you are unable to do that or even make their lives worse, they are likely to sue you. If you don't have the right insurance policies in place, you could lose your job, your business if you own one, and even your home.
Being able to pay for any settlements or judgments that are given to the patient, as well as the expensive defense costs that come along with a lawsuit, is going to allow you to keep doing what you love. Get a quote online today with CoverWallet for whatever policies you need.