Medical Professional Liability Insurance

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The medical field is a very respectable industry. As a medical professional you are responsible for people's lives. It does not get any more severe or risky than that. Whether you are a nurse practitioner, a medical assistant, a doctor, or a surgeon the risks are still there. Surely, you practice risk management all the time, but unfortunately, you are still human and are prone to making mistakes. Luckily, one of the best risk management tools you can use is Medical Malpractice insurance, a type of Professional Liability insurance. While you may think that insurance is yet another bill to pay, it could save you and your practice from going bankrupt should a malpractice lawsuit arise.

Common Medical Professional Liability Risks

As a medical professional, you know the risks involved with your industry. They are endless, but some of them include:

Injury or death to a patient - Giving wrong medical advice resulting in a patient becoming injured or dying, or making a mistake when providing care.
Family - If you have a patient that dies or becomes hurt and they have family members who experience mental anguish, they could sue you for this.
Mistakes - Whether or not you intend to make an error is of no issue. If you prescribe the wrong medication, mix up patient charts, or merely give bad advice, all of these things can result in a claim against you and your practice.

What Medical Professional Liability Insurance Covers?

Medical Malpractice, or Professional Liability for healthcare professionals, covers some necessary things. First, errors and omissions resulting in bodily injury to your patients. It will also pay for medical expenses for these injuries. One of the best and most appreciated benefits of Professional Liability is defense costs. Because even if you are found not guilty, you still have to pay those crazy court costs and attorney fees. If you own a practice, the policy will cover your business as well as you. You should have your employees get their own Medical Malpractice coverage as well.

How Much Professional Liability for Medical Professionals Can Cost?

Any insurance policy will have many factors to take into consideration when calculating the cost. Some of these include the size of your practice, how many patients you see annually, past claims history, and annual revenue. Some other things to think about are coverage limits and deductibles. Location can also influence the policy premium. Luckily, CoverWallet works with several insurance companies that offer Professional Liability for medical professionals, so we can ensure you to tail coverage to your needs and get the best price.

Commonly Asked Questions About Medical Professional Liability Insurance

Is Professional Liability for medical professionals a claims-made or occurrence policy? Most Medical Malpractice policies you will find are claims-made. This means that if a claim is made against you or your practice, the policy must be active for it to be covered. Occurrence policies will cover the claim even if the policy has been canceled, as long as the date of the occurrence is within the policy period.
Will the Professional Liability insurance policy cover my employees? While you can include your entire practice, it is recommended that your employees seek their policy. Why? If you have hired someone who turns out to be careless, you don't want your claims history to be impacted, therefore causing the premiums to go higher for you.
What if a patient comes to my practice and slips on ice and becomes injured? A slip and fall incident would be covered under your General Liability insurance policy. In addition to this imperative coverage, you should also consider Business Auto, Workers Compensation (usually required by the state if you have employees), Employment Practices, and Commercial Umbrella. In this litigious society, you can never have enough insurance protection.