Medical Malpractice Insurance

What Does Medical Malpractice Insurance Cover?

Medical Malpractice Insurance provides financial protection to healthcare professionals against claims alleging negligence or errors in providing medical services. Coverage typically includes:

• Legal Defense Costs: Covers the legal fees, court costs, and expenses associated with defending against a malpractice claim, even if the claim is groundless.
• Settlement and Judgment Payments: Pays for settlements or judgments awarded to patients who file malpractice claims. This includes compensation for medical bills, pain and suffering, and other damages.
• Corrective Treatment Costs: Covers the cost of any corrective treatments or medical procedures needed due to an error or negligence.
• License Protection: Provides coverage for legal fees and other costs associated with defending your professional license if it is threatened due to a malpractice claim.
• Reputation Protection: Covers public relations expenses to help protect your reputation following a malpractice claim, ensuring your practice remains credible to patients and the public.

Medical Malpractice Insurance can be tailored to meet the specific needs of your specialty and practice size. For comprehensive coverage, consider pairing it with Professional Liability Insurance, which extends protection against broader claims beyond medical errors.

Why Choose Medical Malpractice Insurance?

• Financial Protection: Medical malpractice claims can be costly, and a single lawsuit could lead to significant financial losses. Medical Malpractice Insurance provides the resources needed to defend your practice and cover settlements or judgments.
• Legal Support: This policy provides access to experienced legal representation to help navigate the complexities of malpractice claims, ensuring you have professional support throughout the process.
• Maintain Professional Reputation: A malpractice claim can harm your reputation. Medical Malpractice Insurance helps cover public relations efforts to mitigate any reputational damage and reassure your patients of your commitment to quality care.
• Compliance with Licensing Requirements: Many states and healthcare facilities require practitioners to carry Medical Malpractice Insurance to maintain their licenses. Having this coverage helps you meet licensing and hospital privilege requirements.

Medical Malpractice Insurance works well alongside other coverages like General Liability Insurance and Errors and Omissions (E&O) Insurance, providing comprehensive protection for your practice against various risks.

Comparing Medical Malpractice Insurance to Other Liability Policies

While Medical Malpractice Insurance is specifically designed for healthcare professionals, there are other liability policies that can complement or offer similar protection in different contexts:

• Professional Liability Insurance: Covers claims related to errors or omissions in the delivery of professional services, applicable to professionals such as consultants, accountants, and architects. Unlike Medical Malpractice, which is tailored for healthcare, Professional Liability Insurance provides broader coverage for other industries.
• Errors and Omissions (E&O) Insurance: Similar to Professional Liability, E&O Insurance protects businesses and professionals from claims of inadequate work or negligent actions. For healthcare professionals, E&O can be used in conjunction with Medical Malpractice Insurance to ensure comprehensive coverage against all potential liabilities. Learn more about E&O Insurance here.
• General Liability Insurance: Provides coverage for third-party bodily injury, property damage, and personal injury claims. While it is not specific to healthcare errors, General Liability Insurance can protect your practice from other risks, such as slips and falls on your premises.

Typical Coverage Limits for Medical Malpractice Insurance

• Per Claim Limit: Typically ranges from $100,000 to $1,000,000, depending on the size and scope of your practice.
• Annual Aggregate Limit: This is the total amount the insurer will pay during a policy year, often ranging from $300,000 to $3,000,000 or more, depending on your risk exposure.
• Defense Costs: Many policies provide defense costs outside of the coverage limit, meaning that legal defense expenses do not reduce the total amount available for settlements or judgments.

Examples of Medical Malpractice Claims

Medical Malpractice Insurance can cover a wide range of incidents, including:

• Misdiagnosis: A patient is misdiagnosed, resulting in a delay in receiving the appropriate treatment. Medical Malpractice Insurance helps cover the costs of legal defense and any settlements awarded to the patient.
• Surgical Errors: A surgeon makes an error during a procedure that requires additional corrective surgery. Medical Malpractice Insurance helps pay for the corrective surgery, as well as any settlement costs.
• Medication Errors: A nurse administers the incorrect dosage of medication, causing harm to the patient. The insurance policy covers the cost of legal defense, corrective treatment, and any damages awarded.

To further enhance your coverage, consider adding a Commercial Umbrella Policy, which extends the limits of your existing liability policies, including Medical Malpractice Insurance, to ensure complete protection for your practice.

Getting a Quote for Medical Malpractice Insurance

Frequently Asked Questions

• Who needs Medical Malpractice Insurance? Medical Malpractice Insurance is essential for all healthcare professionals, including doctors, surgeons, nurses, and therapists, to protect against claims arising from errors or negligence.
• How much Medical Malpractice coverage do I need? The amount of coverage needed depends on your specialty, the size of your practice, and the level of risk involved. Our agents can help you determine appropriate coverage limits.
• Is Medical Malpractice Insurance mandatory? In most states, healthcare providers are required to carry Medical Malpractice Insurance to maintain their licenses and hospital privileges.
• What is the difference between Medical Malpractice Insurance and Professional Liability Insurance? Medical Malpractice Insurance is a type of Professional Liability Insurance specifically designed for healthcare providers. It offers specialized coverage for medical errors, negligence, and patient injuries. Learn more about Professional Liability Insurance here.
• Can I get coverage for prior acts? Yes, many policies offer prior acts coverage, also known as "tail coverage," which provides protection for incidents that occurred before the policy's start date but were reported after the policy became active.