What to Know about Medical Malpractice Insurance
The most recent data from the Census Bureau in the United States estimates that there are over twenty-two million medical workers. These include doctors’ assistants, health technicians, and surgeons, among other professionals. However, mistakes are bound to happen regardless of how careful you are as a medical practitioner.
When an error occurs in a patient’s treatment, the patient may file a lawsuit against the health worker. This suit can happen regardless of its merit; this is where having medical malpractice insurance comes in. If you are in the medical profession, such as nursing, physical therapy, or nutrition and dietary advice, you need medical malpractice insurance.
What medical malpractice insurance Entails
According to Forbes, Medical malpractice insurance is a form of business insurance for healthcare professionals. It covers the claims of services that resulted in a patient’s death or injury, including care-related injuries, misdiagnoses, and unnecessary surgery. Other claims medical malpractice insurance covers professionals for include medication errors, treatment errors, and premature discharge from the hospital.
Your insurance company will pay a premium of about $5 million per claim and $8 million per policy period. The insurance will cover you up to its limit, which may be written as two numbers – for instance, $5 million/$8 million. This insurance covers attorney’s fees, arbitration costs, settlements, medical damages, court costs, and compensatory and punitive damages.
What medical malpractice insurance does not entail
There are certain exclusions to a professional liability insurance policy, including auto accidents, criminal acts, and patient accidents. Also, medical malpractice insurance will not cover alteration of medical records, cyber liability, employee injuries, and lawsuits the medical professional initiated. Additionally, this claim does not cover sexual misconduct, damaged business property, and patient discrimination or abuse claims.
Types of medical malpractice insurance
There are two major types of medical malpractice insurance: claims-made and occurrence-based medical malpractice insurance.
- Claims-made medical malpractice insurance
This policy must be in effect with your insurance company when the claim occurs and is reported. This insurance policy type is regular medical malpractice insurance.
- Occurrence-based medical malpractice insurance
This insurance policy covers claims made during the policy period, even after your policy is no longer in effect. Although these policies are not as common, they still exist and are typically more expensive.
Who should get medical malpractice insurance?
You may be required to get medical malpractice insurance if you are a doctor, home health care provider, physical therapist, or nurse. You may be required to have this insurance by business clients, state law, hospitals, licensing agents, credentialing authorities, and government contracts. You may also be required by healthcare networks like clinics and health insurance plans.
Meanwhile, even if you are not required to get the policy, you should still get it if you:
- Care for patients,
- Care for healthcare facility residents,
- Monitor patients’ care, or
- Rent, sell, or maintain medical tools and equipment.
Professionals who can benefit from medical practice insurance include counselors, optometrists, nursing students, acupuncturists, counselors, dentists, and licensed practical nurses. The insurance is also beneficial if you are a personal trainer, therapist, Yoga instructor, physician assistant, nurse practitioner, or physician.
Conclusion
“Medical practitioners are human beings and are bound to make mistakes. These mistakes may cause the death of a patient or a permanent injury, for which they can be sued. Medical malpractice insurance helps reduce the amount you will spend on lawsuits for injury or death claims,” says medical malpractice lawyer Russell Berkowitz
.
