Medical malpractice insurance is designed to protect healthcare professionals during the course of their work. If a claim should arise, the policy covers the costs of legal fees and expenses, such as lawyers and expert witness fees up to the limit of the policy. It also protects the healthcare providers personal finances if a case is lost or settled in the favor of the plaintiff.
Who is medical malpractice insurance for?
Medical malpractice insurance should be obtained by anyone providing care for patients. This includes, but is not limited to, doctors, nurses, care assistants, dentists, physiotherapists, midwives, plastic surgeons, physician assistants, certified nurse anesthetists and even paramedics. If you believe the risk of error is relatively low in your line of work, it is still best to discuss this with a medical malpractice insurance with one of our expert advisors. Something such as a minor omission in forgetting to update medical records can result in a claim.
Moreover, many health care professionals believe they’re completely covered by their employers’ insurance, which may not be as comprehensive as required. That’s why it is betterto review a copy of your insurance contract to check if the policy meets your needs when starting a new role.
What does this insurance cover?
Medical malpractice insurance protects against medical malpractice and negligence claims, which is essential when working with vulnerable patients. For example, you may require medical malpractice insurance if:
- there’s a failure to diagnose an illness,
- if instruments used in a procedure or check-up aren’t sterilized correctly or
- the wrong medication or prescription is dispensed.
Having a comprehensive medical liability insurance policy in place allows you to take quick and decisive action to protect your good esteem.
If you are a member of a peer review panel, you should also ensure your medical malpractice insurance policy covers your conduct in this capacity. This ensures protection if a colleague claims that an adverse peer review decision was made, which led to the loss of their income.
What does medical malpractice insurance not cover?
Most policies will exclude certain conduct. Generally, medical malpractice insurance won’t cover illegal conduct, sexual misconduct, hospital and laboratory administration, or records alteration. You may also invalidate your insurance policy if you misrepresent your situation on your insurance application, or don’t immediately notify your medical malpractice insurance provider when you’re aware a claim may arise.
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