What is medical malpractice insurance?
Medical malpractice insurance is a type of liability policy that protects healthcare providers (doctors, nurses, and other medical professionals) against negligence-related lawsuits. It can be a standalone policy, or combined with general liability insurance (more on that later). The purpose of medical malpractice insurance is to protect you, the health care provider, against a successful lawsuit. If you’re found guilty of medical malpractice, you may face a judgment that can end up costing you hundreds of thousands (if not millions) of dollars in legal fees, not to mention the emotional toll it takes on you and your loved ones.
What does medical malpractice insurance cover?
Medical malpractice insurance covers the costs associated with defending you in court. It also covers the costs associated with a settlement if the patient wins the case. It can vary from one physician to another, though, depending on a number of factors, including the physician’s age, the location of their practice, and the number of procedures they perform. As far as coverage goes, medical malpractice insurance covers the cost of defending you against a lawsuit as well as any settlement you might be ordered to pay.
When getting malpractice insurance not all insurance brokers are built the same. There are many insurance brokers that do not have the knowledge or training to provide the appropriate coverage. Here at E&Y Insurance Agency we have been trained by medical malpractice Insurance Underwriters, health care attorneys and personal injury attorneys to help learned the ins and outs of medical malpractice insurance.
What is the difference between occurrence vs claims made medical malpractice insurance?
Occurrence malpractice insurance covers the physician if the patients’ claims occurred during the policy year. With an occurrence based malpractice policy it does not matter when the claim is reported to the carrier so long as the claim was made for a period when the physician was insured. For example, if the physician had insurance in 2020 and a lawsuit was filed in 2022 for an incident that occurred in 2020 then the physician would be covered. Occurrence based coverage is more comprehensive, with an associated increased cost.
To be covered under a Claims-made malpractice insurance policy the physician would need to be insured at the time the incident occurred and at the time the lawsuit is filed. If a lawsuit is filed after the end of the policy date, the claim will NOT be covered. Many people with claims-made malpractice insurance should get tail insurance, which is a supplemental insurance policy that provides coverage for previous time periods.
What types of doctors are sued the most for medical malpractice?
There are a number of factors that determine which physicians are most likely to be sued for medical malpractice. These include the type of procedure you perform, your average patient/staff ratio, and the city/state where your practice is located. The most common types of physicians sued for malpractice are OB/GYNs, surgeons, orthopedists, and radiologist. Doctors in the fields of surgery, internal medicine, and obstetrics are most often sued, while psychiatrists and pediatricians are less likely to face a malpractice suit.
Conculsion
Ultimately, it’s important to understand the importance of medical malpractice insurance before you even begin to look for a job in the medical field. This type of insurance will protect you in the event that a patient sues you for negligence and wins. It can also help to protect your practice against legal action that may be unfounded.
