Medical malpractice can be termed as harm caused to a person or patient due to negligent performance of a healthcare professional or intentional misuse of position. A medical malpractice insurance company provides coverage to medical professionals on the occasion that they are sued by someone for malpractice. We call this type of insurance “errors and omissions coverage”. Also known as personal liability insurance, it is designed to protect medical personnel’s from lawsuits based on their performance with a patient. In the U.S alone, medical malpractice payouts amount to the 3rd highest of all payouts and almost half of all doctors are sued for negligence before they turn 50. On the other hand, if you are a victim, you should consult an expert Miami medical malpractice lawyer to lead your case.
Types of Medical Malpractice Insurance Policies
The insurers do not only provide this insurance to high ranking surgeons and lead doctors, but it is also available for dentists, nurses, therapists, and even test labs and other professionals in the medical fields. Laws in certain states have a prerequisite for this kind of insurance before starting a private practice or being employed by a facility.
The premiums vary due to a number of reasons. Two primary ones include the state you practice medicine in and the laws relating to malpractice lawsuits and secondly the specialty you work within and the varying levels of risks associated with malpractice litigation.
Medical negligence insurance companies offer two main types of policies – “occurrence” and “claims-made”. An occurrence policy ensures coverage even when the policy has been canceled. This is the most favorable kind of policy a healthcare individual can get but it is unavailable in most states. This is beneficial for the insured medical professionals who have no idea when they will be accused of something related to medicine.
In contrast, the claims-made policy concurs only for as long the insured continues paying premiums to the malpractice insurance company. This basically takes care of the claims made against the medical practitioners or insured physicians and provide them with legal protection. An extended reporting endorsement is required to be purchased with a policy of this kind – usually called a “tail” to ensure a lifetime coverage for malpractice suits. However, claims made before you have taken up this insurance policy will not be covered by the insurance companies.
Things To keep in Mind When Buying a Medical Malpractice Insurance Policy
Before selecting an insurance company, you must make sure to check their financial rating. Any medical malpractice insurance company you select should provide long term financial aid to minimize your risk for losses. If you fail to do the insurance policy’s analysis first-handedly, then you might suffer its consequences later in life. It is wise to consult your fellow medical friends who have insured themselves from a reputable place.
Furthermore, the importance of reading and understanding your coverage policy thoroughly cannot be stressed enough. Make sure you read the fine print and are aware of all limits and restrictions to reap the benefits of your malpractice insurance. Read about the coverage perks of buying a certain policy for yourself and pen down how it will benefit you against the medical claims that would be made against you in the future.
Also, keep in mind that depending upon your policy, you will only get coverage in specific areas of practice. For instance, some companies offer plans specifically for dental and vision and not for other fields. Similarly, alternative and complementary medicines are often excluded.
While no medical malpractice insurance company is the same, thorough research should go into buying a malpractice coverage policy to ensure that you are not at risk of losing all your money in the form of extensive premiums.