Professional liability insurance, sometimes called medical malpractice insurance, protects healthcare providers from legal costs related to professional negligence.
Healthcare professionals are all too aware of the consequences of a mistake or oversight. If a patient or relative sues, your small practice could face a financially devastating lawsuit.
Professional liability insurance, sometimes called errors and omissions insurance (E&O), offers the protection your healthcare business needs to continue providing its services while handling a lawsuit. In the healthcare industry, you may see it called malpractice insurance, however these policies aren't exactly the same.
Professional liability provides liability coverage related to:
Malpractice insurance covers medical professionals when they are blamed for harming a patient, such as:
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MALE VOICEOVER: Even the most experienced healthcare providers can make a mistake. From facing a lawsuit over a misdiagnosis to surgical and medication errors, medical malpractice insurance - sometimes called medical professional liability - insures healthcare professionals, therapists, counselors, and medical facilities against claims of medical negligence.
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Types of claims covered by medial malpractice insurance include medical errors, like an incorrect dosage of medicine; medical oversights, such as accidentally misreading a patient's medical history; and accusations of negligence, including surgical errors and poor follow-up care.
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While not required in every state for every profession, if you provide health-related professional services, maintaining malpractice coverage can reduce your financial risk. Doctors and nurses are often serving on the frontline of healthcare and must make critical decisions, which can leave them open to lawsuits. Similarly, physical therapists and acupuncturists often have a high level of interpersonal contact with a patient, which could lead to accusations of malpractice.
The cost of malpractice coverage will likely vary from professional to professional, based on several factors.
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Get free malpractice insurance quotes with Insureon today.
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