Doctors and others who work in the healthcare industry make mistakes. perhaps an incision is a few millimeters in one direction. or maybe a prescription drug that a doctor introduced to a person has a different reaction than expected. Although surgeons are highly skilled at their craft, not all surgeries go as planned.
Doctors are human and destined to make mistakes. however, for those in the medical industry, a minor mistake can result in a major problem for the person affected. sometimes for life.
lawsuits stem from major issues and are often costly for doctors and other medical professionals. one mistake can cost a doctor his or her license to practice medicine.
One way medical professionals can protect their businesses and families from these lawsuits is through medical malpractice insurance. without this policy, doctors have gaps in their coverage. Also, they are not allowed to practice in the US without it.
How much does medical malpractice insurance cost?
The cost of medical malpractice insurance varies, and other factors come into play when trying to calculate the cost. For example, each state has different regulations and prices for insurance as a whole. To compound that, medical personnel and medical practices have a variety of variables to consider.
Different types of medical professionals have various risks. some of these highly trained people are performing open-heart surgeries, while others are taking nose swabs and looking for the flu virus.
The average cost of medical malpractice insurance is $7,500 annually. however, there are many types of doctors and countless insurance variables. keep this in mind when looking for coverage.
Surgeons pay between $30,000 and $50,000 a year. for other medical staff, expect to pay between $4,000 and 12,000 a year.
what is medical malpractice insurance?
Medical malpractice insurance, also known as medical professional liability insurance, is a type of liability coverage designed to protect doctors, nurses, pharmacists, and other hospital employees who work in the healthcare industry.
This liability coverage offers protection when improper practices result in bodily injury, property damage, and medical expenses.
For example, a woman was admitted to the hospital with severe abdominal pain. the doctor told her that she needed emergency surgery to remove her appendix. a week later, she was still in pain. x-rays revealed a metal object near her stomach. she had a second surgery to remove a scalpel left for her by the first surgeon. she sued the doctor and the hospital and was awarded a great settlement.
Fortunately, the surgeon and the hospital had medical malpractice insurance, so they were not responsible for paying out of pocket.
who needs medical malpractice insurance?
Anyone who works in a professional capacity in any u. yes medical industry must have medical malpractice coverage. Professions that require this coverage include:
- court costs and fees
- settlement costs
- medical damages
- punitive damages
- Claims Made: This medical malpractice coverage only offers protection while the policy is in force. this means it must be in effect when the accident occurred and the lawsuit was filed. otherwise the coverage will not be activated. Because many medical claims don’t occur until much later, it’s easy to see how this can be problematic. occasionally, a “tail” policy will be added to extend coverage.
- Occurrence: This coverage offers protection for any event that occurred during a coverage period, even if the policy had expired when the claim was filed. most medical personnel prefer these policies because they offer better protection, but they are not available in all states.
what does medical malpractice insurance cover?
Most medical malpractice policies offer liability coverage to medical personnel when they are found to be negligent while doing their job. As an added benefit to this multi-faceted insurance coverage, you can even help medical personnel get an attorney to help them fight the case in court. This coverage also includes:
There are two types of medical malpractice insurance policies:
What does medical malpractice insurance not cover?
While medical malpractice is fairly inclusive in what it will cover, the policy does have limits. medical malpractice insurance does not cover sexual misconduct, criminal acts and misrepresentations.
The center where the doctor works must have an employer’s liability insurance (epli) in its insurance portfolio. this coverage insures claims that fall into the category of sexual misconduct and criminal acts.
understanding tail insurance
Additional insurance can be added to a claims policy and ensures the doctor is covered for a set period of time after coverage ends.
As claims policies require the doctor to be under coverage at the time of the incident and when the claim is made, these policies can last 5-10 years after the coverage ends. this ensures they are covered if a lawsuit is filed in the future.
summary of medical malpractice insurance
Medical malpractice insurance is essential for all professionals in the medical industry. if you work with patients, you may need to have this coverage.
Don’t risk practicing medicine without malpractice coverage. get medical malpractice insurance today and give yourself peace of mind.