Medical Malpractice Coverage
Medical Malpractice Coverage refers to a type of professional liability insurance that protects healthcare professionals, like doctors, nurses, and dentists from financial responsibility in case a patient suffers harm due to alleged negligence or errors in medical treatment. It covers legal defense costs and potential damages if a malpractice lawsuit is filed against them, safeguarding them from the financial burden of a malpractice claim.
Key points about Medical Malpractice Coverage:
What it covers:
Legal fees to defend against a malpractice lawsuit, settlement costs if a claim is successful, and compensation for damages to the patient, including medical expenses and pain and suffering.
Who needs it:
Any licensed healthcare provider who directly interacts with patients, including physicians, surgeons, nurses, dentists, and physical therapists.
Importance:
Medical malpractice lawsuits can be costly, and this insurance protects a healthcare professional's personal assets from significant financial losses if they are found liable for a medical error.
Policy types:
Occurrence-based: Covers claims arising from incidents that happened during the policy period, even if the claim is filed later.
Claims-made: Only covers claims filed during the policy period, often requiring tail coverage. If switching insurance providers it’s important to make sure it protects against past incidents.