What is Medical Malpractice Insurance?
Medical malpractice insurance is designed to protect healthcare professionals and medical facilities from financial losses in the event that they are sued for malpractice. Medical malpractice occurs when a healthcare provider, such as a doctor, nurse, or hospital, fails to provide a reasonable standard of care to a patient, resulting in harm or injury.
With the advent of telemedicine or providing services remotely using technology, new challenges and considerations have emerged regarding medical malpractice.
What does Medical Malpractice Insurance cover?
Medical malpractice insurance covers healthcare professionals for claims resulting from allegations of wrong site surgery, misdiagnosis, surgical errors, medication errors, childbirth-related injuries and other claims of wrongdoing.
Medical malpractice insurance typically covers the costs associated with defending against such a claim, including legal fees and settlements or judgments that may be awarded to the plaintiff. Policies may also cover other expenses, such as court costs, expert witness fees, and administrative expenses.
Why buy Medical Malpractice Insurance?
Medical malpractice insurance is important because medical malpractice claims can be expensive and time-consuming to defend against. Without insurance, healthcare providers and medical facilities may be financially ruined by a single malpractice claim. With insurance, they are able to protect their assets and continue providing quality care to their patients.
How much does Medical Malpractice Insurance cost?
There are several factors that will determine how much does medical malpractice insurance costs including the type of practice, medical specialism, size of the business and the legal jurisdiction where you operate. Also, insurers will assess the level of risk associated with the healthcare provider’s specialty, as well as their claims history and other factors.
What Types of Policies are available?
Occurrence-Based: This type of policy covers claims that arise from incidents that occurred during the policy period, regardless of when the claim is actually made.
Claims-Made: This type of policy covers claims that are made during the policy period, regardless of when the incident actually occurred. It often requires purchasing “tail coverage” or an extended reporting endorsement to cover claims made after the policy has expired or been canceled.
Why work with Continuum?
Our in-depth knowledge of both the industry and the appetite of insurers allows to advise clients on the appropriate solutions to help them protect their business and offer value to their clients. We take a client-centric approach, appreciating that insurance may be a future requirement rather than an immediate need and advise on the timing of policy inception as well as helping with payment schedules and budgeting requirements. Our aim is to advise and assist companies from seed to flower and become a long-partner with them through their journey to success.
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