Family Lifestyle

What Is Medical Malpractice Insurance?

Doctors, nurses, and medical workers of all backgrounds strive to do everything they can to heal their patients. However, incidents arise that can leave patients wanting answers for their setbacks in treatments and care.

This can lead to a malpractice lawsuit levied against any member of a medical care team, which is why it is more important than ever for any medical worker or facility to sign up for medical malpractice insurance.

What is medical malpractice insurance?


Medical malpractice insurance is a type of insurance policy designed to protect healthcare professionals against claims of injury and medical negligence. Sometimes known as medical liability insurance, these policies can also provide coverage against false claims of medical malpractice.

There are two basic types of medical malpractice policies: claims-made and occurrences. Many insurers write on a claims-made basis, wherein a policy in effect at the time of that claim is reported accounts for the loss, while the insurance plan remains in effect during any extended reporting period. Malpractice policies are more common on an occurrence basis, covering a loss when it occurs during a policy period.

Choosing malpractice insurance for medical professionals is much like finding the right insurance for your healthcare needs as a patient. These are important for medical facilities, ranging from a primary care provider to a specialist, so take your time finding the insurance carrier that is right for you.

Who needs malpractice insurance?


Doctors, nurses, physical therapists, and all medical professionals in between should have malpractice coverage. This protects not only a professional’s reputation but also protects practitioners from legal claims arising from allegations of negligence and malpractice. There are a variety of plans in this liability coverage with flexible limits.

A new development in malpractice insurance is telemedicine malpractice insurance. Telehealth services have been on the rise due to the limit on in-person visits brought on by the COVID-19 pandemic. While telemedicine has become invaluable for patients as part of preventative care and management of chronic conditions during these times, it has also raised red flags for medical practitioners. With limits on direct contact and executing treatment plans properly, medical malpractice insurance coverage has expanded to make sure that claims arising from negligence via telemedicine are covered under their current policy.

Benefits of Malpractice Insurance


Medical malpractice insurance coverage is an important insurance plan for all medical professionals. Much like a proper health plan for patients, it is a safety net in the event of any sudden occurrence. As members of the health care community, you never know when a malpractice claim may be made against you or the facility you operate out of. Malpractice insurance can help provide funding for a legal defense, as well as awarding settlements, in the event that such legal action arises.

The most educated and skilled doctors and nurses can make mistakes and misdiagnose illnesses and ailments. The safety net of malpractice coverage can offer the necessary protection in the event a mistake occurs in your practice. Medical expertise is of course a consideration brought on in creating a patient relationship.

Numerous healthcare providers are available to patients, allowing them to carefully select the doctors that they wish to see regardless of whether that’s a primary care physician or specialists, like pediatricians. Malpractice policies show that a medical team has fiscal responsibility, and it tells patients that they are covered if something doesn’t go according to plans.

The good news is there are multiple options available in medical malpractice insurance coverage. Be sure to consult with an insurance broker and conduct your own research online to make sure that you have the insurance coverage that is the best fit for you and your medical group.