Professionals need to understand that sometimes things may not go as planned and sometimes one may mess up due to individual negligence, mismanagement or other factors beyond our control. Such malpractices may result to bodily injuries, property damage, medical expenses and lawsuits related to claims by those affected. This can be very stressing to a professional if there is no one to help him overcome the mess. Malpractice insurance therefore is type of professional liability insurance that protects professionals from liabilities arising from their malpractices. Health care sector is where malpractices occur most. Medical malpractice insurance, also known as medical professional liability insurance protects professionals in the health care sector from liabilities arising from their negligence.
Whether you are a physician, a doctor, a dentist, a nurse or any other licensed health care professional, it is important to note that there are several liabilities associated with wrongful practices by players this sector. Although accidents are inevitable, health care professionals may be involved in wrongful practices causing body injuries to their patients and workmates, and even property damage. During such occurrences, the involved health care professionals may incur huge expenses while paying for the damaged property and defending themselves in court for cases associated with their negligence. It is therefore important for health care professionals to have malpractice insurance cover to protect them from liabilities arising from their wrongful practices. The good thing is that there are reliable insurance companies such as MedMal Direct that are committed to protect health care professionals by insuring a healthy practice.
There is no doubt that professional liability insurance is a necessary cost to every health care practitioner. Sometimes things may go contrary to your expectations and you need someone to protect you. The biggest challenge for many health care professionals is to get the right company for malpractice insurance cover that meets their needs. Many medical professionals focus on the premium costs when shopping for a medical malpractice liability insurance policy. Although cost of premiums is an important factor to consider too, it is essential to focus on getting the right coverage limits. It is therefore important to ensure that the coverage limits are not too low to expose you to personal liability or too high whereby you are paying more than the needed coverage. Do I get the coverage limit that I need? This should be the main question among health care professionals when shopping for malpractice insurance policy.
Generally, there are two categories of coverage limits in most malpractice insurance policies. There is per-occurrence coverage limit where the insurer pays for a single occurrence or loss, and an aggregate coverage limit where the insurer pays for all claims in a given policy period. It is therefore important to know what limit suits your needs best before getting a medical malpractice liability insurance policy. Health care professionals also need to understand some of the complicated issues associated with coverage limits. For instance, many medical malpractice liability insurers tend to assume that two or more claims arising from similar set of related facts constitute a single claim for insurance purposes. It is therefore very important to get clarifications from your insurer to avoid being under covered.
Customers also need to understand issues of defense cost. Majority of the medical malpractice liability insurance companies do not include defense costs in the coverage limits. However, some medical malpractice liability insurance companies include such costs in their coverage limits. Obviously, including defense costs within the coverage limits significantly reduces the coverage limit of the policy. It is therefore important for those looking for medical malpractice liability insurance to understand the underlying terms before buying a policy. Otherwise, your insurance cover may be insufficient and you may be required to pay excess costs in case of claims arising from your negligence.
Excess insurance, commonly known as umbrella insurance policy is another factor that health care professionals should consider when getting medical malpractice liability insurance policy. This refers to the coverage over and above the primary policy that protects the insured from being directly liable for the costs above the primary policy limits.