What is Malpractice Insurance?
Malpractice insurance isn’t just for doctors. Lawyers and other professionals can be sued for malpractice while their professional services were being used. Malpractice is defined as the act of causing injury or damages to someone as the result of intentional wrongdoing or negligently performing a professional duty. The patient must be able to prove their injuries and prove that those injuries were the result of negligence on the professional’s part. If malpractice has been proved, the practitioner is liable for any damages that arise from the malpractice. If the practitioner has malpractice insurance, the insurance will cover those damages up to policy limits. Most states require that physicians carry liability insurance. In states that don’t have this requirement, many hospitals do. Other professionals that benefit from malpractice insurance include nurses, dentists, optometrists, therapists, and any professional who is at risk for being sued for malpractice.
Malpractice insurance is purchased by professionals, most often medical professionals, to financially cover them in the event they are sued for malpractice. Malpractice is the act of causing damage or injury to a person or persons as a result of negligently performing a professional duty or intentional wrongdoing. Doctors, surgeons, nurses, and most other medical professionals are sometimes required to purchase malpractice insurance, also called personal liability insurance, before becoming employed by a facility or opening a private practice. Though the medical field is the most common market for malpractice insurance, other fields may require personal liability or malpractice insurance as well. Malpractice insurance is designed primarily to provide medical professionals protection from lawsuits, though there are other personal coverages provided with most policies. A malpractice insurance policy will cover the insured up to values of several million dollars. However, the amount of ne
This product, often called Professional Liability Insurance, is a must for every health care professional. Even the most competent professional can make a mistake and should protect against that possibility and even Professionals who make no mistakes can be sued. Defending a malpractice lawsuit is often expensive even when the defendant wins. The costs include legal fees, expert witness fees, other expenses and, if a case is lost or settled, the payment. Health care professionals win most malpractice lawsuits, but the legal system rarely allows for the recovery of expenses by the winner. Since the cost of defense is high and a loss can be devastating, this insurance product is essential to every practice. As with any overview, this insurance information is general and intended to help you make informed decisions. The actual policies available in your state may contain features not discussed above. An insurance policy is a contract between you and an insurance company. You should read a
Malpractice insurance is insurance that professionals buy to protect themselves from the financial effects and costs of being sued. A malpractice insurer agrees, through an insurance contract, to investigate claims, provide legal representation, and accept financial responsibility for payment of claims up to a specified monetary amount during the policy period. This coverage is provided in return for a fee, the medical malpractice premium.
