This content is for informational purposes only and is not intended to provide legal advice.
Medical malpractice insurance is professional liability insurance that can cover medical professionals and other physicians against the liability that can arise due to disputed service that can eventually lead to a patient’s death or injury. Several medical practitioners in America are more likely to encounter at least a single medical malpractice claim during the entire career. Staying covered under this kind of insurance is vital for most physicians-it is also mandatory as per law in most states. Other medical practitioners who should be protected under this type of insurance can include psychologists, nurses, physiotherapists, optometrists, dentists, and many more. Depending on the nature and location of medical laws, medical malpractice insurance can be available in various forms, as listed below:
- A group or individual policy which has been purchased from a private or traditional insurance provider.
- A group or individual insurance policy acquired via a mutual community of medical practitioners is organized to provide liability insurance. Besides, it takes into account a group or individual policy that has been obtained via a medical risk group or RRG.
- Insurance coverage is provided as a segment of a policy that a hospital or employer holds.
Medical practitioners who have been appointed by federal agencies like the US Department of veterans’ affairs don’t require malpractice insurance coverage. In such cases, the federal government provides self-insurance against various liability claims. In some cases, local and state governments can provide liability and insurance coverage for medical staff. Besides, medical professionals must obtain insurance coverage for their business entity and themselves as specific individuals. For example, they should seek insurance coverage for their corporation, Limited Liability Company, employees, and partnership firms.
What’s covered under medical malpractice insurance?
Medical malpractice insurance can cover a couple of expenses that are related to settling and defending malpractice suits. In case a medical practitioner is accused of damages, it can also protect him. Firstly, this insurance claim can cover costs like court expenses and medical malpractice attorney’s fees. Secondly, it can also take into expenses like settlement costs and arbitration costs. Thirdly, it can cover expenses occurring due to compensatory and punitive damages. It can also cover costs arising due to unintentional medical damages, errors, or unforeseen expenses. However, medical malpractice insurance doesn’t cover liabilities arising from criminal acts, inappropriate modification of medical records or sexual assault, or misbehavior. While weighing medical malpractice options, it’s vital to know that a doctor can fill a claim after several years after the disputed treatment has taken place. A medical practitioner can opt for two types of insurance policies, namely the “occurrence policy” and a “claims made policy.” A claims-made policy will be providing coverage only if the policy is active when a lawsuit is filed or when the actual treatment took place. An occurrence policy can cover a claim where the event occurred during the coverage-although doctor filled the claim itself after the lapse of the policy. In addition to encountering medical liability claims, the doctors can face dangers related to cyber regulatory and liability requirements- here’s where the role of the Miami Medical Malpractice Attorneys comes into existence.