A Handy Guide to Understanding Professional Liability Insurance for Healthcare Practitioners

Being a doctor gives you the honor to help others, but it also exposes you to committing medical malpractice. However, medical malpractice occurs when a doctor causes harm to a patient by failing to perform their medical obligations competently.

Some general principles and broad categories of laws apply to the vast majority of cases caused by medical negligence. So, if you are a medical practitioner, chances are you will want to find a medical malpractice insurance broker.

But before we move forward to understanding medical malpractice insurance brokers, let's discuss more medical indemnity insurance.

What Is Medical Indemnity Insurance?

It is a sort of professional liability insurance primarily accessible to you and medical facilities. Medical indemnity insurance, which is also known as doctor's professional liability insurance, is designed to protect you financially against the cost of legal and compensation litigations. You will be charged with these litigations when you are sued for medical malpractice or negligence.

Why Do You Need It?

You may be involved in medical malpractice because of an error in diagnoses, medical treatment, or an aftercare service offered to the patient, resulting in the patient's health deteriorating or even death.

Here is all that can come under medical malpractice.

• Inaccurate diagnoses
• Unneeded surgery
• Errors in surgical procedures
• Premature discharge
• Incorrect care for the patient
• Misreading test results
• Failure to recognize symptoms
• Other negligent acts that can claim a patient's life

In such instances, the patients or their families have the right to hold you responsible for any loss or harm. Medical indemnity insurance protects you, your staff, and your practice against these challenging situations. That means if you have insurance, you may get financial protection against these high-cost lawsuits.

Two Types of Insurance Plans

Claim-Made

This type of medical malpractice insurance is widely used. The insurance provider will only give coverage for claims filed during the policy's effective period with a claims-made policy. However, a claim is made against you after canceling claims-made insurance.

The doctor is accountable for the claim and is no longer covered by the policy, even if the incident that prompted the lawsuit occurred while the policy was in place. Doctors who leave their claims-made plans must get tail malpractice or extended reporting coverage.

Occurrence

Occurrence policies cover a doctor while the policy exists, even if the claim occurred before the policy's term. These plans are far more expensive than claims-made policies, but you no longer require tail coverage when you cancel an occurrence policy. The fact is, it is difficult to estimate how many claims may be brought against you in the future based on services performed today. That is why only a few insurance firms offer occurrence plans.

Benefits of Doctor's Professional Liability Insurance

Financial Safeguards against Litigation

Financial losses from lawsuits can disrupt your business, but the insurer will cover all defense costs if you have medical indemnity insurance. Errors and omissions insurance covers defense costs such as lawyer expenses, court costs, and the cost of filing legal papers, among other things. Besides, an insurance product acts as a financial cushion that will save you from the legal ramifications of error and omissions.

A Well-Run Business

Claims originating from errors and omissions can result in significant financial losses and disruptions to your career. However, medical indemnity insurance aids in regaining the former business position following all damages incurred as a result of legal court procedures. Dealing with legal concerns takes time and reduces business productivity, but an insurance plan will help save time and money whenever such allegations come to pass.

Why Should You Choose Advanced Professional Services?

As a medical practitioner, the best option is to get protection against the financial and professional implications of your actions. That is why you and your practice require extensive insurance coverage. When it comes to getting insurance coverage that suits your practice, it comes down to malpractice insurance that you will find at Advanced Professionals Services.

Advanced Professionals Services is a reputable medical malpractice insurance broker and will assist you by allowing you to know your insurance options. This knowledge, in turn, will help you buy the right insurance product that will protect you, your staff, and your practice from lawsuits that involve medical malpractice.

Moreover, this broker's team brings with it deep expertise and vast experience that will safeguard you from buying insurance products that will not work for you. So, stop deliberating and buy a doctors professional liability insurance plan from Advanced Professionals Services. This way, you can focus on serving the patients better without overthinking about malpractice lawsuits and claims.

Getting malpractice insurance from experts like Advanced Professionals can help you with your medical career in the best ways possible.