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What is malpractice insurance?
Malpractice insurance is professional liability insurance that covers doctors, nurses, and other medical professionals if a mistake they make while providing medical services harms a patient.
Malpractice insurance is also used in legal field to refer to professional liability insurance for lawyers and attorneys as well.
What does malpractice insurance cover?
Malpractice insurance will pay legal and settlement costs if your business is sued because a patient or a client believes they received inadequate or harmful medical care or legal advice from you or someone who works for you.
Learn more about malpractice insurance: what it covers and who needs it
Who needs malpractice insurance?
Anyone who provides medical or healthcare services should be covered by malpractice insurance. This can include doctors, nurses, dentists, psychiatrists, pharmacists, and others. Many states require the coverage for persons who provide certain types of healthcare related services.
Lawyers and attorneys often also need malpractice coverage too.
Below is the comprehensive list of all healthcare professionals that need malpractice insurance and our recommendations of best providers for each specialty:
- Doctors: Learn more at The 5 Best Providers of Medical Malpractice Insurance
- Physician assistants: Learn more at The 5 Best Providers of Malpractice Insurance for Physician Assistants
- Nurse practitioners: Learn more at The 5 Best Malpractice Insurance Companies for Nurse Practitioners
- Nursing students: Learn more at The 5 Best Malpractice Insurance Companies for Nursing Students
- Optometrists: Learn more at Top 5 Providers of Optometry Malpractice Insurance
- Dentists: Learn more at Top 5 Providers of Dental Malpractice Insurance
- Dental hygienists and dental assistants: Learn more at The 4 Best Malpractice Insurance Companies for Dental Hygienists
- Psychologists, psychiatrists, counselors, and therapists: Learn more at Top 4 Providers of Malpractice Insurance for Psychologists and Counselors
- Chiropractors: Learn more at 4 Best Choices for Cheap Chiropractic Malpractice Insurance
- Physical therapists: Learn more at The 6 Best Malpractice Insurance Providers for Physical Therapists
- Social workers: Learn more at Social Work Malpractice Insurance: Cost and Providers
- Lawyers and attorneys: Learn more at Top 5 Providers of Legal Malpractice Insurance & How Much It Costs
Claims-made or occurrence in malpractice insurance?
There are two types of malpractice insurance policies. An occurrence policy has lifetime coverage for the incidents that occur during a policy period, regardless of when the claim is reported.
A claims-made policy only covers incidents that happen and are reported within the policy’s time frame, unless a tail is purchased.
Tail coverage in malpractice insurance:
A tail adds an extended period of time when a malpractice claim can be made after a policy expires. The incident that resulted in the claim must happen during the period the policy is in effect.
How much does malpractice insurance cost?
Perhaps more than any other coverage, the cost of malpractice insurance can vary dramatically. Policy prices are based on the size of the medical practice or operation, type of healthcare practiced, employee experience, and more.
A malpractice insurance policy for a nurse practitioner can be $800 to $1,500 a year , while a surgeon can be up to $300,000 a year for his malpractice coverage.
Learn more at malpractice insurance costs for different specialties
Lawsuits that are covered by malpractice insurance
Some examples of malpractice in the news, although it is unclear what or how insurance played a role in the suit, include:
- A woman in Gainesville, Georgia who complained about discomfort after surgery and was found to have a perforated intestine because of a medical error.
- Another example is a Danville, Pennsylvania hospital that was sued because it failed to prevent the spread of a dangerous virus that caused brain damage to several infants in its care. Another example: An Oak Park, Illinois hospital was sued by a woman who’s baby suffered a brain defect because the hospital did not recognize an emergency situation while she was giving birth. The woman was awarded a $50 million settlement.
Why buy malpractice insurance from BravoPolicy?
Great question! Here are three good reasons:
- You’ll probably pay less for your malpractice insurance with BravoPolicy. Our customers save 20% on average.
- We can get your small business covered in about 10-15 minutes.
- You can manage all of your business insurance needs through our online portal. No paperwork needed. No need to wait on the phone for hours to speak to customer service.
Malpractice insurance FAQs
Does malpractice insurance cover worker injuries, such as needle pricks?
No, you will need workers’ compensation coverage for accidental injuries to employees.
Healthcare workers are exposed to increasing risks at workplace. If they become ill or injured while doing their work, workers compensation insurance will cover that. And it is required by state laws.
Will malpractice insurance prevent me from being sued?
No, you can still be sued by a patient who thinks you provided them with inadequate or harmful medical services. However, it will pay legal and settlement costs if you are taken to court.
Will malpractice insurance cover me if I’m sued, but innocent?
It’s likely. Malpractice will cover you if you’re found to be innocent in a malpractice lawsuit or if a frivolous one is filed against you by a disgruntled patient.
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