Doctors Professional Liability Insurance

Even the most careful doctors aren't immune to professional errors and oversights that can cause harm to patients and serious financial losses to their practice.

Christine Lacagnina Written by Christine Lacagnina
Christine Lacagnina
Written by Christine Lacagnina

Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.

Reviewed by Cara Carlone
Reviewed by Cara Carlone

Cara Carlone is a licensed P&C agent with 20 years of experience. She has her P&C license in RI and TX and holds CPCU, API, and AINS designations.

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Female doctor using a digital tablet. Find Professional Liability Insurance for Doctors.

As a doctor, you take the health and safety of your patients into your own hands. While you likely have the best intentions, mistakes can and do happen, and it's important to be prepared. Just one seemingly small error or oversight could cause your patient physical harm and other damage. As a result, you could be sued.

Fortunately, a local independent insurance agent can help you get set up with all the doctors professional liability insurance you need. They'll help you get matched to the ideal amount of coverage for your practice. Until then, here's a breakdown of doctors professional liability insurance and why it's so important.

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What Is Doctors Professional Liability Insurance?

Professional liability insurance, otherwise known in the healthcare field as medical malpractice insurance, is needed in case a patient files a claim against a doctor, hospital, healthcare organization, or healthcare professional due to alleged negligence or omission of care. This typically occurs when a patient suffers side effects due to the treatment prescribed by the physician or hospital, such as injuries, disease, or even death. If a client dies due to your professional negligence, their family members may sue you.

Just one simple error could be extremely costly both to the patient and to you. In the event of a professional mistake or oversight, you could have to pay to cover the patient's damages and for the cost of your legal defense in a lawsuit.

Medical malpractice claims can be extremely costly to settle. In fact, the average cost of a medical malpractice settlement in the U.S. is $348,065. Without the right coverage, this could take a devastating financial toll on you and your practice. That's why it's important to work with an independent insurance agent to get the coverage you need.

What Does Medical Malpractice Insurance Cover?

A doctors professional liability insurance policy can reimburse you for many costs associated with professional errors and omissions that cause harm to your patients and their families. These include:

  • Defense costs, including attorney and court expenses
  • Lost income due to attending a trial or deposition
  • Punitive and compensatory damages
  • Arbitration and settlement expenses
  • Medical damages to patients

Ask your independent insurance agent to help you find the right doctors professional liability insurance. Without this coverage, you could have to pay all of the above costs out of your own pocket. Just one medical malpractice lawsuit could result in bankruptcy without the proper coverage.

Who Needs Medical Malpractice Insurance?

Doctors and essentially all other medical professionals need the right kind of medical malpractice insurance. Just a few of the professionals who need this coverage include:

  • Doctors
  • Surgeons
  • Nurses
  • Physician assistants
  • Anesthesiologists
  • Physical therapists
  • Gynecologists and obstetricians
  • Psychiatrists and psychologists
  • Therapists and counselors
  • Specialists

If you work as any of these healthcare professionals, work with a local independent insurance agent to get set up with all the medical malpractice insurance you need.

What Kind of Doctors Professional Liability Insurance Do I Need?

Doctors are usually advised to get medical malpractice insurance that includes at least $1 million in coverage per claim. Your policy comes with both an individual limit, or the maximum amount that will be paid for any one claim, and an aggregate limit, or the maximum amount that will be paid in any policy year for all claims.

Medical malpractice insurance also comes in three main categories:

  • Occurrence policies: Reimbursement is provided to the doctor or healthcare professional as long as the act, error, or omission occurred during the policy period. Coverage applies regardless of when the claim is filed, even if the policy has already been canceled.
  • Claims-made policies: Reimbursement is provided to the doctor or healthcare professional only if the incident occurred and the claim was made within the policy period. These policies typically include a retroactive date to cover incidents that occurred before the policy was in force, but claims that occurred before this date are not covered.
  • Modified occurrence policies: Also known as tail coverage, this extends a policy's protection after its term ends. Retiring doctors and physicians often purchase tail coverage to protect themselves for years to come. You can purchase unlimited tail coverage after the original amount of coverage has expired.

Work with an independent insurance agent to find the right kind and amount of doctors professional liability insurance for you.

Common Claims Against Doctors

Unfortunately, doctors are sued for many reasons. Some of the most common liability claims against doctors and other healthcare professionals are as follows.

  • Failure to diagnose
  • Wrongful death
  • Improper use of medical equipment
  • Recommendation of medications that cause adverse effects
  • Lack of informed consent
  • Abnormal injury
  • Inaccurate assessment

To protect yourself against costly lawsuits resulting from any of these claims, work together with an independent insurance agent to get equipped with all the medical malpractice insurance your practice needs.

What's Not Covered by Doctors Professional Liability Insurance?

A medical malpractice insurance policy won't cover all claims against doctors and other healthcare workers. It's helpful to be aware of what's not included in your coverage before you ever need to rely on it. Your doctors professional liability policy is likely to exclude the following claims:

  • Sexual misconduct
  • Criminal acts
  • Intentional or malicious acts
  • Inappropriate alteration of medical records

Your independent insurance agent can help you review your medical malpractice insurance policy to be certain of its exact coverage exclusions.

How Much Does Medical Malpractice Insurance Cost?

The cost of medical malpractice insurance can vary greatly depending on your profession and other factors. These often include your location, how long you've been practicing, how many hours you work per week, and your personal claims history. Working together with a local independent insurance agent is a great way to find the most affordable doctors professional liability insurance in your area.

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The Benefits of an Independent Insurance Agent

When it comes to helping insurance customers find the absolute best medical malpractice coverage, no one’s better equipped to help than an independent insurance agent. Independent insurance agents search through multiple carriers to find providers who sell doctors professional liability insurance, deliver quotes from a number of different sources, and help you walk through them all to find the best blend of coverage and cost.

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https://www.iii.org/article/understanding-medical-malpractice-insurance

https://www.boohofflaw.com/settlement-for-medical-malpractice/