by Nate Jones, CPCU, ARM, CLCS, AU - Wexford Insurance - Greenwood Indiana
Medical Malpractice Insurance or other known as Healthcare Professionals Liability Insurance is essential for any physician or healthcare professional who is currently practicing or has practiced in the past. Medical Malpractice Insurance Coverage helps cover defense costs, expert witness costs, legal fees, and settlement costs from claims arising from allegations of medical negligence and malpractice.
What does Medical Malpractice Insurance Cover?
Wrong Site Surgery
Surgical Errors
Misdiagnosis
Medication Errors
Child-Birth Related Injuries
Other Medical Related Claims
Medical Malpractice Insurance does not cover the following:
Sexual Misconduct
Illegal Acts
What types of Medical Malpractice Insurance can you purchase?
Claims-Made
With claims-made policies claims must be reported when the policy is in place. This type of policy covers claims for incidents which occurred when the policy was in place. Incidents and claims made outside of the policy period are not covered. Additional Coverage will need to be purchased if a physician was practicing before their policy was in place and after their policy is cancelled. These policies are called Nose and Tail Malpractice Insurance.
Occurrence
Occurrence policies cover events that occurred during that specific policy period. It does not matter when the claim was made/reported. Even if the policy has expired or ended there is still coverage for events that occurred during that time period. We always recommend buying occurrence policies because every policy term (year) that coverage is in place, you have full limits for that year.
Example: Physician had an occurrence policy for 20 years with $1M in limits each year. The Physician would have a total of $20M in coverage ($1M per year aggregate) spread over 20 years of practice. If the Physician had a claims-made policy, he or she would have to purchase a tail policy for any claims that arise after retirement.
Types of Physicians that need Medical Malpractice Insurance:
Physicians
Nurses
Physician Assistants
Podiatrists
Medical students
Group Practices
Medical Spas
Hospitals
Dentists
Orthodontists
Hygienists
Chiropractors
Feel free to use Wexford Insurance as a resource for your Medical Malpractice Insurance needs. If we cannot help you, we will point you in the direction of someone who can.