FAQs – Frequently Asked Questions
Q.1 – What is medical malpractice insurance?
A.1 – This form of insurance covers a healthcare provider in the event that they are sued for a medical error or alleged medical error. This pertains to individuals and groups.
Q.2 – Why do healthcare professionals need medical malpractice insurance?
A.2 – An injured patient, or patients family might hold the medical professional responsible for treatment or a misdiagnosis of a condition.
Q.3 – What does medical malpractice insurance cover?
A.3 – Policies do vary per provider but on average, medical malpractice policies will cover the claims settlement, legal fees and many other policy enhancements minus the insureds deductible.
Q.4 – What factors are taken into account when determining the cost of medical malpractice insurance premiums?
A.4 – There are many factors to consider such as location, scope of work, the insureds specialty, current claims history, experience and hours worked per week to name a few.
Q.5 – Can I be sued for medical malpractice even if I have insurance?
A.5 – Yes. Any medical provider can be sued for medical malpractice. The malpractice insurance policy is there to protect you in that event.
Q.6 – Will my premiums increase if I have a medical malpractice claim filed against me?
A.6 – Most likely. In the event that your insurance carrier pays out a settlement or legal fees, the cost of your medical malpractice insurance may increase.
Q.7 – How do I know if I have the right amount of coverage for my specialty and practice setting?
A.7 – Your insurance professional will advise you on the type of coverage that you need whilst also abiding by the state department of insurance guidelines.
Q.8 – Will my group policy cover me to work at other locations outside of their organization?
A.8 – No. You will need to purchase a separate malpractice policy to cover that specific area(s) of risk that is separate from your group provided policy.
Q.9 – What limits of liability are most common in the United States?
A.9 – The standard limits for most states are $1,000,000 per occurrence and $3,000,000 aggregate. However, you will need to consult your insurance professional to determine the appropriate limits for your state and scope of practice.
Q.10 – How long do medical malpractice insurance policies last?
A.10 – Typically, a medical malpractice insurance policy will last for a 12 month policy period via the date of inception. However, your insurance professional can customize a policy to your needs.