Introduction
Malpractice insurance is a type of policy that is designed for professionals especially those in the health care sector. This gives them cover in instances when they may be sued by their clients for medical malpractice. The medical field is tricky and doctors are required to apply due diligence and handle their patients professionally, which also means that they must give accurate diagnosis to a patient. Mistakes happen and the court may find that the doctor acted negligently and caused the patient harm. In such an event, the doctor is supposed to pay for damages; this is where malpractice insurance steps in. Nurses, doctors, surgeons and any other medical professionals should consider having malpractice insurance which is also referred to as personal liability insurance. The medical industry is the biggest market for malpractice insurance; however, there are also other fields which can benefit from this cover.
History
Malpractice insurance is aimed at protecting policy holders from lawsuits filed by their patients. However, most covers include other personal coverage’s depending on the provider. The values also vary depending on the state and as per the statutes which apply to malpractice in a given area. Contrary to common belief, malpractice insurance does not only benefit doctors, other professionals who can be covered include: nurses, dentists, optometrists, therapists and diagnostic laboratory assistants. Schools which specialize in medicine can also take covers to protect their faculty.
Features
Malpractice insurance ranks as one of the most expensive covers, since the risks are high and the claims made are often very huge. A doctor’s action may result in the death of a patient which is very expensive for the insurance company. Premiums rates depend on the field of medicine, coverage needed and if the policy is tailored for a group or an individual. The statutes in a given state and location can also affect the premium rates charged. In some regions, this cover is mandatory and it is wise for health workers to protect themselves using malpractice insurance since having to pay for damages out of one’s pocket is enough to render you bankrupt. The choice of an insurer is very critical. When selecting a malpractice insurance provider, it is wise to go for a company that specialists in this field. Be on the lookout for competitive rates because this type of insurance is already very expensive. The provider should also have a good track record of settling claims in a timely manner.
Tips and comments
The cover is also ideal for contractors and even architects and in general anyone who engages in a task than can harm the public. Many malpractice insurance firms cater for specific groups; your search should be focused on the right carrier who can best address your case. It is best to go for customized packages which apply to your profession. When you identify a good provider, you should do background check on the company. The insurer you pick should be highly ethical and reputable. Ensure that you read reviews posted by previous clients, this will tell you if that particular company processes claims in a fast manner.
