Healthcare & Medical Malpractice Industry Insurance
Healthcare and Medical Malpractice Insurance is essential to any doctor’s insurance policy. Medical malpractice insurance, also known healthcare provider insurance, is a specific type of Errors & Omissions Insurance or Professional Insurance for the health care professional. designed to cover doctors, nurses, dentists, paramedics, nurse practitioners, and other healthcare professionals from costly lawsuits related to care they have provided.
Because of the large sums often sought in this type of lawsuit, medical malpractice lawsuits can bankrupt a healthcare provider; as well as destroying his or her reputation. Comprehensive healthcare insurance may include or cover the following industries and services:
- Outpatient surgery & rehab centers
- Dental Offices
- Podiatry Clinics
- Dialysis Centers
- Chiropractic Centers & Medical Spas
- Radiology and Imaging Diagnosing
- Stand-alone Emergency Care and Urgent Care Centers
… and many more
This policy which defends against an alleged negligent act or omission by a health care provider, or if the treatment provided is not the accepted standard in the medical community. The patient must suffer death or injury for the defense provisions of this policy to be enacted.
The following is a brief premise of a Medical Malpractice case:
- There was a violation of standard care
- There was an appreciable injury due to the deviation from standard care
- That injury resulted in significant damage.
Or, in other words, a duty was owed, a duty was breached, there was consequential damage.
Over 200,000 people are killed every year as a direct result of medical errors in the US. Additionally, over 1.3 million instances of error are reported every year. With such statistics, a large number of medical malpractice lawsuit cases are filed annually, putting health care providers squarely in the target sight of litigation.
Physicians and Medical Practitioners face tremendous pressure from not only the practice of medicine, but also from the business of medicine. Unfortunately, the medical profession is often viewed as an easy target for law suits, because of the perceived high net worth of practitioners and high limits of insurance usually associated with the profession. The first and most obvious threat is that of Medical Malpractice. Other not so obvious exposures are far more numerous and include Network Security, Data Breach, Patient Confidentiality, Sexual Abuse & Molestation accusations, Billing Errors & Omissions, HIPPA Violations, Employment Practices Liability (aka the new slip and fall exposure), vicarious liability, where the risks are inherited by acts of others (employees, contract employees, or shared office personnel).
The following are some key aspects to consider when looking for Medical Malpractice Insurance.
Retroactive / Prior Acts Coverage to make sure prior acts on a Claims Made Policy are covered without the need to purchase costly tail coverage from a prior carrier. We can include prior acts coverage without costly tail coverage.
Consent to Settle, where the carrier cannot settle a case without the physician’s or organization’s consent. This is an important endorsement because settlements are reported to National Practitioner Data Bank where the information will be accessible to hospitals as well as other parties, possibly affecting the physician’s future insurability.
Defense Cost in addition to the Limits of Liability. Medical Malpractice has significantly high defense costs associated with litigation. Policies which have defense costs included in the limits of liability will be cheaper, but may not leave much in terms of a settlement.
Locum Tenens Coverage allows a temporary, qualified, substitute health care professional to provide Professional Services.
Vicarious Liability is liability that can occur even when no actual agency relationship exists. It is liability which exists due to the actions of someone else working in an office; members of the staff, members of the group practice, independent contractors, (massage & physiotherapists, dental hygienists) and virtually any other health care provider who leases or performs a service at a facility. This is of special concern to physicians, dentists, chiropractors etc who share or lease office space, with other professionals. There is no actual agency relationship between the doctors; they are sharing the burden of common expense. However, to a bystander, this may be viewed as a group practice. A person filing a medical malpractice suit against one doctor in the office may name all the other doctors alleging vicarious liability. And, a physician named solely due to an apparent agency relationship (common office space, independent contractor, i.e. massage therapist etc) may not have insurance coverage for this type of vicarious liability allegation.
Cyber Guard / Data Breach Liability offers protection against regulatory claims arising from HIPPA violations, data theft loss, hacking and rogue attacks, accidental transmission of confidential patient and financial information, and also data restoration and recovery.
Billing Errors & Omissions Insurance provides coverage for fines and penalties, as well as legal and audit expense / representation for errors associated with medical billings or violations of HIPPA, STARK or EMTALA.
Product Liability Insurance offers Liability Insurance Coverage for claims by patients who may have been injured or suffered losses by the use of a product. Manufacturers and Distributors of Medical Equipment face special concerns for use of their products. Also of concern is the prescription by physicians for Medical Equipment. (DMEPOS Durable Medical Equipment, Prosthetic, Orthotic, & Supplies). Physicians or Health Care Providers can face Product Liability exposures for losses stemming from the use of the product even though they are not the manufacturers or distributors.
Whether your practice is large or small, having the right protection will determine if your business will be able to sustain and emerge from a lawsuit. Remember that insurance is a very powerful defense tool. It steps in to defend a law suit, when costs of which could easily cripple the assets of an entity, if there is no coverage
We represent numerous Medical Liability Insurance Companies who specialize in Medical Malpractice Liability insurance and the associated Property and Casualty Insurance.
We work to assist Sole Practitioners, Medical Groups, Dialysis Clinics, Surgery Centers, Dental Office, Urgent Care Facilities, Diagnostic Laboratories, Diagnostic Imaging Facilities, Stand Alone Emergency & Urgent Care Facilities, Chiropractic Clinics, Nurse Practitioners, & Massage & Physical Therapy Specialists.
In addition to the Property and Casualty Insurance, we also quote Workers Compensation, PEO Employer / Employee Staffing Options, Group Health Benefits, Disability, Auto, Life and other forms of coverage.