3 Things To Know About Medical Malpractice Insurance

If you are a medical professional, having medical malpractice insurance is a must. While your goal is likely to provide the best care possible, occasionally mistakes do happen, and when it comes to medical care, even small errors can have a very big impact. Medical malpractice insurance is something that can protect you in case of an error or a perceived error in the care you provide. Here are three things that you should know when it comes to this type of insurance.

You May Want Your Own Policy

If you work for a medical group, chances are that they have a policy already in place. If this is the case, you may feel like you can skip out on having your own policy. However, in some cases, you may also want to have additional coverage. Look carefully at your employer's policy in order to determine whether or not additional coverage is a good idea. While a group policy often provides coverage in certain instances, there may be gaps in the coverage that could cost you significantly in the event of a lawsuit. The cost of coverage will depend on your specialty and the type of policy you choose. Most medical professionals pay $7,500 per year, though the rate for surgeons is typically between $30,000 and $50,000 per year.

Types of Policies

Another thing to know about medical malpractice insurance is that there are different types of policies. Most policies are either claims-made or occurrence-made. A claims-made policy protects you as long as the policy was in effect when the alleged malpractice occurred and when the claim was first reported. An occurrence-made policy is a little different in that it covers you for events that happened while the policy was in place regardless of when the claim was made. Before choosing a policy, it's important to check to see which one works best for your needs.

Coverage Limits Exist

With coverage limits, there are two types. The first is the per-occurrence coverage limit, which is the most they will pay for a single claim. There are also aggregate limits, which are the amount your policy will pay out on all claims made in one year. The per-occurrence coverage limit typically ranges from $100,000 to $300,000. The aggregate coverage limit is typically between $1 million and $3 million for the year. 

For many medical professionals, medical malpractice insurance is a must. There are a few things that you should know if you are thinking about a policy. First, you may need your own policy even if you are covered by a group policy. There are also different types of policies available. It's important to find one that suits your needs. Most policies also have coverage limits to what they will pay out. It's important to know this information and make sure that you are adequately covered.