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Understanding Medical Professional Liability Insurance

Medical professionals, like doctors, nurses, and other healthcare providers, are dedicated to providing high-quality care to their patients. However, accidents and mistakes can happen in any field, including healthcare. Medical professional liability insurance is a form of protection for healthcare professionals. Also known as medical malpractice insurance, this insurance covers damages in the event of a lawsuit that may result from patient care.

Below, the trusted insurance professionals at Unity Insurance discuss what medical professional liability insurance is, who needs it, and how it works.

What is Medical Professional Liability Insurance?

Medical professional liability insurance is a form of insurance coverage that protects healthcare professionals from lawsuits related to medical malpractice. Medical malpractice is a legal term that refers to a healthcare provider’s failure to provide an acceptable standard of care, resulting in harm or injury to a patient. Malpractice coverage provides protection for legal defense costs, settlements, and judgments in case of a malpractice lawsuit.

Who Needs Medical Professional Liability Insurance?

Medical professionals who are at risk of being sued for medical malpractice, such as doctors, nurses, dentists, and other healthcare providers, should consider getting medical professional liability insurance. Insurance is especially essential for those in high-risk professions, such as obstetrics and surgery. In these specialties, the danger of severe damage is higher.

In addition, medical professionals who work in private practice or own their own practice are typically responsible for obtaining their own policies. This type of insurance can protect their practice and personal assets in case of a malpractice lawsuit.

Insurance requirements can also vary by state and by the employer. Some states require healthcare providers to carry a certain amount of medical malpractice insurance, and some employers may provide coverage for their employees. It’s important for medical professionals to check with their state’s medical board and their employer to determine if insurance is required or recommended.

What Does Medical Professional Liability Insurance Cover?

Medical professional liability insurance works by providing coverage for legal costs associated with a malpractice lawsuit. If a patient files a lawsuit against a medical professional, the insurance company will provide legal defense and cover the costs of any settlements or judgments up to the policy limit. The policy limit is the maximum amount of coverage that the insurance company will provide for each claim. 

It is worth mentioning that medical malpractice insurance plans usually have deductible amounts, which are sums that must be paid by the insured prior to the insurance policy taking effect.

Medical professionals can protect their practice and their patients by understanding their insurance needs. An experienced insurance agent, like the ones at Unity Insurance, can help you determine your specific coverage needs to ensure you have the right coverage in place.

Speak to a Unity Insurance Agent About Liability Insurance for Medical Professionals Today

At Unity Insurance, we know insurance plays a vital role in every stage of your business and we understand the specific challenges that business owners experience. Our professionals provide guidance and support to ensure you make the right decisions regarding liability coverage, as well as other types of professional liability insurance options. We work with our clients to provide the best plan to suit business needs. Call 410-539-6642 today to learn how the experienced insurance agents at Unity Insurance can help you make sure you are protected.