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Malpractice Insurance Companies

Malpractice insurance companies provide a valuable coverage for medical professionals and facilities. This form of coverage is also known as professional liability insurance. Although it is most commonly sold to professionals in the medical field, attorneys, accountants, architects and counselors who do not hold a medical degree also frequently purchase professional liability coverage.

The function of this coverage is to provide insurance for any damages that stem from improper or lack of care. For example, a physician leaving a surgical instrument in a patient who later suffers internal damages from it would be at fault for malpractice. Damages need not be physical, though. If an attorney provides bad legal advice for a client to act upon, then the client is sued by another party, the attorney would be at fault for malpractice. Any form of damage to a client or patient who puts their trust in a professional's services, then is treated with negligence or incompetence, may file malpractice charges.

Malpractice Insurance Companies - What You Should Know

Malpractice insurance companies provide coverage for legal fees, medical care or and several other specific expenses relating to the malpractice lawsuit. Depending upon the nature of the lawsuit, the state of residence, the title of the professional, area of specialty and the insurance company's rules, other specifications aside from legal and medical fees may vary.

Most hospitals and medical facilities require workers with a professional medical license, such as therapists, doctors, dentists or psychiatrists, to purchase malpractice insurance. Some employers make it mandatory, automatically deducting the amount from a paycheck. Physicians and other medical professionals who own their own office or clinic are strongly advised to purchase this coverage. Although it varies in price, it is well-worth every cent if a lawsuit occurs.

Malpractice Insurance Companies vs. Liability Insurance Companies

Statistics show that the number of lawsuits filed against medical professionals is steadily rising. This makes it even more crucial for each of them to have a form of this coverage. It isn't difficult to obtain this form of insurance. Some companies are able to set up a new policy in as little as a week.

Malpractice insurance companies are a much better choice for professionals than regular liability insurance companies. This is because companies that sell simple liability policies only cover physical damages. Intangible damages, such as emotional distress and financial loss, are covered in malpractice policies. Private employers planning to hire a medical professional usually ask to see proof of a medical malpractice insurance policy, so it is crucial to purchase this coverage.

Last modified: May 15, 2011