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The term “malpractice insurance” refers to a form of professional liability insurance purchased by healthcare professionals to protect themselves against patients who file lawsuits against them. These legal suits state that the patients have been harmed due to the healthcare provider’s negligence or harmful treatment. In such cases, malpractice insurance covers the healthcare personnel’s legal fees, damage costs, and other associated expenses. The death of a patient is also protected by malpractice insurance. Explanation of Malpractice InsuranceMalpractice insurance is for healthcare providers, which include doctors, surgeons, dentists, nurses, physical therapists, opticians, etc. This insurance policy is also known as professional liability insurance. As per the Insurance Information Institute, there are different varieties of malpractice insurance based on the policy coverage packages. Typically, it covers attorney’s fees, settlement, arbitration, and damages costs, but it doesn’t cover expenses arising from criminal or sexual misconduct. This policy also helps curb the impending requirement of compensating the patients who are the victim of medical negligence. Types of Malpractice InsuranceThere are two significant types of malpractice insurance – claims-based and occurrence-based.
Examples of Malpractice InsuranceNow, let us look at some of the top malpractice insurance providers from across the globe:
Source: PropertyCasualty360 Need for Malpractice InsuranceGiven the nature of medical service, grave risks are inherent in a medical practitioner’s life, so these professionals need professional liability insurance. An average US doctor is expected to face a malpractice charge once every seven years. According to some studies, there has been a significant increase in diagnostic errors in the US, resulting in the death of c.250,000 patients every year. Consequently, lawsuits against diagnostic errors and medical negligence have also increased, and it is believed that c.17,000 lawsuits are filed annually in the US. These facts underline the need for malpractice insurance for healthcare professionals. However, it should be noted that medical professionals working for federal agencies don’t need malpractice insurance as they are covered under the federal government’s self-insurance policy. Sometimes, the state or local governments provide liability protection for healthcare professionals. AdvantagesSome of the significant advantages of malpractice insurance are as follows:
DisadvantagesSome of the significant disadvantages of malpractice insurance are as follows:
ConclusionSo, it can be seen that malpractice insurance is a form of professional liability insurance that helps medical professionals settle claims brought against them by patients due to medical negligence. However, the amount of claims under each policy is defined by the limits prescribed. Recommended ArticlesThis is a guide to Malpractice Insurance. Here we also discuss the introduction, and types of malpractice insurance along with its advantages and disadvantages. You may also have a look at the following articles to learn more –
Who pays most for malpractice insurance?Across all specialties, anesthesiologists paid some of the highest malpractice premiums. Nearly one quarter (24%) reported paying between $10,000 to $15,000 annually for malpractice insurance, and 17% said they paid between $15,000 to $20,000.
What are the most common allegations of nursing malpractice?What Are the Most Common Examples of Nursing Malpractice?. Failing to properly monitor a patient and missing a change in their vital signs.. Failing to respond to a patient in a timely manner.. Failing to call a physician for assistance, when needed.. Failing to update a patient's chart with any changes in his or her progress.. What is the nurse best protection against a malpractice suit?Therefore, the best protection is consistent vigilance and adherence to care procedures on a daily basis, helping you avoid legal liability and malpractice suits.
Is NSO legitimate?Best for Nurses Nurses Service Organization
With comprehensive professional liability policies, low premiums, and other insurance offerings, the Nurses Service Organization is a reliable insurance company nurses can count on for coverage.
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