During medical treatments, a patient can get well or their condition can worsen. If a patient's condition worsens and the doctor didn't do enough to stop it, the patient can sue the doctor claiming negligence. That's why doctors have medical malpractice insurance or medical professional liability insurance to cover such claims. However, this insurance type isn't common, and you may have some questions about this type of insurance plan. These FAQ will cover important aspects of the insurance giving you all the information that you need.
What's Medical Malpractice Insurance?
This insurance covers against lawsuits that patients file due to medical mistakes that cause further damage to the patient's health or death. Hence, the product is a must-have for every healthcare provider since medical errors can happen at any time. Malpractice court cases can be costly as doctors must settle legal fees, professional witness charges, or evidence collection costs. And if the court finds that the medical expert is liable, the doctor must compensate the plaintiff. Medical professional liability insurance can cover part of these expenses and reduce a doctor's financial burden.
What Do Medical Malpractice Insurance Policies Cover?
Typically, medical professional liability policies insure against body injuries and personal injuries such as mental distress. If medical mistakes occur, the medical malpractice insurance agency's job is to do a deep investigation to determine that a severe patient outcome isn't due to a doctor's negligence. Additionally, the policy covers lawsuits that target peer review panels. If a peer review medical decision leads to health complications or income loss, the panelists may need an attorney to defend the panel's decision or practice licenses. Some medical malpractice policies offer a set amount to cover this legal representation.
What's Excluded From Medical Professional Liability Insurance?
Every medical professional liability insurance policy is unique, and what's covered in one policy may not be covered in another. However, there are common conduct-related exclusions that the policies don't cover. These include sexual impropriety, medical records tampering, illegal conduct, and intentional misrepresentation of information on the insurance application form.
What's the Cost of Medical Malpractice Insurance?
The cost of medical malpractice insurance policies depends on the statistical risk associated with a given medical area of specialization. Also, the medical procedures the doctors perform affect the cost. For instance, a brain surgeon will probably pay more for malpractice insurance than a dentist. More so, the insurance costs vary across insurance companies and states. Therefore, inquiring from insurers is the best way of knowing the exact cost.
With these FAQ, you now know the definition of a medical malpractice insurance policy, what most insurance covers and excludes, and what affects the insurance cost.
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