Why have malpractice insurance

These employees often need malpractice policies. Yet, coverage must apply to the risks they might encounter in their specific duties. Often, hospitals will require medical students to carry their own malpractice insurance. Generally, medical students stand to lose the most following a malpractice claim. Therefore, coverage can prove critical to their own protection. All physicians within the practice need medical malpractice insurance.

However, every doctor is different. Therefore, the coverage they need might vary. Again, while many facilities provide a degree of malpractice coverage, most physicians need their own policies. Both physicians and physician assistants need coverage. Surgeons often reside in a special field of their own. Therefore, they'll often need more tailored coverage than attending physicians.

Coverage should apply, in all cases, both inside and outside the operating room. Most nurses work in a diversity of scenarios. Indeed, many do not focus on a particular specialty, like some physicians. Therefore, they need malpractice coverage to apply to their risks, uniquely.

Depending on a nurse's duties, the type of coverage they need might vary. If your facility uses contracted nurses, they might have coverage from their own employer. Nevertheless, check your own policy to see how it applies to those working on your premises. You don't want to place the facility in a bind in case a patient holds both parties responsible for a loss. These are not the only people within a facility who need malpractice insurance.

Others who need coverage might include:. Yet, the protection these parties need might differ from a standard medical malpractice policy.

In some cases, for example, they might need what is better termed a professional liability policy. These policies need to apply to professional mistakes these parties might make in the course of their duties. A broader professional liability policy might apply to other groups within the facility, like accountants and legal counsel.

Therefore, you might need several types of liability coverage. So, when the time comes to get a liability insurance policy, talk to one of our agents. Healthcare professionals can avail a malpractice insurance cover against the payment of the premium amount. Such professional indemnity insurance plan from Bajaj Finserv is available at an affordable premium starting from Rs. Avail malpractice coverage to stay financially protected from specified claims.

Complete hassle-free steps and submit necessary documents to enjoy a fast-tracked claim redressal. Doctor Loan Interest Rates. Healthcare Finance.

Medical Practice Loan. Apply For Doctor Loan. Doctor Loan Eligibility Criteria. Download App Bajaj Finserv App. Tail coverage may be an appropriate item of negotiation with a prospective new practice.

Occurrence policies differ from claims-made insurance in that they cover any claim for an event that took place during the period of coverage, even if the claim itself is filed after the policy lapses. In general, this type of policy does not require tail coverage, although this type of insurance is usually significantly more expensive and less frequently offered by employers.

It is also important to understand the finer details of your medical malpractice coverage. Policies typically cover a range of expenses associated with defending and settling malpractice suits, including attorney fees, court costs, arbitration and settlement costs, medical damages, and punitive and compensatory damages.

Medical malpractice usually does not cover liability that arises from criminal acts or sexual misconduct. It is critical to know what your insurance policy would specifically cover and what it does not to make sure you are adequately protected.

It is also important to know the amount of coverage for each occurrence and all claims that may be made against you. Although some states require minimum amounts of coverage for both the amount per each claim and the total of all of the claims that may be made, it is important to discuss the potential need for additional coverage above these minimums with a professional malpractice insurance consultant or institutional risk manager to ensure that your personal assets are protected.