Malpractice Insurance

What is malpractice insurance?

Malpractice insurance, also known as professional liability insurance, covers doctors, nurses, surgeons, dentists and other medical professionals in the event of a malpractice lawsuit. Malpractice is a medical error that has resulted in an adverse outcome, such as injury or death. In a malpractice lawsuit, the error must be proven to have been caused by negligence or a departure from the standard of care. Malpractice insurance compensates legal fees, regardless of fault, and any damages awarded.

With liability lawsuits on the rise in recent years, medical professionals remain at risk. A lawsuit can mean financial ruin both professionally and personally, including the loss of homes, cars and careers. Malpractice insurance protects your practice and can offset the risk and cost of these events.

What types of malpractice insurance are available?

There are two types of malpractice insurance. While they offer coverage for the same risks, the difference is how and when that coverage takes effect.

• Occurrence: Covers claims that occur while your policy is active. A claim can be reported at any time, even after the policy’s cancellation. Coverage is available with the terms and conditions in effect at the time of the claimed incident.
• Claims-made: Covers claims that both occur and are reported on or after the retroactive date (the first day claims-made coverage begins) and before the policy is cancelled.

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