Malpractice Insurance

Malpractice Insurance

Whether you work in a clinical or non-clinical setting, Malpractice Insurance is critical to your business’s well-being.

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Claims Examples

Coverage

Problem: During a busy shift, you accidentally mislabel and administer the wrong prescription to a patient who suffers a severe reaction to the medication.

Outcome: Your patient sues you for negligence. Your Malpractice Insurance covers the legal expenses and medical fees, totaling $50,000.

Coverage

Problem: When reviewing your client’s health history, you fail to notice an injury that may be aggravated by the treatment you recommend. The patient proceeds with the treatment, exacerbating the old wound.

Outcome: The client sues you for neglect. Your Malpractice Insurance covers the medical expenses and legal fees, totaling $47,000.

Coverage

Problem: After a physiotherapy session, a patient accuses your employee of touching them inappropriately. 

Outcome: You patient names your practice in a lawsuit, citing emotional distress. Your Malpractice Insurance covers the legal expenses and monetary judgment, totaling $102,000. 

Malpractice Insurance, Explained.

What is Malpractice Insurance?

Malpractice Insurance is a policy package that provides financial protection for medical professionals against claims or lawsuits related to their professional activities, such as allegations of misconduct, negligence, errors and omissions, and equipment or treatment-related injuries.

What does Malpractice Insurance cover?

Malpractice Insurance is a type of healthcare professional liability insurance and typically includes coverage for legal costs and damages related to the following coverage areas:

  • Professional Services
  • Treatment-Related Injuries
  • Failure to Monitor
  • Failure to Inform 
  • Failure to Communicate
  • Substandard Treatment

What is the cost of Medical Malpractice Insurance?

The cost of Malpractice Insurance will vary based on your profession and the services you offer.

The following factors are typically taken into consideration when determining the cost of your premium:

  • Profession and Services Offered
  • Training and Experience
  • Number of Employees
  • Annual and Projected Revenue

Who needs Malpractice Insurance?

Any medical practitioner offering professional healthcare services to the public, including consultations, advice, and prescribing, should consider Malpractice Insurance.

Malpractice Insurance is required to practice by most health professions (e.g., physicians, therapists, etc.) and medical associations/colleges.

What is not covered by Malpractice Insurance?

Malpractice Insurance does not typically provide coverage for: 

  • Contractual liability; 
  • Intentional criminal acts; 
  • Criminal, dishonest, or fraudulent acts (you need Crime Insurance); 
  • Cost guarantees or price estimates; 
  • Sexual misconduct; or, 
  • Falsification or alteration of medical records.

What are the two types of Malpractice Insurance?

There are two basic types of Malpractice Insurance: occurrence and claims-made. An occurrence-based policy will cover incidents that occur within the policy period, regardless of when you file the claim.

 A claims-made policy will cover incidents that occur during the policy period so long as the claim is made within the policy period. These policies typically include a ‘tail coverage’ or extended coverage periods. Speak to your broker to determine which option is better for you.

Frequently Asked Questions

What is the difference between personal injury and medical negligence (medical malpractice)?

Medical negligence (injuries from medical malpractice) is a form of personal injury. Personal injury claims deal with a wide variety of areas where the claimant suffers an injury through no fault of their own, for example, dog bites and slip and falls. Medical negligence (or malpractice) claims only concern mistakes or carelessness carried out by medical professionals. Medical malpractice claims tend to be a lot more complex and thoroughly analyzed too.

What is the difference between malpractice insurance and professional liability insurance?

Malpractice insurance is a type of professional liability insurance that protects medical practitioners from errors caused by negligence in their service. Most medical practitioners are sued at one point or another in their career. Malpractice insurance is curated to cover the common risks that most doctors and other medical practitioners are likely to face.

What is classified as medical malpractice (or medical negligence)?

Medical negligence refers to a breach of duty by a health professional that results in harm and loss to a client or patient. Negligence can take several different forms, including but not limited to misdiagnosis, incorrect treatment, delay in providing treatment, mistakes in surgery, etc.

Other business insurance coverage options to consider:

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