Professional liability insurance, which in case of a medical practitioner is called malpractice liability insurance, is a way of securing a professional from sustaining severe losses from a claim made against them. A medical practitioner is specifically one who needs to have this insurance considering the great risks involved in their job. A claim from a patient may not only incur them financial loss, it will also cause a backlash on their credibility. Naturally, these claims are made in the event of a malpractice that may be of varying cases, pertaining mainly to negligence on the practitioner’s part. Some of the examples are; failure to diagnose, misdiagnosis of, or failure to apply the right treatment to, a medical condition. Even the use of faulty equipment may be enough grounds for malpractice and makes a patient eligible for a claim. If you are involved in the medical field yourself, you certainly have to fortify your professional status with malpractice liability insurance.
Having this insurance is not to say that you are free to slack on the job. As a professional, you are expected to give the highest level of healthcare. Not even the slightest slipup should be held on your account since it will not only risk you have having significant losses, you might also lose your credibility at your job. You should be aware that medical malpractice makes a great impact on your track record as a professional and it will be hard to build up on reputation. With that in mind, malpractice liability insurance should only serve as a cushion to the blow, the effect of the malpractice on your end. It is your safety net if ever something happens whether or not it is deliberate. Of course, the situation can be handled best if the malpractice incident is purely incidental. Regardless of which case though, you can expect the insurance company to be at your disposal throughout.
There are actually two types of medical malpractice which are called occurrence policies and claims made. Mostly people would not be able to tell the difference between the two. So, for your advantage, here are brief explanations for the two types of malpractice liability insurance.
Claims made – these are insurance policies that last for 12 months with a yearly renewal that does not interrupt the coverage. It covers claims that are made after the purchase of the insurance. Premiums are increased yearly until the approximate cost of the occurrence policies are reached, within five years.
Occurrence – it covers all claims, regardless of when the claims are made, during its coverage period. From the moment the period has taken effect, the practitioner will forever be covered by the medical insurance company.
With these two types of medical malpractice liability insurance, it is clear that the medical insurance companies work their way through to safeguard medical professionals. It should be noted though that both of these two types of insurance do not come in cheap prices. However, they definitely benefit you as a medical professional.
Having this insurance is not to say that you are free to slack on the job. As a professional, you are expected to give the highest level of healthcare. Not even the slightest slipup should be held on your account since it will not only risk you have having significant losses, you might also lose your credibility at your job. You should be aware that medical malpractice makes a great impact on your track record as a professional and it will be hard to build up on reputation. With that in mind, malpractice liability insurance should only serve as a cushion to the blow, the effect of the malpractice on your end. It is your safety net if ever something happens whether or not it is deliberate. Of course, the situation can be handled best if the malpractice incident is purely incidental. Regardless of which case though, you can expect the insurance company to be at your disposal throughout.
There are actually two types of medical malpractice which are called occurrence policies and claims made. Mostly people would not be able to tell the difference between the two. So, for your advantage, here are brief explanations for the two types of malpractice liability insurance.
Claims made – these are insurance policies that last for 12 months with a yearly renewal that does not interrupt the coverage. It covers claims that are made after the purchase of the insurance. Premiums are increased yearly until the approximate cost of the occurrence policies are reached, within five years.
Occurrence – it covers all claims, regardless of when the claims are made, during its coverage period. From the moment the period has taken effect, the practitioner will forever be covered by the medical insurance company.
With these two types of medical malpractice liability insurance, it is clear that the medical insurance companies work their way through to safeguard medical professionals. It should be noted though that both of these two types of insurance do not come in cheap prices. However, they definitely benefit you as a medical professional.
No comments:
Post a Comment