Physicians, surgeons and other medical professionals should be covered properly to insure financial security. Your broker can give you the comprehensive details of medical malpractice insurance, but the basics include what types of situations the policy will cover and the fees and damages that will be paid.
When You Will Need Coverage
In the circumstance of injury or wrongful death of a patient, medical malpractice insurance covers you if you were at fault due to:
- An error or omission
- Failure to follow medical standards
What the Policy Will Pay For
These types of policies cover all types of practices from plastic surgeons to pediatricians. If you are sued due to one or more of the above situations, the insurance will pay for:
- Court fees
- Defense costs
- Damages or settlements up to selected limits
Speak with your broker about specific details for coverage and liability limits due to the fact that defense costs can add up and leave less available compensation for damages and settlement fees. The policy can be written to insure you for coverage outside of the liability limits.
Work Closely With Your Broker on the Details
After knowing the basics of medical malpractice insurance, you should consult a professional broker to get a personalized fit.This will insure your financial future and keep your medical practice healthy and sustainable.