What is medical malpractice insurance?
It is liability cover designed specifically for medical professionals, because it caters to the hazards of the medical profession. If a patient alleges malpractice, or suspected malpractice, that results in harm, the policy responds on your behalf.
In the UK you will also see it called medical indemnity insurance. It is designed to protect doctors, nurses, dentists and other healthcare workers from the costs of legal action arising from mistakes or errors made in the course of their work: costs that can otherwise fall on you personally.
Is employer-sponsored cover enough?
Often it isn’t, which is why we advise all of our clients to hold their own liability cover. If you are ever accused of wrongdoing by a patient, they will either claim against your liability insurance or against you. With your own medical malpractice policy in place, you get representation on your behalf and cover for the cost of potential settlements.
Your employer’s policy was put in place to protect the company as well as you, and in a conflict of interest it must put the company first. There can be gaps and fine print you are not aware of until a claim arrives. Our advisors can review your existing employer cover and arrange a policy on top that is tailored to your needs, not the company’s.
Every business is different and there is no one-size-fits-all policy. If you are shopping around, the lowest price should not be the only thing you focus on. Don’t let hindsight teach you the difference between cheap and good value.
What does medical malpractice insurance cover?
It protects the legal liability of medical practitioners. Cover typically includes:
- The cost of your legal defence, provided by your insurer
- Settlement or compensation costs up to the limits set out in your policy
- Costs associated with conduct reviews and disciplinary proceedings before regulatory bodies such as the General Medical Council or the Nursing and Midwifery Council
Any lawsuit can be expensive, but medical malpractice claims tend to carry higher costs for the professional involved, which is why it pays to have a plan in place before you need it. Your schedule and policy wording are the source of truth for the exact cover, limits and any excesses that apply.
Who needs medical malpractice insurance?
Any medical professional who deals with patients should consider it. A claim from a disgruntled patient could cost you a fortune, or even your career. For licensed practitioners like dentists and general practitioners, holding indemnity is mandated by medical regulation; for nurses, assistants and other specialised professions it is strongly recommended. Always consult your regulatory body for further direction.
Having your own cover safeguards your personal assets and financial stability, and it helps protect your professional reputation. You get access to legal support and advice from the moment a claim or complaint is raised.
How does MMI 4u cover work?
Our team of experts is dedicated to protecting your livelihood and your reputation. Our relationships with underwriters at Lloyd’s and London Company Markets (A Rated) allow us to offer comprehensive medical indemnity insurance and protect medical professionals against professional negligence claims.
Start with our online quote. Many professions can buy online, and our advisors review anything that needs a specialist eye. You can also browse cover by profession or call 01773 810072.
You can find out much more in our frequently asked questions.