Medical Malpractice Insurance

What is Medical Malpractice Insurance?

It’s technically titled medical professional liability insurance but most commonly known as medical malpractice insurance. It’s liability coverage offered to medical professionals, like doctors, nurses, dentists, etc., that provides insurance coverage in the event of any malpractice or suspected malpractice that results in harm to the patient. It’s an insurance designed for medical professionals because it caters to the hazards of the medical profession.

Is employer-sponsored insurance enough?

Often it isn’t, which is why we advise all of our clients to obtain their own liability coverage. If you are ever accused of wrongdoing by a patient, they will either sue your liability insurance or they will sue you. In the event that you’re sued, your medical malpractice insurance will provide adequate representation on your behalf and cover the cost of potential settlements.

That’s why we always recommend you check that your policy covers what your business needs.

Every business is different and there’s no one-size-fits-all policy. If you’re shopping around, the lowest price shouldn’t be the only thing to focus on. You really do get what you pay for.

No one wants to pay over the odds, obviously, but don’t let hindsight be the one to teach you the difference between cheap and good value.

What does medical malpractice insurance cover?

It protects the legal liability of medical practitioners. It covers the cost of your legal defense provided by your insurer and will cover the costs of a settlement if one is reached, up to the limits set forth in your policy. Any lawsuit can be expensive but medical malpractice suits tend to have higher monetary costs for the medical professional. This is why it’s pertinent to have a plan in place that effectively protects you.

Additionally, medical malpractice insurance will help with the costs associated with conduct reviews performed by peer panels. It will even provide supplemental income should the peer review result in missed work and lost wages. It’s rarely enough to rely on employer-sponsored coverage. Before you know it, you could end up with a malpractice lawsuit and find yourself footing the bill all on your own because of some ambiguous exclusion in your employer’s policy. You have to remember that your employer’s policy was put into place to also protect the company. There can be gaps and fine print in your company coverage of which you are not aware. This is especially the case in conflicts of interest cases where the employer’s coverage must put the company first. By utilising our expert agents, we will review your current employer coverage and stack a policy on top of this coverage that’s tailored to your needs, not the company’s needs.

Who needs medical indemnity insurance?

Any medical professional that deals with patients on a daily basis should get medical malpractice insurance. In our highly litigious society, a lawsuit by a disgruntled patient could cost you a fortune or even your career. So make sure that you have the right medical cover for your profession.

For licensed practitioners like dentists and general practitioners, it’s mandated by medical regulations. But for assistants, nurses, and other specialised professions, it’s strongly recommended that you are also covered. All it takes is one allegation by a disgruntled patient to trigger a lawsuit and the subsequent court costs. Always consult your regulatory body for further direction.

Medical indemnity insurance is a type of insurance that is specifically designed to protect medical professionals in the UK from the costs of legal action arising from mistakes or errors made in the course of their work. This type of insurance is essential for doctors, nurses, dentists, and other healthcare workers, as it can provide financial protection against claims made by patients or their families.

In the UK, medical indemnity insurance is typically provided by specialist insurance providers who understand the unique risks and challenges faced by healthcare professionals. These providers offer a range of policies, with different levels of coverage, to suit the specific needs of individual professionals.

Medical indemnity insurance covers a wide range of potential legal expenses, including compensation payments to patients, legal fees, and other costs associated with defending a claim. It can also provide protection for professionals who face disciplinary action from regulatory bodies, such as the General Medical Council or the Nursing and Midwifery Council.

Having medical indemnity insurance in place is important for a number of reasons. Firstly, it provides financial protection for healthcare professionals, helping to safeguard their personal assets and financial stability. Secondly, it can help to protect the reputation of professionals and their practices, by providing access to legal support and advice in the event of a claim.

How does MMI 4u coverage work?

Our team of experts are dedicated to protecting your livelihood and your reputation. Our special relationship with various underwriters at Lloyd’s and London Company Markets (A Rated) allows us to offer comprehensive medical indemnity insurance and protect medical professionals against professional negligence claims.

You can find out much more information in our frequently asked questions page.