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.

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.