Medical Malpractice Insurance Policy Information
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Owning a large medical facility comes with many responsibilities. Along with running a practice and its employees, your primary focus is making sure your patients are receiving quality care. With the high volume of patients coming to and from your practice, the chances of mistakes happening are unavoidable. Medical Malpractice Insurance will help cover your practice against claims filed against you for any malpractice events that happen at your medical facility.
What Is Medical Malpractice Insurance?
Medical Malpractice Insurance is a form of a Professional Liability Policy that covers your business including doctors, nurses, technicians and any staff you have employed. If a claim is filed against any of your employees for injury or medical negligence, Medical Malpractice Insurance will help protect you from certain liability claims and damages.
As the owner of a medical practice, the health and safety of your patients, along with your employees is a top priority. Speak with one of our agents today to rid the stress of a potential Medical Malpractice claim against your business.
How Does Medical Malpractice Insurance Work?
There are typically two different types of liability coverage that fall into Medical Malpractice Insurance. The policy limitations depend on two factors; When a claim is filed and when an incident occurs.
Occurrence Policy: An occurrence policy can protect your business from claims filed against you during your policy period, regardless of when the claim is filed. Say that you purchased an occurrence policy in 2016 and decided to cancel in 2020. If a former patient files a claim in 2021 regarding an incident that happened in 2018, your insurance company is still responsible to pay out the claims because the accident happened during your coverage period.
Claims-Made Policy: A claims-made policy covers events that happen and are reported during the specific policy period. If a policy is canceled, any additional claims filed, even if the incident happened during your original policy period, will not be covered, leaving you responsible for all fees. An additional “tail coverage” policy can be purchased as an add-on at the time of cancellation.
Again, let's say that you purchased a claims-made policy in 2016 and canceled in 2020. A claim is filed against you in 2021 for an event that happened in 2018. If you did not purchase the “tail coverage” add-on to your claims-made policy, you are liable to pay for damages.
Tail Coverage: Tail coverage, otherwise known as an extended reporting period, is an additional option that only becomes available when the original claims-made policy is no longer in effect. When the tail policy is officially active, it will extend the limit of a claims-made policy indefinitely, even after the canceling the claims-made policy.
If you purchased a claims-made policy in 2016 and canceled in 2020, but purchased a tail coverage add-on upon cancellation, if someone were to take legal action against you in 2021 for an event that happened in 2018, your previous insurance company is liable to pay the damages because of the indefinite tail coverage.
What Else Should My Medical Malpractice Insurance Include?
There are a few more types of Professional Liability policies that may be very beneficial for your large medical practice. The first being Errors and Omissions Insurance. Errors and Omissions Insurance, otherwise known as E&O insurance will help protect your medical practice from lawsuits that claim you have made a mistake while performing your professional services. This policy will help cover any court settlements and/or costs. That can take a hefty toll on your business if not covered properly.
Another form of liability that your medical facility may benefit from is Employment Practices Liability Insurance, or EPLI. Employment Practices Liability Insurance will protect you from wrongful acts in the employment process. The most common type of claims that are filed and covered under this policy are wrongful termination, discrimination, sexual harassment, and retaliation. With such a large practice, this policy can be extremely handy for you, as you see many candidates for the multiple positions your medical office may have to fill.
Every 39 seconds, someone becomes a victim of a cyber scam. Protect your company and client data with a Cyber Liability Policy. Many business owners do not think of a Cyber Liability policy until it’s too late. Stay ahead of the curve by making sure all of your important stored information is safe.
In some cases, a cyber attack does not have to occur for Cyber Liability to protect your business. Read more about Cyber Liability saving a company almost $150,000 when a physical break in occurred and all data was stolen.
Payroll, Benefits, and HR
As the owner of a medical facility, your specialty is helping people. Let us take the stress of Payroll, Employee Benefits, and HR services away from you so you can focus on what you do best.
We can help you find the right Employee Benefits plan for the hard-working individuals that keep your business going. We also have a simple system to help distribute Payroll to your employees. No more need to sit and calculate your employees pay, we can take care of it for you.
Where Do I Buy Medical Malpractice Insurance?
All of this information might seem a little overwhelming at first, especially when looking for the right coverage for your large medical practice. At Alliance Insurance Group, we pride ourselves with helping your business grow and succeed. Give us a call today and one of our experienced agents will help guide the way.
We will gather information about your medical practice to ensure that you have the proper coverage it needs, all while breaking down everything for you along the way. We know how important it is for you, the business owner, to truly understand your policy, how it works, and what coverage you have, down to the last detail.
Feel free to give us a call at (303) 279-9700, or fill out the form below and one of our agents will reach out to you shortly.