Healthcare – Medical Professional Liability Insurance

Medical Professional Liability insurance, often referred to as Medical Malpractice coverage or insurance, is a type of insurance that provides protection to healthcare professionals and organisations.

It covers legal costs and damages that may arise from claims of professional negligence or failure to provide the expected standard of care. This can include Professional Indemnity insurance to cover financial loss due to professional errors or omissions and Healthcare Liability protection to protect against claims of injury or damage caused by the healthcare provider.

Medical insurance coverage is essential for healthcare providers, including doctors, nurses, surgeons, dentists, and other medical professionals.

It’s also crucial for healthcare facilities like hospitals, clinics, and private practices.

This insurance helps safeguard these professionals and entities against the financial risks associated with malpractice lawsuits and claims, particularly when dealing with clinical risk.

The cost of Medical Liability insurance varies widely depending on several factors, including the type of medical practice, the healthcare professional’s speciality, location, claim history, and the coverage limits.

High-risk specialities like surgery typically have higher premiums than lower-risk areas.

Medical Liability insurance typically covers legal fees, settlements, and judgement costs associated with malpractice lawsuits.

This can include compensation for patient injuries, medical expenses, lost wages, and punitive damages.

It also often covers the cost of defence, including legal fees (such as solicitors’ or attorneys’ fees) and court costs. Some policies may include coverage for privacy breaches and regulatory fines.