The Importance of Professional Malpractice Insurance

Professional Malpractice Insurance

If you are in the medical or legal profession, then you absolutely must have professional malpractice insurance. There are a variety of reasons for this. At many hospitals, physician practices, law firms and other facilities insurance coverage is required. Even if you are a solo practitioner you may be required to carry malpractice insurance before you can open a practice. Luckily there are many different malpractice insurance providers for different types of professionals.

Even if you are an assistant to a higher professional like a nurse or dental hygienist, you should still consider becoming insured against malpractice. This is because these professionals are also being sued – it’s not just the doctors that are having suits brought against them. And, it is not even necessary to cause a catastrophic disaster before a patient will sue. Some suits are frivolous while others may be outright false. Regardless, even a fraudulent lawsuit can damage your career and your finances. It is a good idea to carry some kind of insurance to protect yourself.

When shopping around for malpractice insurance, also called personal liability coverage, you will find it is more expensive than if you were trying to insure your personal health, home or automobile. There are policies for small offices that may only cover up to $100,000 then there are policies meant for large facilities that get up in the millions of dollars. There is something for every level of practicing health or legal professional. How much the premiums are going to cost depends on the cost of the policy and various factors that are different for each individual.

Obtaining professional malpractice insurance is not much different from other types of insurance. First, you should aim to get quoted by three to five different companies in order to get an idea of which ones are best for you. After you have compared quotes (which are often free) from several companies your list can be narrowed down to the best few. Then you may want to meet with an agent in person or speak with one over the phone and ask any questions you may have. Finally, after you have chosen a company you will submit a formal application for malpractice coverage and it will be reviewed by underwriting and either approved or denied. If denied, you may want to look into companies that offer professional policies for high risk clients.