Professional liability / medical malpractice insurance for healthcare providers

Healthcare professionals are all too aware of the consequences of a mistake or oversight. If a patient or relative sues, your small practice could face a financially devastating lawsuit.

Professional liability insurance, sometimes called errors and omissions insurance (E&O), offers the protection your healthcare business needs to continue providing its services while handling a lawsuit. In the healthcare industry, you may see it called malpractice insurance, however these policies aren't exactly the same.

Professional liability provides liability coverage related to:

• Failure to uphold contractual promises
• Incomplete or substandard work
• Missed appointments and undelivered services

Malpractice insurance covers medical professionals when they are blamed for harming a patient, such as:

• Pain, suffering, or mental anguish caused by you to a patient
• Medication errors
• Misdiagnoses
• Failure to monitor a patient
• Failure to refer a patient

These types of coverage can be required by some states and healthcare facilities.

It's easy to get free quotes for medical malpractice insurance with Insureon. We'll ask you for basic facts about your business to help you find coverage that matches your unique risks and meets the requirements in your state.

Contact our dedicated medical malpractice insurance specialist to get started.

Even the most experienced healthcare providers can make a mistake or be sued for a claim of substandard care, such as misdiagnoses, surgical errors, and medication errors, as well as violating a patient's privacy.

Professional liability and medical malpractice insurance can help cover the cost of legal defense, including the cost of hiring a lawyer.

Specifically, this type of insurance coverage will help protect your practice from:

Nurses, home healthcare providers, and other healthcare professionals are highly susceptible to claims of negligence. For example, a patient could claim that a nurse’s neglect caused bed sores. If the patient files a lawsuit, professional liability insurance can cover legal expenses, such as the cost of hiring an attorney.

A physical therapist who offers faulty advice could end up worsening a patient’s condition. If that patient sues and you don’t have proper coverage, you could end up paying for a legal defense with your own assets.

Medical malpractice insurance can cover expenses related to the lawsuit, including a court-ordered judgment or settlement.

Even if a claim is frivolous, an alleged error could still result in a costly lawsuit. For example, a patient could hold a radiology lab responsible for a delay in paperwork, even if it was beyond the lab's control. Professional liability insurance can help pay for your legal costs so you can keep practicing despite a lawsuit.

If a customer accused your practice of violating their privacy under the Health Insurance Portability and Accountability Act (HIPAA), it would probably be a covered claim under your professional liability insurance coverage.

Medical professional liability insurance for healthcare professionals can include additional types of coverage for unique risks, such as:

• Professional license defense coverage, often referred to as personal liability
• Biomedical defense coverage
• HIPAA defense coverage
• Sexual misconduct defense coverage
• Telemedicine coverage

Personal liability insurance provides protection in the case of a medical license complaint against a registered nurse (RN), licensed practical nurse (LPN), or other healthcare professional.

This coverage, not included in most employer liability protection plans, pays for an attorney to defend your license, regardless of whether there was any wrongdoing.

Medical malpractice and professional liability insurance policies can help cover the cost of lawsuits related to your business decisions and medical care, but they don't offer a complete risk management plan. Slip-and-fall injuries and property damage are daily risks for any healthcare business.

Other insurance products to consider include:

General liability insurance: This policy can pay for legal defense costs related to patient property damage and accidental injuries, along with advertising injuries such as slander. It's also often required by landlords when signing a commercial lease.

Business owner’s policy: A BOP bundles general liability coverage with commercial property insurance, often at a lower rate than if the policies were purchased separately.

Workers’ compensation insurance: Most states require this coverage for healthcare businesses with employees. Workers’ comp can cover medical expenses for work-related bodily injuries and illnesses.

Commercial auto insurance: State laws require this coverage for vehicles owned by a business. It helps cover the cost of an accident involving a business vehicle.

Cyber insurance: This policy helps healthcare professionals survive data breaches and cyberattacks by paying for recovery expenses and other associated costs.

Are you ready to safeguard your healthcare company with malpractice insurance or another policy? Complete Insureon’s easy online application today to get quotes from top U.S. insurance companies.

For medical malpractice coverage, you can contact our dedicated insurance agent by sending an email to [email protected] or by calling (312) 854-2919.

Once you find the right policy, you can begin coverage and get peace of mind in less than 24 hours.