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Medical Malpractice Insurance

Medical Malpractice Insurance

The healthcare profession is often subject to lawsuits, with thousands of medical malpractice cases filed in the United States every year, according to studies.

If you are a medical professional currently practicing or planning to practice in Colorado, you are required by the state to carry medical malpractice insurance to be allowed to work in hospitals and healthcare facilities. Otherwise, you run the risk of ruining not only your finances but also your career.

Protect Your Professional Reputation to Preserve Your Career

Medical malpractice insurance is a specific type of professional liability insurance targeted towards healthcare providers. It provides protection against medical negligence lawsuits and claims.

The coverage typically reimburses medical malpractice claims such as misdiagnosis, mistreatment of illnesses, medication and surgical errors, anesthesia mistakes, and surgery on the wrong site. Also covered are childbirth-related injuries, premature discharge, physical injuries, mental anguish, leaving items inside a patient’s body, death of a patient, and even referral delays. Moreover, it provides a defense counsel experienced in medical malpractice as well as pays for court fees, lawyer fees, witness costs, settlements, and judgments.

Usual coverage exclusions range from illegal acts, intentional conduct, or sexual misconduct or abuse to misrepresentation, alteration of medical records, and hospital administration errors.

The two most common types of medical malpractice coverage are occurrence and claims-made. An occurrence-based policy compensates for any incident that takes place while your policy is active, whether the claim is filed within or after the policy’s expiration date. A claims-made policy covers any loss that happens after the policy’s retroactive start date and is reported within the policy’s expiration date. You can add a “tail coverage” to the policy so that a claim filed after the expiration period is covered.

Who Needs Medical Malpractice Insurance

A medical malpractice policy is critical for professionals who treat and deal with patients. These include:

  • Physicians
  • Surgeons
  • Nurses and nurse practitioners
  • Residents
  • Medical students
  • Fellows
  • Dentists
  • Physical therapists
  • Psychiatrists
  • Psychologists
  • Other allied health professionals

Factors that Affect Coverage Costs

Insurance requirements vary from one medical professional to another. Therefore, your policy cost can be higher or lower depending on the following variables:

  • Exposure to risk based on professional specialty
  • Type of coverage (occurrence or claims-made)
  • Years of experience
  • Loss history
  • How often you practice
  • Location of practice
  • Liability limits

Secure the Right Coverage from Colorado Agents

We at Southern Colorado Insurance Center will deal with the lurking hazards while you take care of your patients. Reach out to us at 719-329-4441 to know more.