Healthcare professionals can benefit from carrying medical malpractice insurance. It can provide essential coverages and afford you and your patients peace of mind. In some states, having medical malpractice insurance may be required by law. The team of professionals at Paris Kirwan Associates, Inc. is ready to help you secure the insurance you need. Contact us today to get started.

What Does Medical Malpractice Insurance Cover and What Benefits Does It Provide?

Medical malpractice insurance is specialized professional liability insurance that may provide coverage if a patient or other third party raises a claim of medical negligence, wrongdoing or mistake. It may help pay for the resulting legal fees, settlement costs, arbitration costs and judgments, which may help safeguard your personal assets and savings.

In addition to financial coverage, having medical malpractice insurance may provide other benefits. It may offer peace of mind for both you and your patients, and it may provide a wider clientele base as some individuals may only seek providers who are carrying medical malpractice insurance. It may also assist you in complying with your state laws or employer requirements.

Who Should Consider Medical Malpractice Insurance?

Several healthcare professionals should consider securing coverage, including:

• Individual Physicians
• Group Practices
• Dentists
• Nurses
• Physician assistants
• Therapists
•  Students, residents, fellows or others that provide patient care
• Hospitals
• Ambulatory Surgery Centers

What Types of Medical Malpractice Insurance Policies Are Available?

There are generally two types of medical malpractice insurance policies, a “claims-made” policy and an “occurrence” policy.

• Claims-made policy—This type may provide coverage if the event and the claim occur while the policy is in effect. A tail coverage endorsement may be available to extend a claims-made policy’s coverage.
• Occurrence policy—This type may provide coverage if the event occurs during the policy’s effective period regardless of when the claim is filed.

Your Paris Kirwan Associates agent can discuss available options, benefits, limits and exclusions. Contact us for additional information.

How Much Does Medical Malpractice Insurance Cost?

Several factors go into the cost of medical malpractice insurance, including your specialty and selected type of policy. Your years of experience and location may also affect premiums.

At Paris Kirwan Associates, we are here to assist you in finding the coverage that’s right for you at the best value. We can discuss how policies may supplement coverages you may receive from your hospital or employer. Contact us today for additional information or a quote.