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Malpractice Insurance 101

Who Should Get Medical Malpractice Insurance?

Almost every healthcare professional is eligible for medical malpractice insurance. There are varying types of coverage depending on your occupation – different coverage for physicians vs. physical therapists vs. nurses – and some employers may not cover all jobs. This is why it’s good to look into coverage that you purchase yourself in case you aren’t covered by your employer.

Why Should You Get Medical Malpractice Insurance?

If you have employer coverage, purchasing additional insurance may be a smart idea. Employer-based malpractice insurance does not always cover a healthcare worker 24 hours a day. Extra coverage will also protect a health professional when giving casual advice or acting as a Good Samaritan. If you are named in a lawsuit, your personal coverage can help if legal costs exceed your employer’s policy or if you share your employer-based insurance with co-workers, thereby limiting your coverage.

How Can You Get Medical Malpractice Insurance?

There are two ways a healthcare professional may obtain medical malpractice insurance. The first way is through your employer. Most states require hospitals and clinics to provider malpractice insurance for at least all of their physicians, and every state but Florida requires physicians to have coverage. However, employer-based malpractice insurance may not be enough.

If you’re employer does not offer coverage, you have the option of buying your own malpractice insurance. Coverage is typically provided by private or physician-run insurance companies who specialize in medical malpractice coverage. The cost of insurance is often determined by:

• Limit of liability selected
• Hospital admitting privileges
• Retroactive date on the policy
• Type of medicine practiced
• Type of procedures performed
• Proximity to major city hospitals
• How long you’ve practice medicine
• Prior claims history

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