Medical professionals face risks when it comes to lawsuits and claims. So, it’s important to maintain your business insurance, including your professional liability claims insurance. Basically, general liability insurance is okay for most claims related to your business itself. However, it is almost never enough to cover claims related to medical advice given. Without a high level of professional liability insurance, your practice may struggle with its reputation and profits!
First Of All, What Is Professional Liability Insurance?
At its core, Professional Liability Insurance, which is also called Malpractice Insurance, is just protection against a malpractice claim. If someone files a lawsuit alleging that you were negligent while performing services, this insurance steps in and helps you cover the fees to protect yourself in court.
Entity malpractice coverage is similar to your basic malpractice insurance. However, it expands the coverage to include your business entity. To ensure you are protected should someone name your entity as part of their malpractice claim against you, you need an entity policy to cover the fees associated with that portion of the claim. This is important coverage because even if you are not personally found liable for wrongdoing in a malpractice lawsuit, your practice can still be held responsible for damages.
Why does this matter?
Well, it could be required for you to get licensed — and it protects your career and practice’s future.
Malpractice suits are likely more common than you imagine. In fact, Sara Charles, an MD Physician with the Litigation Stress Resource Center, said that there were 16,337 instances of medical malpractice payments between 2006-2017 out of the 19,755 working dentists. Yikes!
Join us to explore 10 metrics that matter when selecting a provider and other important information about Professional Liability Insurance.
Statistic via Dental Professional Liability Claim Report: 2nd Edition
– CNA Healthcare Underwriting & Dentist’s Advantage, 2021
Having malpractice insurance is the very first step. You should also be careful in choosing which company you should work with. Your Professional Liability Insurance and Malpractice Insurance coverage should be strong as the company providing it!
Done Desk helps you predict where risks may arise and actively work with you to select insurance programs that will take care of your practice! Interested in learning more?
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