The Best Protection For Health Care Workers: Medical Malpractice Insurance

TLTR: This article discusses what medical malpractice insurance is. How it works, and why all medical professionals must have it. 

The year 2020 was hard on nearly everyone. But it was a living, breathing nightmare for those who work in the medical industry in particular. The Washington Post reports that three out of 10 healthcare workers are considering leaving their profession. Which is due to serious burnout and emotional trauma.

Obviously, these issues understandably, have an effect on a healthcare professionals’ work. The rate of malpractice suits have increased since the pandemic began. Under these circumstances, medical malpractice insurance is more important for healthcare workers than ever.

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What Is Medical Malpractice Insurance?

By and large, medical malpractice insurance is a type of professional liability insurance. The policy covers practicing physicians, nurses, and other healthcare professionals. The policy is especially intended to provide coverage to medical professionals whose services may be seen as leading to a patient’s injury or death.

In a statistic reported by CNBC, errors by medical professionals are the third leading cause of death in the U.S.  Doctors enjoy a well-respected status in our society, but, at the end of the day, they’re no more perfect than anyone else.

good medical malpractice insurance

Who Needs It?

Concurrently, here is a detailed list of all the professionals who can benefit from medical malpractice insurance:

  • Nurses
  • Physical therapists
  • Practical nurses
  • Yoga instructors
  • Personal trainers
  • Physicians
  • Assistants (to nurses/physicians)
  • Anesthetists
  • Registered Nurses
  • Chiropractors
  • Surgeons
  • Pharmacists
  • Dentists
  • Optometrists
  • Psychiatrists
  • Counselors/therapists
  • Nursing/medical students and more

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How Does Medical Malpractice Insurance Work?

The Atlanta Journal-Constitution recently reported a case of about a malpractice lawsuit. Evidently, the article follows a family who filed the suit after their teenage son died in the Fulton County Jail. They allege that the death could have been prevented and was due to the healthcare provider’s negligence.

Cases like these happen on a regular basis. The policy covers all these scenarios and more:

  • Medication prescription mistakes
  • Childbirth injuries
  • Misdiagnoses
  • Surgical mistakes
  • Lastly, cases related to wrong-site surgery

company medical malpractice insurance

Why Is Medical Malpractice Insurance So Expensive?

Before understanding the costs of the policy, let’s discuss the different types:

  1. Claims-made: This policy covers you for any incident that may occur while the policy is in place. For example, say your contract is from 2020 to 2025. Any claim made in this timeframe will be eligible for coverage.
  1. Occurrence-based: This policy focuses on the date of the incident that led to the claim. For example, if your policy covers you from 2020 to 2025, and your incident occurred in 2024, then the policy will have you covered even if the claim is made after 2025.

Medical malpractice insurance has various factors that determine the cost of the premium. These are:

  • Location: Some states require you to have a minimum amount of coverage in order to practice. That amount varies from state to state.
  • Specialization: If you’re a cardiovascular surgeon, for instance, your medical malpractice insurance premium is likely to cost more than that of a nurse.
  • Coverage limits: If you purchase a policy that has a high coverage amount, then you are going to have to pay more and vice versa.

Basically, roughly averaged, a medical malpractice premium can cost you about $7,500 per year.

In Conclusion

According to the Medical Malpractice Center, 195,000 patients die each year due to preventable mistakes. This is the sad reality. Getting medical malpractice insurance is necessary to your career as a health care professional.

So, was this article helpful? Let us know in the comments below!

Check out our agent directory to see which insurance agent is the best to get you started on medical malpractice insurance today!

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