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Resources | Frequently Asked Questions
What is Medical Malpractice? Medical malpractice is defined as negligence committed by a professional health carrier provider resulting in harm to a patient or patients. This arises when the doctor, nurse, dentist, technician, hospital or hospital worker's performance of duties departs from what is considered standard for those with similar training and experience. What is medical malpractice insurance? Medical malpractice insurance is insurance that covers healthcare professionals for such things as court costs, settlements and damages associated with a malpractice lawsuit. Why do I need medical malpractice insurance? Generally speaking, medical malpractice insurance comes into play when you are named in a lawsuit by a patient or patients. Without it, you could be held personally liable for court costs and for settlements and damages. What should I look for? The insurance company you choose should be well-established and financially sound. They may be "admitted" in your current state and should be ranked. That is why it is not always best to choose the carrier with the lowest premiums. The details are complicated, so please call us for suggestions and help. How much coverage do I need? The amount of coverage that you need depends on a number of factors including income, assets and affordability. Please contact us for a policy tailored to your practice. Are all medical practice policies essentially the same? No. There can be significant differences in coverage such as the availability of coverage for ancillary personnel, etc. How are premiums calculated? Depending on the type of policy that you have, premiums will be calculated differently. The most important factor is experience or predicted experience. "Claims-made" policy premiums are based on actual "experience," or the number and severity of claims made. "Occurrence" policy premiums, on the other hand, are based on a projection of your experience. In addition, both types of policies take into account your speciality and geographic location. |
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