The Specialty Medical Malpractice Insurance Guide
Medical Malpractice Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Medical Malpractice Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Medical Malpractice Insurance policies they might need to do business.
Learn about Specialty Medical Malpractice Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Medical Malpractice Insurance Types
Click on the links below to learn more about Specialty Medical Malpractice Insurance types and coverages:
- Acupuncture Specialists Liability Insurance
- Ambulance Service Medical Malpractice Insurance
- Anesthetists Professional Liability Insurance
- Birth Centers Liability Insurance
- Blood Banks Professional Liability Insurance
- Chiropractors Professional Liability Insurance
- Clinical Laboratory Medical Malpractice Insurance
- Dental Hygienists Professional Liability Insurance
- Dentists Professional Liability Insurance
- Dieticians And Nutritionists Professional Liability Insurance
- Emergency Medical Technicians Errors And Omissions Insurance
- Emergency Service Organizations Insurance
- Excess Malpractice And Professional Liability Insurance
- Hospital Professional Liability Insurance
- Massage Therapists Professional Liability Insurance
- Medial And Radiology Laboratories Professional Liability Insurance
- Medical Billing Companies Errors And Omissions Insurance
- Medical Diagnostic Centers Errors And Omission Insurance
- Mental Health Clinics Professional Liability Insurance
- Nurses Or Midwives Professional Liability Insurance
- Nurses Professional Liability Insurance
- Ophthalmologists Professional Liability Insurance
- Opticians Professional Liability Insurance
- Optometrists Professional Liability Insurance
- Osteopaths Professional Liability Insurance
- Paramedics Professional Liability Insurance
- Pharmacists Professional Liability Insurance
- Physicians Professional Liability Insurance
- Physicians Assistants Professional Liability Insurance
- Physiotherapists Professional Liability Insurance
- Podiatrists Professional Liability Insurance
- Prosthetic And Orthotic Patient Care Errors And Omissions Insurance
- Psychiatrists Professional Liability Insurance
- Psychologists Professional Liability Insurance
- Radiologists Professional Liability Insurance
- Substandard Malpractice And Professional Liability Insurance
- Surgeons Professional Liability Insurance
What Is Acupuncture Specialists Liability Insurance?
Acupuncture is a stress and pain management health care service that involves placing needles in specific parts of the body. It is usually viewed as an alternative medicine but is increasingly accepted as a health care profession.
What Is Ambulance Service Medical Malpractice Insurance?
Professional liability coverage for ambulance drivers and attendants is difficult to place through standard insurance markets. Several specialty carriers have developed insurance programs that cover drivers and attendants who work in community rescue squads and ambulance services connected with volunteer fire departments. Coverage extends to both employees and volunteers. Program coverage is also available to individual employees who work for professional ambulance companies. This coverage responds to bodily injury, mental distress, and/or death of any patient that are allegedly caused by an error, omission, or negligence in providing professional services.
What Is Anesthetists Professional Liability Insurance?
Insurance coverage for anesthesiologists was extremely difficult to place in the past. Advances in medical technology have significantly reduced the losses attributed to this medical specialty, but the loss potential remains significant because of the very important role anesthetists and anesthesiologists take during an operation. Professional liability coverage is needed to protect the anesthesiologist against allegations of injury due to malpractice.
What Is Birth Centers Liability Insurance?
Birth centers are an option for expectant mothers. They provide complete maternity service, including prenatal care and childbirth preparation classes for families experiencing a normal pregnancy and anticipating a normal birth without complications. Women give birth in a room designed to look like a master bedroom. Each room in the center is equipped with medical devices for use in case of an emergency. Teams of nurse-midwives, obstetricians, pediatricians, parent educators, and other supporting staff provide the care needed. Most centers have arrangements with local hospitals to immediately transport the mother and baby if unexpected problems arise.
What Is Blood Banks Professional Liability Insurance?
This coverage protects blood banks against claims for injury that arise from alleged malpractice, error, or mistake in taking blood donations, handling and testing blood, labeling blood, and preparing blood for others. The primary concern is transmitting AIDS, hepatitis, and other blood-borne pathogens and diseases to others through blood transfusions. This insurance covers the cost to defend suits as well as damages that result from court awards or out-of-court settlements.
What Is Chiropractors Professional Liability Insurance?
Chiropractors are health care professionals subject to the same types of lawsuits that other health care professionals face. This professional liability insurance protects the insured chiropractor against claims for injury that arise from alleged malpractice, error, or mistake in rendering or failing to render appropriate chiropractic services.
What Is Clinical Laboratory Medical Malpractice Insurance?
This coverage is similar to the coverage that other health care professional coverage forms and policies offer. It is available to clinical or pathological laboratories to protect them against claims that arise from injury due to malpractice, error, or mistake in providing diagnostic services. Some laboratories have direct contact with patients and collect samples while others receive samples from hospitals, physicians, or veterinarians for analysis.
What Is Dental Hygienists Professional Liability Insurance?
This coverage protects individual employed dental hygienists against claims for personal injury that arise from alleged malpractice, error, or mistake in rendering professional services. While the hygienist may be insured under the employer dentist's insurance, this coverage provides additional limits in case the employer dentist's limits are exhausted or if the dentist fails to maintain coverage.
What Is Dentists Professional Liability Insurance?
This coverage protects dentists against claims for injury that arise from alleged malpractice, error, or mistake in rendering professional services. It may be written for individuals or partnerships and includes all professional activities at the dental office. Most companies that write this coverage insure only members of recognized local, county, and state professional societies.
What Is Dieticians And Nutritionists Professional Liability Insurance?
Dieticians and nutritionists are health care specialists who develop appropriate diets. They may work with hospitals or nursing homes to recommend appropriate nutrition plans for an entire facility or may work with only individual clients. Medical doctors who specialize in diet control and nutritional programs can be insured using this program but there is no coverage for professional liability exposures other than diet and nutrition. This limited professional liability coverage is available through:
What Is Emergency Medical Technicians Errors And Omissions Insurance?
Timely response by professional emergency medical technicians (EMTs) to their patients' needs is the cornerstone of pre-hospital emergency care. Their professional liability exposures can be covered under a group policy that insures the emergency medical unit. The group policy can also cover ambulance services, fire departments, first-aid teams, and rescue squads. Professional liability coverage for EMT instructors/coordinators is also available.
What Type Of Insurance Do Emergency Service Organizations Need?
Organizations that provide pre-hospital care, such as public and private ambulance services, fire departments, first-aid teams, rescue squads, and first responders are eligible for coverage under specialty programs. Such programs provide professional liability, auto liability, auto physical damage, inland marine, commercial general liability, umbrella liability, directors and officers liability, workers compensation, and employers' liability coverages. Coverage on real and personal property and group hospitalization and accidental death and dismemberment/medical expense coverage/disability income coverage for volunteers is also available.
What Is Excess Malpractice And Professional Liability Insurance?
Excess coverage for doctors, other professionals, hospitals, and other health care-related businesses is available over primary coverage, self-insured plans, captive plans, and Joint Underwriting Associations (JUAs). A number of specialty carriers offer professional liability coverage on a straight excess basis over and above the primary limits that the underlying coverage provides. Coverage is written on a following-form over a primary policy. In addition, markets are available to write excess liability coverages for other professionals, such as accountants, architects, engineers, and attorneys.
What Is Hospital Professional Liability Insurance?
This coverage protects insured hospitals against claims for injury that arise from malpractice, errors, or mistakes by hospital personnel. It also covers the costs to defend suits, damages for awards made by a court, and costs of out-of-court settlements and agreements. Buffer layer and excess hospital malpractice coverage is available in the specialty market if primary coverage is placed in a state Joint Underwriting Association (JUA). Some hospital associations have self-insured programs and use independent loss and claims handling facilities and/or loss prevention programs offered by insurers that are active in the hospital malpractice field.
What Is Massage Therapists Professional Liability Insurance?
This insurance protects massage therapists against claims for alleged professional negligence or malpractice.
What Is Medial And Radiology Laboratories Professional Liability Insurance?
This professional liability coverage protects medical laboratories against claims that allege injury due to malpractice, error, or omission in analyzing specimens and other services to diagnose the status of health, disease, or injury. It also protects the radiology laboratory against claims that allege injury due to taking and diagnosing X-rays or other images. The following companies offer this coverage:
What Is Medical Billing Companies Errors And Omissions Insurance?
Businesses that prepare doctors' bills to send to Medicare, state Medicaid programs, insurance companies, and others can purchase errors and omissions insurance. It pays the legal expenses and damages a doctor sustains due to errors by the third-party billing firm. Coverage is usually subject to a small deductible.
What Is Medical Diagnostic Centers Errors And Omissions Insurance?
Professional liability coverage for medical diagnostic centers that perform magnetic resonance imaging (MRI), ultrasound, conventional flat film X-rays, commuted tomography, and positron emission tomography services for their patients is available on a claims-made basis. Commercial general liability and other related coverages also are available at varying limits.
What Is Mental Health Clinics Professional Liability Insurance?
Mental health clinics provide a variety of services for adults, adolescents, and children who may be referred by a family doctor, school officials, social workers, counselors, or law enforcement officers. These centers provide individual and group counseling, medication, and day care programs. Short-term inpatient services may be provided for persons who receive treatment. Staff consists of psychiatrists, psychologists, psychiatric nurses, and activity therapists.
What Is Nurses Or Midwives Professional Liability Insurance?
Professional liability insurance for nurse-midwives is usually available to licensed nurse-midwives through a group policy sponsored by their professional association, the American College of Nurse-Midwives (ACNM). However, some may be covered in a physician's group with which they are associated. ACNM members must meet certification requirements of the school they attend and be licensed by the state board for the state where they practice.
What Is Nurses Professional Liability Insurance?
This coverage insures nurses against allegations of malpractice, error, or mistake in the practice of the nursing profession. It can be purchased for the benefit of an employed nurse or separately by independent nurses. Some companies write this coverage on an occurrence basis. The coverage provided, its availability and the premium charged vary, based on the nursing specialty.
What Is Ophthalmologists Professional Liability Insurance?
Ophthalmologists are medical doctors who specialize in eye-related disorders. Their work is often very risky but the introduction of various new technologies, such as lasers, has enabled eye surgery to be performed more successfully than ever before. Ophthalmologists professional liability is written using physicians professional liability coverage forms and is rated based on the eye surgeon's degree of experience and specialization.
What Is Opticians Professional Liability Insurance?
Professional liability insurance coverage for opticians is similar to the coverage provided to druggists. It also includes products liability coverage and protects the optician against claims for malpractice, errors, or mistakes in the practice of optometry or in providing optical services.
What Is Optometrists Professional Liability Insurance?
Optometrists have advanced degrees in eye care and diagnose ocular disease, prescribe medicines, treat visual-related conditions and, in certain states, perform minor eye surgery. They provide prescriptions for corrective lenses. They may refer patients to ophthalmologists for advanced surgical treatment but remain involved in patient follow-up. Most optometrists fit and sell eyeglasses and contact lenses. They also need coverage as an optician if they grind and prepare lenses on site.
What Is Osteopaths Professional Liability Insurance?
Osteopathic physicians adhere to a more holistic approach to medicine but otherwise are similar to other licensed physicians. This coverage protects them against claims for damages due to injury that arises from alleged malpractice, error, or mistake in rendering professional services.
What Is Paramedics Professional Liability Insurance?
Paramedics receive formal training and professional certification. They are licensed by both formal boards of accreditation and the state in many jurisdictions. Most ambulance drivers and attendants, and many police officers and fire fighters, receive paramedic training as part of their jobs and in case of emergencies. Although paramedics are not required to be as skilled or knowledgeable as physicians, they do assist doctors in emergencies and outpatient clinics. Their professional liability exposures are similar to the professional liability exposures of nurses and physician assistants.
What Is Pharmacists Professional Liability Insurance?
This professional liability coverage insures employed pharmacists against claims for damages due to injury that arises from alleged malpractice, error, or mistake in rendering professional services. Pharmacists who work for or own a drug store are protected by the drug store's druggists liability policy. However, an employed pharmacist is not covered for professional advice or activities not related to that drug store. This coverage also helps the employed pharmacist if the drug store's limits are used up or if the coverage is inadequate to protect the pharmacist. This insurance is subject to the general rules for physicians professional liability insurance.
What Is Physicians Professional Liability Insurance?
This professional liability coverage protects insured physicians against claims for damages due to injuries that arise from their alleged malpractice, error, or mistake in rendering or failing to render professional services. This insurance may be written for individuals, partnerships, and members of corporations or professional associations.
What Is Physicians Assistants Professional Liability Insurance?
Physicians Assistants (PAs) operate under the guidance of a physician but they have their own professional liability exposures. Even though a physician guides them, they have their own patients for whom they develop treatment plans and prescribe medications. Although PAs usually work in family practices, they are also in many other specialties. This coverage protects the PA for claims for damages due to injury caused by the PA's alleged negligence in conducting his or her professional duties.
What Is Physiotherapists Professional Liability Insurance?
Physiotherapy is an increasingly popular way to rehabilitate individuals and return them to the lifestyle they had prior to an illness or accident. This coverage protects the physiotherapist for claims of injury that result from alleged malpractice, error, or mistake in rendering or failing to render professional services. Employed physiotherapists may be covered under employed professional liability insurance.
What Is Podiatrists Professional Liability Insurance?
Podiatry involves diagnosing and treating foot diseases and deformities. Podiatrists receive the Doctor of Podiatric Medicine (DPM) degree from a college of podiatry after they complete advanced course work and a residency similar to other medical doctors. Podiatrists treat skin, muscle, bone, and joint problems of the foot. Insurance coverage protects the podiatrist against claims for damages due to injuries alleged to arise from malpractice, error, or mistake in rendering (or failing to render) professional services.
What Is Prosthetic And Orthotic Patient Care Errors And Omissions Insurance?
This coverage pays for liability that arises from the negligent acts, errors or omissions of practitioners in conducting the business of fitting and treating patients with prosthetic or orthotic devices. Artificial limbs, braces, surgical garments, and shoes are examples of prosthetic or orthotic devices. Prosthetists and orthotists are certified specialists but are not physicians or surgeons.
What Is Psychiatrists Professional Liability Insurance?
This coverage insures covered psychiatrists against claims for damages due to injury caused by alleged malpractice, error, or mistake in rendering or failing to render professional services. This coverage is similar to the coverage issued to physicians in medical practice.
What Is Psychologists Professional Liability Insurance?
This coverage insures covered psychologists against claims for damages due to injury caused by their alleged malpractice, error, or mistake in rendering or failing to render professional services. This coverage is similar to the coverage issued to physicians in medical practice.
What Is Radiologists Professional Liability Insurance?
This coverage protects practicing radiologists against claims for damages due to injuries caused by the radiologist's malpractice, error or omission in rendering or failing to render professional services. This coverage is similar to Physicians Professional Liability.
What Is Substandard Malpractice And Professional Liability Insurance?
The Insurance Marketplace lists available markets for a number of specialty, unusual, or difficult-to-place malpractice and professional liability exposures. Because not every exposure and coverage need can be listed or anticipated, this classification is for any nonstandard and difficult-to-place malpractice and professional liability exposures not specifically listed.
What Is Surgeons Professional Liability Insurance?
This coverage is similar to physicians professional liability. It protects surgeons against claims for injury that arise from the insured's alleged malpractice, error, or mistake in rendering or failing to render professional services. Specialists such as anesthesiologists, neurosurgeons, obstetricians-gynecologists, and plastic surgeons who often engage in intricate and hazardous operating procedures are more difficult to place.
Medical Malpractice Insurance - The Bottom Line
We hope that the Medical Malpractice Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.