Texas Malpractice Insurance. A type of insurance purchased by health care professionals (and sometimes by other types of professionals, such as lawyers). It protects such professionals against potential negligence claims made by their patients and/or employers.
Texas malpractice insurance covers bodily injury or property damage as well as liability for personal injury such as mental anguish. This includes the costs of defense and cost containment expenses.
Texas malpractice insurance protects your company from negligence claims with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Texas malpractice insurance comes in several basic forms:
There is no legal requirement to have medical malpractice insurance but it's important to protect yourself and your business against events you cannot foresee. Also, in today's society, people are increasingly ready to bring a claim against you if they feel dissatisfied - whether or not you are actually at fault. Claims can run into many thousands if not millions of dollars and having Texas malpractice insurance could be the difference between a business being able to survive a claim or not.
When shopping for a TX medical malpractice liability insurance policy, most physicians focus on premium costs. But physicians shopping for a malpractice policy should also focus on getting the right coverage limits. A coverage limit is a provision in a policy under which the insurance company says that it will only pay for losses sustained by the policyholder up to a certain dollar amount. If limits are too low, the physician is needlessly exposed to personal liability. Too high, and the physician is paying for more coverage than needed.
Claims-made policies tend to be less costlier than occurrence policies because of the smaller insurance company time exposure to claims. Some other factors that determine how much the policy costs include:
TX malpractice insurance covers several expenses involved in defending and settling the malpractice suit; it also pays the damages if you are found liable. The covered costs include: court costs, attorneys' fees, settlement costs, arbitration costs, and compensatory damages and medical damages.
Medical malpractice will usually not cover liability arising from criminal acts, sexual misconduct or alteration of medical records. Other typical exclusions are for: punitive damages and specialized procedures (e.g., radial keratotomy) for which coverage may be "bought back" in return for additional premium.
In most cases, in order for your insurance policy to provide you with coverage, you should notify the insurance company as soon as reasonably possible of the problem. If you do actually become involved in a claim or lawsuit, for example, you receive a summons and complaint, before coverage is activated, you must notify the insurance company right away. Always follow up an oral notice in writing.
Even the most competent professional can make a mistake and should protect against that possibility. Defending a malpractice lawsuit is often expensive even when the defendant wins. Health care professionals win most malpractice lawsuits, but the legal system rarely allows for the recovery of expenses by the winner. Since the cost of defense is high and a loss can be devastating, this insurance product is essential to every practice.
If you are considering opening up a business in the Lone Star State, you first want to make sure that it is a sound location for your operations. That means that you should understand some key information related to the state's economy, as well as the types of insurance coverages that businesses are legally required to carry.
In terms of the economy, Texas offers fantastic news for those who are thinking about starting up a business in this state. That's because the Lone Star State has the second largest economy of all 50 states in the nation. The gross state product is valued at an estimated at over $1.706 trillion in 2019. In 2015, the state was the headquarters for six of the top 50 Fortune 500 companies.
As expected, several industries contribute to the economy of Texas. One of the most notable industries is agriculture. In fact, this state has the highest production of cattle, sheep, and goat products. It is also the largest producer of cotton and cereal crops. Other crops that this state is famed for include cantaloupes, watermelons, and grapefruits.
Other leading industries in the State of Texas include:
If you are considering going into business in TX, having an operation in any of these industries will likely afford you success.
The Texas Department of Insurance regulates is the main insurance regulatory agency in the Lone Star State. Texas is quite lenient when it comes to insurance requirements for business owners. In fact, there is only one type of insurance that business owners are legally required to carry, and that is commercial auto insurance. If you are planning on using a vehicle for anything related to your business, whether it's making deliveries, transporting goods, or meeting with clients, you must have a commercial auto insurance policy.
While Workers' Compensation coverage is required in every other state, in TX, is it not mandated; however, if you decide not to carry this type of coverage, you will be required to offer your employees some type of incentive package in the event that the do become injured or develop a work-related illness.
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Request a free Texas Malpractice insurance quote in Abilene, Allen, Alvin, Amarillo, Arlington, Austin, Balch Springs, Baytown, Beaumont, Bedford, Benbrook, Big Spring, Brownsville, Bryan, Burleson, Carrollton, Cedar Hill, Cedar Park, Cleburne, College Station, Colleyville, Conroe, Coppell, Copperas Cove, Corpus Christi, Corsicana, Dallas, DeSoto, Deer Park, Del Rio, Denison, Denton, Duncanville, Eagle Pass, Edinburg, El Paso, Euless, Farmers Branch, Flower Mound town, Fort Worth, Friendswood, Frisco, Galveston, Garland, Georgetown, Grand Prairie, Grapevine, Greenville, Haltom City, Harker Heights, Harlingen, Houston, Huntsville, Hurst, Irving, Keller, Kerrville, Killeen, Kingsville, Kyle, La Porte, Lake Jackson, Lancaster, Laredo, League City, Leander, Lewisville, Little Elm, Longview, Lubbock, Lufkin, Mansfield, Marshall, McAllen, McKinney, Mesquite, Midland, Mission, Missouri City, Nacogdoches, New Braunfels, North Richland Hills, Odessa, Paris, Pasadena, Pearland, Pflugerville, Pharr, Plainview, Plano, Port Arthur, Richardson, Rockwall, Rosenberg, Round Rock, Rowlett, Sachse, San Angelo, San Antonio, San Benito, San Juan, San Marcos, Schertz, Seguin, Sherman, Socorro, Southlake, Sugar Land, Temple, Texarkana, Texas City, The Colony, Tyler, University Park, Victoria, Waco, Watauga, Waxahachie, Weatherford, Weslaco, Wichita Falls, Wylie and all other cities in TX - The Lone Star State. Call us (214) 999-1966.