What is Medical Malpractice?

Medical malpractice insurance is a form of professional liability insurance that specifically covers medical professionals. Medical professionals and organizations face a variety of unique dangers when it comes to operation that should be covered under insurance.

Medical malpractice occurs when a patient is injured due to negligence from one or more medical professionals. Examples of malpractice that a patient may sue for include:

Medical malpractice insurance is a liability insurance that protects a practice against claims due to medical malpractice. This works to ensure the practice does not go under because of an expensive claim by providing compensation for legal fees.

Do Large Medical Practices Have to Provide Medical Malpractice Insurance?  

Not every state requires hospitals or other large practices to carry medical malpractice insurance. New York, for example, does not require this insurance. But in New York especially, it is crucial to protect practices from malpractice claims.

Large practices may offer medical malpractice insurance to their employees. Some medical professionals carry personal medical malpractice insurance, such as private doctors. It is important to remember that different practices require different types and limits to their liability insurance. Gynecology comes with different risks than nursing, so be sure your practice’s coverage is tailored to meet every need.

Price of Medical Malpractice Insurance by Specialty  

Prices for medical malpractice insurance varies by state and by practice. Prices also fluctuate per year, so it’s important to speak with an insurance agent about the cost of insuring your practice. The averages in New York are approximately:

These numbers don’t necessarily represent how much each medical professional pays a year. While large practices can and should offer medical malpractice insurance, medical professionals are often encouraged to carry their own policy. Depending on location, specialty and amount of insurance, rates can be cheaper.

Connect with your insurance agent about protecting your medical practice with the right medical malpractice insurance. It is crucial to keep your business, your employees and all of your clients safe in case of an accident or mistake.