Category Medical Malpractice Insurance

Should Nurses Invest in Malpractice Insurance?

Malpractice Insurance

Medical malpractice has been on the rise in recent years, and it’s not just physicians and surgeons who need to worry. Claims against nurses are increasing as well. Any wrongful act by a medical professional is considered medical malpractice. While nurses may assume that their employer’s liability coverage will protect them if a claim is issued, that’s not always the case.

Liability Coverage for Nurses

When a nurse is sued for malpractice, in many cases the hospital or health care facility doesn’t have enough liability coverage to fully pay for the legal fees. In addition, part-time nurses may not have the same benefits as full-time workers. In these circumstances, nurses carry much of the financial burden themselves. Thankfully, the Nurses Service Organization, offers NSO malpractice insurance to protect nurses in many situations, including:

  • Misconduct and abuse claims
  • Failure to exercise care
  • Claims involving injury or other damages to a patient due to improper care
  • Information privacy (HIPAA) claims

Medical malpractice insurance also protects against discipline issues brought by the health care facility. The annual premium for NSO malpractice coverage is usually quite reasonable.

Investing in nursing malpractice insurance is an individual decision. When factoring in the risks of going without coverage, however, the low cost makes the decision much easier.

Health Care Industries Can Benefit From Specialty Insurance

specialty insurance managers

The health care community is well acquainted with the intricacies of insurance, and when health care industries need their own insurance, they can turn to specialty insurance managers. Taking care of the lives of others is a unique and rewarding experience, but it does not mean that nothing will ever go wrong. Doctors, nurses, and the hospitals or firms that employ them need to be specially covered to protect themselves from being held liable if unintended injuries occur under their watch. Companies that find medical professionals and send them to medical firms to be hired also need to be covered in case someone they provide is not as competent as they presented themselves to be. These are just some of the areas where specialty insurance managers are needed in the world of health care.

Doctors and nurses who treat patients in the patient’s home, companies that sell medical equipment to hospitals, and hospices are all examples of health care industries that need specialized insurance to match their niche of health care. The goal of health care is to treat patient’s illnesses and restore them to full health, but that is difficult to carry on when an industry is bogged down in liability claims. To keep up the work of enriching the lives of others, health care industries should look for specialty insurance managers to keep them covered.

Items Not Covered by Legal Liability Insurance

legal liability insurance in Austin

Most businesses would do well to obtain a thorough insurance policy to protect themselves when unforeseen circumstances present themselves. Law firms face unique risks, and therefore, it would be wise of every firm to obtain legal liability insurance in Austin. A good policy will cover a variety of claims. However, not everything will be covered.

Criminal Acts

Naturally, if a law firm is being sued for conducting criminal activity, then that firm would be unable to use their policy to cover legal expenses. This also includes fraudulent or otherwise dishonest activities.

Two Insured Employees at the Same Company

Your policy will cover everyone who works at your law firm from attorneys to office workers. If one employee sues another employee for whatever reason, your insurance policy would not cover both of them.

Other Exclusions

Additional items that are generally excluded from a legal liability insurance policy include:

  • Property damage caused by an employee of the firm
  • Bodily injury caused by an employee of the firm
  • Claims the firm should have foreseen when the policy was first obtained

Your insurance agent will go over your law firm’s policy in fine detail when you first get it so that you understand every last detail. While there are certainly plenty of exclusions, there are plenty of items that are covered, so acquiring legal liability insurance in Austin is definitely an investment worth pursuing.

3 Types of Medical Malpractice Insurance

As a physician or dentist, having high-quality med mal insurance is of the utmost importance. This indispensible coverage can protect you in the event that a patient files a lawsuit against you or your practice. Here are the three most common types of malpractice insurance.

Claims-Made

Claims-made policies cover holders for alleged acts of malpractice that occur during the policy period. Premiums typically start off very low, but increase as time progresses. This is because there is usually a significant period of time between the actual treatment or surgery, and the claim being filed. The premium continues to increase until a physician is found to pose a low insurance risk.

Occurrence Coverage

Occurrence coverage insures the policy-holder for any malpractice suit, regardless of when a claim is filed. Premiums are based on not only current experience, but future projections as well. Premium rates vary significantly, and there is no set formula for determining future risk.

Claims-Paid

Premiums for claims-paid policies are based on the number of incidents settled over the previous year, and projected for the current year. These policies are desirable because they can offer coverage even after an individual policy has been terminated. Claims must be officially filed before any type of coverage begins.

In short, physicians have a fairly wide range of choices when it comes to med mal insurance. Each type has its own distinctive set of characteristics, so remember to choose wisely. By keeping your personal needs in mind, you can avoid much of the confusion and find a plan that fits you perfectly.