Medical professionals face some very challenging and demanding situations, and are often responsible for the health of various patients. If a patient or one of their family members feels like they were wronged by a medical professional, they may decide to take legal action that could financially devastate a small practice or a large hospital. In order to provide a financial buffer that will cover such situations, it is important to have medical professional liability insurance (also known as errors and omissions insurance). Here are a few things you should know about this important type of insurance coverage.
What It Covers
Errors and omissions insurance covers individual medical professionals and health practices from patient claims of wrongdoing or errors. Whether the claims are true or only perceived, medical professional liability insurance is intended to cover legal proceedings in relation to those claims. Many errors and omissions policies provide coverage for the following:
- Defense costs
Even when claims against medical professionals are proven to be false, there is still a cost involved with defending oneself and their practice. Errors and omissions insurance is designed to help cover that cost.
Regardless of the size of your medical practice, it is very important to have medical professional liability insurance because you never know when you may be accused by a patient of making an error.