The healthcare profession may be more susceptible than others to legal actions that allege bodily or personal injury, and is not immune to charges of liability for property damage. In all of these cases, coverage provided by HPSO liability insurance can protect you in the event of a lawsuit.
Types of Liability Insurance
There are two types of liability insurance commonly available to members of the healthcare profession. In order to make an informed choice, it’s important to understand the differences between them.
1. Occurrence-based coverage
This type of HPSO liability insurance pays up to policy limits for an injury or damage that took place during the time the policy was in force, even if the claim is made after the policy expired. You can look at occurrence-based coverage as long-term insurance.
2. Claims-made coverage
This coverage protects against claims made for injury or damage incurred and reported during the time the policy is in force. It generally requires renewal on an annual basis.
The HPSO liability insurance you choose can depend on a number of factors, not just initial premium cost. Each type of policy has characteristics that should be evaluated in light of your needs, so talking frankly with your insurance provider is vital to crafting the best coverage for you.