Understand and Evaluate Your Medical Malpractice Insurance

Medical Malpractice

Medical MalpracticeMedical malpractice insurance in Florida and other states, also known as medical professional liability insurance, refers to the insurance coverage that protects physicians financially from a medical liability. Such a liability may arise when the professional fails to provide standard care to the patient, resulting in a preventable injury or similar issues that put the patient at a disadvantage.

It all may seem straightforward with medical malpractice insurance policies, says Florida firm GraceyBacker.com, it does include some fine print. Evaluate and understand this fine print when buying your coverage. Here is a closer look at the information you need to know.

What does the policy cover?

First and foremost, you must understand what the policy protects you from. Medical malpractice insurance essentially covers bodily injury, property damage, and liability for personal injury in case of medical negligence. This kind of coverage can save doctors hundreds of dollars that could go towards the payment of:

-Compensation to the patient.
-Defense fees in case of legal complexities involved.
-Containment expenses.

When you are covered by the medical malpractice insurance, it is the insurer who will need to spend considerably for defending and investigating the claims made by the patient regarding medical negligence.

Types of policy

Additionally, understand that the medical malpractice insurance policy is available in two types-

-Claims-made type: the policy comes to effect whenever the claim is reported. Such a policy will respond to the loss regardless of when the medical negligence actually occurred.
-Occurrence-made type: the coverage can be claimed only for those medical errors that occur during the policy period. In this case it does not matter when the claim was made.

Which is better?

Of course, the claims made type of policy seems more cost-effective upfront. But remember that there is a lot of reading between the lines for the exact terms and conditions regarding premiums, the exact coverage received, etc.

It is best that you ask for the help of an expert who will know the nuances of each of these policies. This way you can be assured of coverage .