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Malpractice Insurance Protects your livelihood

What is Malpractice Insurance?

Malpractice insurance is professional liability insurance for a broad range of service providers. A malpractice policy is specialized to deal with the risk of a lawsuit due to errors and omissions in your work, such as bad advice, accidental injury, incorrect information, or unintentional misrepresentation.

If a client suffers physical, financial, or emotional harm as a result of something you did or didn't do during the course of your transaction, that client could choose to file a malpractice claim against you. Malpractice insurance provides the settlement cost, court fees, and your legal defense, up to the limits of your policy. That way you can keep our business running, and keep your savings account intact. 

With liability lawsuits on the rise in recent years, medical professionals remain at risk. A lawsuit can mean financial ruin both professionally and personally, including the loss of homes, cars, and careers. Malpractice insurance protects your practice and can offset the risk and cost of these events.

What types of malpractice insurance are available?

There are two types of malpractice insurance. While they offer coverage for the same risks, the difference is how and when that coverage takes effect.
  • Occurrence: Covers claims that occur while your policy is active. A claim can be reported at any time, even after the policy’s cancellation. Coverage is available with the terms and conditions in effect at the time of the claimed incident.
  • Claims-made: Covers claims that both occur and are reported on or after the retroactive date (the first-day claims-made coverage begins) and before the policy is canceled.

Malpractice Suit Facts

  • 1 in 7 insurance agents face an errors and omissions suit at least once during their career
  • 80% of medical malpractice claims include death and serious injury.
  • Real estate agents can be sued for claims related to exaggerated features and missed deadlines
  • Some CPAs have been sued for small mistakes, or perceived mistakes, on tax returns, which led to IRS penalties for the client
  • A dental hygienist can be sued for failing to update a patient's chart, or accidentally injuring a patient
All of these claims fall under the coverage of a typical malpractice insurance policy. If there is a risk of an errors and omissions suit in your profession, it would be wise to purchase protection as soon as possible. 

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Won’t My Employer’s Liability Cover Me?

If you offer services in the context of a larger business, such as a salon, or an agency, your employer probably has liability coverage to protect the company. That does not mean your employer has coverage to protect you.

While there might be limited liability coverage for you through the company policy, many service professionals are surprised to find that when they face a lawsuit, their employer is nowhere to be found. In fact, some employers may actually pass the blame from the business to you as an individual, to save face and save money. Either way, you need the protection of your own, to guard your assets and your livelihood.

In addition to financial protection, malpractice insurance can also offer:

  • Peace of mind: If you have your own policy, you understand the limitations. You know exactly how much coverage you have, what situations are and are not covered, and whether an incident from years ago will be considered valid. If you rely on your employer coverage, you may be kept in the dark on coverage amounts and exclusions.
  • Freedom: The days of working for one employer from graduation to retirement are over. Service professionals are needed in all areas of the country, and the job market is rapidly expanding. If you rely on your employer coverage, it could cause you to miss an opportunity elsewhere. Instead, purchase your own malpractice insurance so you can accept offers as they are made to you.

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Doesn’t Malpractice Insurance Make Me a Target?

If a client files a malpractice claim, almost everyone involved in the transaction in question will be named as defendants, until responsibility can be eliminated. Although there can be exceptions, the client is not supposed to be told which professionals are covered and which ones aren’t.

Malpractice insurance companies are not legally allowed to divulge this information. If you’re cleared of responsibility, you cannot be kept in a lawsuit just because you have malpractice insurance. Moreover, the worse situation would be to face the suit without malpractice coverage.

Get started today

If you need malpractice insurance, you have come to the right agent. The Speakman Agency has been representing the health care industry for over 30 years. We will review your practice to determine its unique insurance needs and find you the policy with the necessary coverage. Call us if you have questions or want to get started. We are happy to help you get the protection you need for the peace of mind you want. You can reach us at 732-259-7816 or send an email to marianne@speakmanagency.com

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