The costs that you may incur due to medical malpractice insurance depend on the type of coverage and the limits provided by the insurer. It also depends on which country you are in and what the laws are.
What exactly is malpractice insurance?
This is actually insurance that protects professionals such as doctors, lawyers and other professionals from unfortunate events that may occur to the detriment of patients and clients. For this reason, in many countries, employees, likw doctors and other professionals, are required to have this type of insurance.
Medical malpractice insurance is a type of professional liability insurance.
What three types of malpractice insurance are there?
- Claims coverage
- Occurrence coverage
- Tail coverage
Why is malpractice insurance important?
Although the costs of medical malpractice are exorbitant, they are well worth every penny. If you happen to have to face a medical malpractice lawsuit, this insurance is the best defense you can have.
If you take out medical malpractice insurance in time, it will save you a lot of money if there are legal costs, and the insurance will cover it all. Medical malpractice insurance is also a way to protect your personal assets.
What does malpractice insurance cover?
Most medical malpractice insurance companies offer coverage to clients when it comes to the liability of a medical professional if they are accused of not doing their job properly. The advantage of this type of insurance is that insurance companies usually offer a lawyer who would help in court and during a lawsuit.
This coverage also includes:
- Court costs and fees
- Settlement costs
- Medical damages
- Punitive damages
There are two types of malpractice insurance policies:
Submitted claims:
This medical malpractice coverage offers protection only while the policy is in effect.
Event created:
This cover offers protection for any event that occurs during the cover period, even if the policy has expired at the time of application.
What does this type of insurance not cover?
Medical malpractice insurance does not cover sexual misconduct, criminal offenses and misrepresentation.
Contact us!
Rules and regulations vary from state to state. For this reason, ask for advice and all other information from a lawyer who will greatly ease your legal burden. Nedim Ramic and Bajric & Ramic team of attorneys are here for you, and you should not hesitate to call us today for a free consultation. The time is of the esence. If you find these information above useful, but you have more questions regarding the subject, or you just need legal help straight forward, give us a call on 314 352 6800 and get free consultations today!
