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Medical Professional Liability

Home Medical Professional Liability

Professional Liability Insurance for the Healthcare Industry

Healthcare or medical professional liability insurance is purchased to protect healthcare professionals, ranging from individual physicians to entire organizations, from the financial risks—the liability—of practicing medicine. More specifically, it covers the physician or organization from the consequences of a patient’s claim of injury due to negligence.

Healthcare professional liability policies typically cover economic losses suffered by “third parties,” which means a policy will reimburse a person, most often the injured patient or their family, who is not one of the two original parties to the insurance contract. This reimbursement is called indemnity. In addition, most insurance policies provide for first-party coverage to the physician for the cost incurred in defending a claim.

How Much Does Medical Professional Liability Insurance Cost?

The costs of an insurance program or policy depend on a variety of factors, including but not limited to:

  • Healthcare services offered
  • Business property, including medical equipment
  • Revenue
  • Location(s) of services
  • Number of employees
  • Claims history, typically viewed over the past 10 years
  • and General economic conditions

All Insurance Is Not the Same

Healthcare decision-makers should be aware that not all insurance is the same. Therefore, it is essential to understand what an insurance policy covers and what it excludes.

Policies will contrast greatly, containing different deductible options, limits of liability, and variable legal defense costs. Professionals must pay close attention to detail to analyze all choices. That’s where Chivaroli & Associates can help.

Chivaroli & Associates is an expert in the field of insurance, specializing in insurance solutions for healthcare organizations. We deeply understand the business challenges faced by all healthcare participants, from health systems to individual practitioners.

Our insurance specialists will work closely with you to ensure that all of your issues are considered when designing and securing the most appropriate healthcare professional liability insurance program.

Additional Insurance for Healthcare Professionals

While professional liability insurance helps cover the cost of lawsuits stemming from healthcare decisions, it does not provide complete protection for a medical practice or organization. Here are a few other critical policies healthcare professionals should consider:

General Liability: Property damage and slip-and-fall injuries are risks for any business, especially for healthcare businesses. General liability insurance offers protection against third-party claims for bodily injury, property damage, advertising, and/or personal injury.

Workers’ Compensation: Most states require this coverage for businesses with multiple employees. Workers’ compensation insurance provides employees with medical, wage, and other financial benefits if they get injured on the job. 

Commercial Auto: This policy covers liability and property damage from using a covered vehicle. Again, state laws require automobile insurance for vehicles owned by a business.

Business Owners Policy: Business owners policy (BOP) insurance typically bundles small businesses’ property and general liability insurance needs. Within the healthcare industry, doctors operating small practices usually purchase this “package” policy.

Security & Privacy (Cyber): This policy helps protect healthcare professionals against computer or technology-related losses, such as a data breach, by paying for recovery expenses and other associated costs.

A doctor and nurse hold a discussion next to a hospital bed.

Call us today at  800.240.2448  or Email us at mail@chivaroli.com

Contact Us

Chivaroli and Associates Insurance Services is a full-service brokerage firm specializing in the custom-design and placement of insurance and alternative risk funding solutions for your healthcare organization.

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Address:
200 North Westlake Blvd., Suite 101
Westlake Village, CA 91362
Phone:
805-371-3680
E-mail:
mail@chivarolitr.wpengine.com

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