Medical malpractice vs. professional liability insurance: Side-by-side
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MALE VOICEOVER: Insurance policies can be called by multiple names. And while the coverage may be similar, they aren't always the same. For example, professional liability insurance is sometimes called malpractice coverage.
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They both protect businesses from professional liabilities. However, they cover two separate types of claims.
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Professional liability insurance typically relates to claims of negligent professional services, unmet contractual promises, substandard work, and mistakes or omissions.
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Should a procedure not deliver the promised outcome or if your business is accused of violating a patient's privacy, a professional liability policy would cover the claim.
Medical malpractice insurance covers legal fees and settlement costs if you're blamed for causing patient pain, suffering, or mental anguish, as well as misdiagnosing or providing incorrect medications.
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If you're accused of giving the wrong medication or missing a drug interaction in a patient's medical history that causes an adverse reaction, a malpractice policy would cover that claim. Because malpractice insurance and professional liability insurance cover two different types of claims, you may need to purchase both policies for your business.
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Find out which policies you need from the experts and get the right coverage for your practice with Insureon today.
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Click the link to get started.
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While the terms professional liability and malpractice insurance are sometimes used interchangeably, their coverage is different.
Professional liability insurance protects your business from errors or mistakes within your business practices, and medical malpractice covers claims of physical or mental harm to a patient. In some cases, you may be required to carry both policies to fully protect your business.
Learn more about the differences between medical malpractice and professional liability insurance.
Get insurance for your business with Insureon
Complete Insureon’s easy online application today to compare professional liability and other small business insurance quotes from leading insurance companies. Once you find the right policy for your small business, you can begin coverage in less than 24 hours.
If you're looking for malpractice coverage, contact our dedicated medical malpractice insurance agent for more information or to get started.
