Healthcare Facilities Business Insurance
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Professional liability insurance for healthcare facilities

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Professional liability insurance

Professional liability insurance, also called errors and omissions insurance, protects small businesses against the costs of client lawsuits over unsatisfactory work.

Professional liability insurance guards against errors

In the healthcare industry, a simple mistake can have tremendous repercussions. If a patient sues over the quality of their care, you could find yourself in an expensive legal battle.

Professional liability insurance, also called malpractice insurance, can provide the coverage your facility needs to continue providing its services while dealing with unforeseen legal matters.

This policy provides liability coverage related to allegations of:

  • Failure to deliver promised services
  • Professional negligence
  • Work mistakes or oversights

What coverage can professional liability insurance provide for healthcare facilities?

Failure to deliver promised services

A miscommunication or unexpected event could cause even the most well-organized professional to miss an appointment. Also, a procedure – such as Lasik eye surgery – might not produce the desired outcome.

If a patient files a lawsuit because you failed to deliver as promised, professional liability insurance can help pay the cost of hiring a lawyer and other related expenses.

Allegations of negligence

Ambulatory surgery centers and other medical facilities are vulnerable to serious risks. For example, if there's a complication during an outpatient surgery and one of your surgeons is accused of negligence, your small business could be held liable.

When an accusation of negligence turns into a lawsuit, professional liability insurance can pay for legal expenses, including a judgment or settlement.

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Work mistakes or oversights

Even if a claim is found to be meritless, accusations of a professional mistake can still require a costly legal defense. For example, if a patient claims your medical office made a serious billing error, it can quickly turn into an expensive lawsuit.

Professional liability insurance can help cover attorney’s fees, settlements, and judgments related to work errors.

Other recommended policies for healthcare facilities

While professional liability insurance covers alleged errors and negligence, it does not provide complete protection. At any healthcare facility, accidental injury and property damage are daily risks. Other policies to consider include:

General liability insurance: Healthcare facilities usually buy this policy first. It covers common third-party risks, like a patient slipping on a wet floor.

Business owner’s policy: This policy combines general liability insurance with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

Workers’ compensation insurance: Required in almost every state for healthcare facilities with employees, workers’ comp can cover medical costs for work injuries.

Cyber liability insurance: This policy helps healthcare facilities survive data breaches and cyberattacks by paying for recovery expenses and other associated costs.

Commercial auto insurance: Most states require this coverage for business-owned vehicles. It covers the cost of accidents involving a healthcare facility's vehicle.

Get free quotes and buy online with Insureon

Are you ready to safeguard your healthcare facility with professional liability insurance or another type of business insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

Updated: April 29, 2022
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