Professional liability insurance, also called errors and omissions insurance, protects small businesses against the costs of client lawsuits over unsatisfactory work.
Healthcare professionals are all too aware how a single mistake or oversight in treatment could lead to injury, illness, or even death. If a patient or relative sues, your small practice could face a financially devastating lawsuit.
Professional liability insurance for healthcare professionals, also called malpractice insurance, can offer the protection your business needs to continue providing its services while handling a lawsuit.
This policy provides liability coverage related to:
A doctor who gives a misdiagnosis or a physical therapist who offers faulty advice could end up worsening a patient’s condition. If that patient sues and you don’t have proper coverage, you could end up paying for a legal defense with your own assets. Professional liability insurance can cover expenses related to the lawsuit, including judgments and settlements.
Nurses, home healthcare providers, and other healthcare professionals are highly susceptible to claims of negligence. For example, a patient could claim that a nurse’s neglect caused bed sores. If the patient files a lawsuit, professional liability insurance can cover legal expenses, such as the cost of hiring an attorney.
Even if a claim is frivolous, an alleged error could still result in a costly malpractice lawsuit. If poor imaging leads to a misdiagnosis, for example, a radiology lab could be held responsible. Professional liability insurance can help pay for your legal costs, including attorney’s fees and court-ordered judgments.
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While professional liability insurance guards against work errors and negligence, it does not provide complete protection. Accidental injury and property damage are daily risks for any healthcare business. Other policies to consider include:
General liability insurance: This policy can pay legal expenses related to patient property damage and injuries, along with advertising injuries such as slander.
Business owner’s policy: This policy bundles general liability insurance with commercial property insurance, often at a lower rate than if the policies were purchased separately.
Workers’ compensation insurance: Required in almost every state for healthcare businesses that have employees, workers’ comp can cover medical expenses for work injuries.
Cyber liability insurance: This policy helps healthcare professionals survive data breaches and cyberattacks by paying for recovery expenses and other associated costs.
Are you ready to safeguard your healthcare company with business insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.
Note: Insureon does not offer quotes for professional liability insurance (malpractice) for medical professionals, but we do offer quotes for other types of commercial insurance.