Category: Medical Malpractice Insurance
Visiting Nurse Associations, Healthcare Staffing Firms, and Hospice Care Organizations all understand the unique challenges of providing quality healthcare away from a hospital or other medical facility. Meeting the demand for in-home care means addressing some unique liability challenges. For that reason, specialty insurance helps cover a wide variety of risks. If you are wondering about the specialty insurance definition, consider the following factors.
Where the Care Occurs
Doctors, nurses, and other healthcare professionals who work in hospitals provide care in a controlled environment. There, they have access to medical equipment, medication, and personnel to help them do their jobs. Those who work in a patients home, however, often are by themselves. They also have immediate access only to the limited equipment and medication they brought with them. These unique workplace conditions might expose in-home healthcare providers to legal liability that those in hospitals often can avoid.
Who Provides the Care
Those who treat in-home patients as part of a VNA, healthcare staffing firm, or hospice organization, might be doctors, nurses, therapists, counselors, case managers, or any other type of healthcare professional.
What Protection Is Necessary
The specialty insurance definition is flexible enough to cover the unique risks associated with in-home care. Often, the protection meets the following criteria:
- Claims-Made or Occurrence Coverage
- Customizable Policy Limits
- Inclusive Personnel Coverage
The Benefit of Good Coverage
Defending a medical malpractice lawsuit can be expensive and stressful. With good coverage, those who provide specialty medical care can have the peace of mind they need to do their jobs well.
Coverage for professional liability claims for physicians, surgeons, nurses, and other medical professionals is made available to this industry in the event that anyone working closely with patients who find themselves charged with being responsible for any injury to, or the death of, someone in their care. It can’t be overstated just how important having a med mal policy in place is, since it offers much needed protection against charges of negligence, or an error or omission related to any procedures implemented, along with claims of a failure to provide what is considered an “accepted standard of practice” as established within the medical community.
Lawsuits in the world of medicine are not uncommon
Whether they’re performing a minor surgery or doing an extensive hip replacement surgery, when the services of a medical professional results in injury or death to their patient, any resulting lawsuit could have rather disastrous effects. One thing is certain; a med mal policy will likely be the only thing standing between remaining in practice and complete financial ruin.
If a doctor or hospital is sued for medical malpractice having this insurance in place will assist with court fees, any ensuing defense costs, as well as the resulting damages or settlements that the court requires, up to the coverage limits of the policy. However, keep in mind that the cost of defense can be substantial, even surpassing the available coverage limits (which will reduce the amount of funds left to cover damages), in which case an insured can have their policy written to pay defense costs outside of any liability limits written into the policy.
Med mal insurance coverage for medical professionals comes at a price, due mostly to the frequency of claims and the exorbitant amount of money awarded in most settlements, but most agree that the rise in costs for medical malpractice have slowed in recent years. The bottom line is that the protection it provides is necessary in order for practitioners to survive in such a litigious arena. And while Florida does place a cap on medical malpractice awards, the damage to one’s finances, not to mention reputation, makes it a simple fact that premiums must, by default, figure prominently into the cost of doing business.