What Exactly Is Medical Malpractice Insurance?
Medical Malpractice Insurance is a special type of professional liability insurance and provides cover to those working in the medical sector. It protects those insured from certain costs or damages that you may become liable for.
From doctors to dentists to nurses to pharmacists, we are here to help you with your Medical Malpractice Insurance. Find out which policies are best suited to your situation and speak with a member of the Enhance team to find out how we can help.
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Medical Negligence Insurance
We advise that you speak with a member of the Enhance team to understand a bit more about the different types of insurance and also for us to provide a review. We will work with you to understand your business and offer solutions accordingly. We are able to arrange competitive insurance for all medical professions as well as cosmetic insurance for chemical peel or laser treatment insurance. If you want a fully comprehensive policy to protect your business, we can also find highly competitive business insurance that is tailored to your specific business needs.
You can also request a quote by filling in the following form and a member of the Enhance team will be in touch.
Buy a policy online in minutes
Buy a policy online in minutes
Why Work With Enhance For Your Medical Malpractice Cover?
The landscape of the medical and health sector is continually changing, with countless new discoveries, technologies and techniques. Therefore, it’s important to work with an insurance partner like Enhance that is readily equipped to meet the dynamic transformations of the industry.
If you find yourself needing to make a claim, please do so by heading to our ‘Make a Claim’ page and filling in the relevant information.
When is Medical Malpractice Insurance Required?
You should obtain Medical Malpractice insurance once you start offering consultations and treatments. Although Medical Malpractice insurance for aesthetic treatments isn’t a legal requirement, it is good practice to ensure that you have adequate cover in place to protect your business in the event that a patient wishes to seek legal action against you for bodily injury and wrongful advice. It also covers financial damage you might bear should the case be won against you. The technicalities of your insurance depend on what kind of services you offer, your annual turnover derived from this activity and if you are aware of any previous claims, incidents, and claims/incidents that can give rise to a claim.
What are Kinds of Medical Malpractice Insurance?
There are two types of Medical Malpractice insurance. These are claims-made and occurrence-made Medical Malpractice insurance.
- Claims-made: This is the most common type of Medical Malpractice cover on the market at present. Claims-made written policies cover you for any claims/incidents which are reported to insurers during the policy year. If you are aware of a patient who is dissatisfied with a service you have provided or you have received a solicitor’s letter from a patient you previously treated, you must ensure that you advise your insurer as soon as possible. This type of cover will cover claims which may arise from previous treatments provided subject to no break in cover. When you first take out this type of policy, your insurers will provide you with a ‘retroactive date’ which will follow you through your aesthetic career and this date must be given to any new providers at renewal should you change insurer. Any retroactive cover will be based on their previous cover.
- Occurrence-made policy: This policy isn’t so much in effect nowadays and would cover claims/incidents which may arise from services performed during the policy period, irrespective of whether or not the policy is still in effect.
Who Needs Medical Malpractice Insurance?
Any self-employed practitioner will require medical malpractice insurance for the services they provide to ensure that they are protected. Here at Enhance, we cover licensed practitioners from Surgeons, Doctors, Nurses, Dentists, Dental Hygienists, Dental Therapists, Dental Nurses, Operating Department Practitioners (ODP), Aestheticians and Pharmacists. We also cover Acupuncturists, Holistic Therapists, Laser Technicians and Beauty Therapists to perform a wide range of treatments. As long as you provide direct or indirect patient care, you will be exposed to and require this type of insurance cover.
Is Medical Malpractice Insurance The Same As Workers' Compensation?
Medical Malpractice insurance is not the same as workers’ compensation. They both cover injuries, but for different people. Medical Malpractice insurance covers the cost of damages that your business may cause. In contrast, workers’ compensation covers lost salary, medical bills and other costs that you might incur if your worker gets injured due to their job.
This protects your employees. Malpractice insurance protects you from third-party claims. They are, however, both important insurance covers for you to have.
Is Medical Malpractice Insurance Mandatory To Have?
It is a legal requirement in the UK to hold this type of insurance, however certain UK regulatory bodies may require you to take out this type of cover in order to comply with their guidelines and remain a registered professional and possibly for your client contracts.
How Does Medical Malpractice Insurance Work?
Medical Malpractice insurance covers and protects against claims made against you and your practice by a third party. This may include cover for the following: misdiagnosis, failure to diagnose, surgical errors, medication errors, attorney and court costs, settlement costs and compensatory damages. Your insurance coverage will have a limit. Most insurance policies cover up to £1,000,000 limit of indemnity which will either be ‘each and every claim’ or ‘in the aggregate’.
Is There An Excess, and Who Is Responsible For Paying For It?
Some services/covers under your policy may have an excess applicable. This means that in the event of a claim, the excess amount would need to be paid by the policyholder for each and every claim. This would have been brought to your attention at the quotation stage before you took out the policy so that you could make an informed decision.
What Do You Need To Consider Before Getting Medical Malpractice Insurance Coverage?
There are many things to take into consideration before choosing an insurance policy that works for you and it can be a daunting task. Having a knowledgeable, Insurance Broker to guide you through this process is invaluable. As part of their service, your Insurance Broker will provide a full risk review of all your current insurances, obtain details on the services you offer, your premises etc and with this information provide you with a presentation on the covers they recommend to avoid exposure to your business.