Out of the 532,277 small businesses in Missouri, physicians may have some of the most diverse types of coverage. If you are in the healthcare field, there are specific coverages you may be required to have. Medical malpractice insurance is one of them.
Fortunately, an independent insurance agent can help with quotes. They work with several carriers so that you get the best pricing and coverage in town. Connect with a local expert to get started.
What Is Medical Malpractice Insurance?
If you are a doctor in Missouri, you're likely to need medical malpractice insurance. There are several ways you can obtain protection for your practice in addition to this policy. Check out what medical malpractice insurance covers:
- Medical malpractice insurance: This is a specific type of professional liability coverage for a physician. It provides liability coverage for claims arising from services rendered that result in injury or death to a patient.
What Does Medical Malpractice Cover?
Medical malpractice provides unique coverage in areas where a general liability policy would not. For adequate protection, you'll want to obtain this policy if you're a physician. Take a look at what medical malpractice insurance will cover:
- Bodily injury
- Property damage
- Lawyer fees
- Court costs
- Arbitration costs
- Settlement costs
- Punitive and compensatory damages
What Doesn't Medical Malpractice Cover?
While it's essential to know what your Missouri medical malpractice policy covers, you'll need to understand what it won't. Just like every business policy you own, some exclusions apply. Your medical malpractice insurance will not cover the following losses:
- Sexual misconduct
- Criminal acts
- Alteration of medical records
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How Much Is Medical Malpractice Insurance?
The cost of any insurance policy in Missouri will vary. Premiums are based on your personal and commercial data and charged accordingly. Carriers look at numerous risk factors when rating your policies. Medical malpractice insurance pricing is determined by the following:
- Prior claims
- Safety practices
- Sanitary practices
- Medical practices
- Years of experience
- Staff procedures and care
Is Medical Malpractice Insurance Required?
Almost every state requires medical malpractice insurance. Similar to workers' compensation, coverage is regulated and mandated for compliance. Missouri is no different. Medical malpractice is necessary for the following healthcare professionals:
- Medical doctors
- Medical students
- Practice staff
- Anyone who provides patient care
Does Umbrella Insurance Cover Medical Malpractice?
When you are a doctor in Missouri, you may have a commercial umbrella policy. This will insure you for a significant loss and protect your practice from a financial burden. Take a look at what umbrella insurance can do:
- Business umbrella insurance: This is additional liability insurance for a substantial loss when your underlying commercial policy limits have been exhausted. Bodily injury, property damage, and slander claims are covered.
Your medical malpractice policy is not considered in the group of underlying policies for umbrella coverage. Therefore, your business umbrella insurance will not supply protection. That is why you must obtain the right limits on your malpractice policy from the beginning.
How to Choose Medical Malpractice Insurance
The right protection for your practice is key when selecting coverage. In Missouri, medical malpractice insurance is required if you are a practicing physician. In order to ensure you're choosing adequate limits, consider using a licensed professional.
An independent insurance agent works with several carriers so that you have options on coverage and price. Since they do the shopping for you at no cost, it's a no-brainer. Connect with a local expert on TrustedChoice in minutes for custom quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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