South Dakota Medical Malpractice Insurance

Your Complete Guide to South Dakota Medical Malpractice Insurance

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South Dakota Medical Malpractice Insurance

Medical malpractice insurance is essential when you're a doctor because it provides specific types of coverages where a general liability policy may not. When you're a physician, there are specific coverages necessary. 

Fortunately, an independent insurance agent will have access to several carriers so that you're obtaining the best coverage. They do the shopping for you at zero cost, giving you time. Connect with a local adviser to get started today.

What Is Medical Malpractice Insurance?

As a physician in South Dakota, you'll need several policy types depending on how your run your operation. One that all doctors will be required to carry is medical malpractice insurance. 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 in South Dakota?

All companies will need coverage for adequate protection, but you will have specific coverage needs as a physician. If you're a doctor here, you'll need insurance against a patient's injury or death. 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 Does Medical Malpractice Not Cover?

Like your other commercial insurance policies, exclusions apply. Medical malpractice insurance has specific coverage for a certain type of loss. This is similar to professional liability insurance as well. Your medical malpractice insurance will not cover the following losses.

  • Sexual misconduct
  • Criminal acts
  • Alteration of medical records

How Much Is Medical Malpractice Insurance?

In South Dakota, your commercial insurance costs vary depending on numerous risk factors. From business property coverage to liability, several items are looked at when rating. Your medical malpractice insurance is usually one of the most costly policies you'll have as a doctor. The following personal data determine coverage and rates.

  • Prior claims
  • Safety practices
  • Sanitary practices
  • Medical practices
  • Years of experience 
  • Staff procedures and care

Is Medical Malpractice Insurance Required in South Dakota?

All states typically require medical malpractice insurance in order to keep your license as a physician. Even if South Dakota didn't have any regulations on this coverage, the facility you work in may. Medical malpractice is necessary for the following healthcare professionals.

  • Chiropractors
  • Medical doctors
  • Medical students
  • Nurses
  • Practice staff
  • Anyone who provides patient care

Does Umbrella Insurance Cover Medical Malpractice?

Your commercial umbrella insurance is vital to avoid a significant financial setback. When it comes to medical malpractice, coverage is not included under your umbrella policy. It is important to have the correct limits of protection on your medical malpractice policy because of this. 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 libel and slander claims are covered.

How to Choose Medical Malpractice Insurance?

It might be hard to choose medical malpractice insurance if you're not a licensed professional. With all the options in the South Dakota market, it can be challenging to know what applies. The right coverage can be obtained through a trusted adviser. 

An independent insurance agent can aid in finding you the perfect medical malpractice coverage for your profession. They do all the work at no additional cost. Connect with a local expert on TrustedChoice.com to begin. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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