malpractice insurance

1. Malpractice Insurance To secure your business from risks

2. What is malpractice insurance? It is a type of professional liability insurance that is purchased by professionals dealing directly with clients. Two types of malpractice insurance are: • Medical malpractice insurance • Legal malpractice insurance

3. What does this policy cover? Malpractice insurance covers costs incurred while defending lawsuits resulting from negligence or ignorance and pays for damages if the insured is held liable.  Coverages of medical malpractices are: Legal fees and court charges Arbitration costs Settlement costs Medical negligence damages

4. Malpractice insurance is important for lawyers and is legally mandatory in Oregon and Idaho. Lawyer malpractice insurance covers lawyers from lawsuits arising from their primary area of practice, i.e. fighting legal cases. 

5. Malpractice insurance coverages There are two types of malpractice coverages: Claims-made:policy would provide coverage only if the policy was in effect both when the incident happened and when the case came up.   Claim occurrence: policy would provide coverage if the incident happened in the policy period, irrespective of when the case came up.

6. Exclusions in Malpractice insurance Some of the common exclusions ofmedical malpractice insurance are:  • Actions done when a person is intoxicated  • Sexual harassment or misconduct  • Fraudulent activities  • Bodily injuries from auto vehicles (primarily related to transporting patients)  • Damages from sources other than the named perils  • Claims arising out of specific procedures  • Claims arising from the misuse of personal information of patients. 

7. Some exclusions from the lawyer’s malpractice insurance are:  • Legal services provided to a business owned by the insured  • Fiduciary services  • Property Damage (PD) or Bodily Injury (BI) as a result of the practices of the lawyer  • Dispute settlement costs between two lawyers of the same attorney  • Intentional fraudulent activities

8. Endorsement to Malpractice insurance Tail coverage for death, disability, or retirement: This policy if essential for professionals close to their retirement age and help in case of disabilities or death. Cyber liability clause: Many insurers have added cyber liability as an endorsement as a part of medical malpractice insurance. As data of patients are stored online and vulnerable to data breaches.

9. Factors that determine cost of Malpractice Insurance Some the factors are: • Location • Specialty • Claims history • Hours worked • Policy limits

10. Cases where Malpractice Insurance covers your losses 1. Misdiagnosis: Incase when a doctors wrongly diagnoses, does not diagnose or delays diagnosis of medical condition of patient. 2. Childbirth injuries: Injuries to a child while in the womb or during the delivery are sensitive cases of medical malpractice. 3. Medication errors:  prescribing or administering wrong drugs or medicines to patients. 4. Surgery errors: Surgical errors include operating on the wrong body part or making a mistake during the process of operation.

11. Some of the common lawyer malpractice cases are:  • The lawyer avoids communication with the client without any reason behind the action.  • The client loses the case because the lawyer missed filing documents on crucial deadlines.  • The attorney settles the case without the consent of the client.  • The lawyer is unaware of the law or does not have adequate knowledge of the case.  • The lawyer leaks personal and confidential information of the client to the opposite party or others.