Malpractice Insurance for Medical Service Providers
Your Medical Malpractice Specialists
Medical services are provided 24-hours a day in every corner of the globe. Some services are scheduled, some are unplanned, some require very specialized training, and some are standard in their administration.
Whether you operate as an individual, a partnership, a multi-member clinic, or a sizable health system, one factor is always present – the risk of a medical malpractice claim.
Why do you need medical malpractice coverage for your health care practice?
The cost of any medical malpractice claim for an individual or provider can be devastating if no medical malpractice / professional liability coverage is in place. The costs of a claim include third party damages and legal defense costs as well as possible license forfeiture. The brand of both the clinic and the individual professionals involved in the claim can be stained for an extended period of time.
This holds true even if the individual or clinic is not directly responsible for a claim. In today’s litigious environment, plaintiff attorneys could include several parties in a suit that, even if found not negligent, could incur a significant legal defense bill.
Why is the right coverage important?
As with most health care offerings, an uncovered claim can lead to capital strain and reputational damage while having long-lasting effects.
It is necessary that health care practices and other service providers procure a policy that addresses the unique services being offered.
Carriers are familiar with the full spectrum of health care services and some are more comfortable with certain specializations over others. It is necessary to ensure the policy matches the clinic’s operations.
How much will medical malpractice for health care services cost?
The cost of insurance for a health care professional or clinic depends on a variety of factors. These factors include, but are not limited to, the experience of the staff employed, the geographic location of the operation, the scope of services being offered to patients, and the claims history of the clinic and professional staff.
All of these factors come together to allow underwriters to determine first, if they will entertain and quote the risk, and, second, how much they will charge for coverage for service.
How can a provider reduce the cost of medical malpractice for health care services?
Health care providers, be it an individual or clinic, can best manage the cost of medical malpractice insurance by being proactive in risk management strategies while maintaining a clean claims history.
One of the first questions an underwriter will ask is “Have there been any claims?” For some carriers, an affirmation of claim activity could lead to a rejection of the application leading to reduced carrier competition.
A solid strategy in keeping a claims-free resume is to implement industry-based best practices for loss prevention and risk management. While many health care services are well established, there are several steps carriers have identified that can assist in reducing the probability of a claim occurring.
How can Southeast Insurance assist in procuring medical malpractice / professional liability for myself or my clinic?
Southeast Insurance has several product options that provide the customized terms for health care professionals or health care clinics with some having risk management support tools to aid in your endeavor.
We would be happy to answer your questions on this specialization. Please contact us by submitting the form below.
Get in touch with our team!
SouthEast Insurance, Inc
154 Porter Ave
Biloxi, MS 39530