Medical professional liability insurance (also known as errors and omissions insurance), is a type of insurance coverage that is designed to protect a medical professional and their practice if a patient claims that they have made an error or omission in regard to their care. Whether the claim is proven to be true or false, errors and omissions insurance provides financial coverage for legal costs.
Why Is it Necessary?
Even if you are quite confident in your abilities as a medical professional, it is important to realize that everyone makes mistakes at some point. Sometimes mistakes are minor, but sometimes they are major enough to have a negative effect on a patient’s health. In those rare cases, medical professional liability insurance may save your practice from financial ruin because it will cover legal costs associated with errors and omissions claims brought against you. Without this coverage you would be responsible for paying the full cost of all legal fees out of your existing funds.
Protect Yourself and Your Practice
If you want to continue practicing medicine for as long as possible, make sure you have a good insurance policy that includes medical professional liability insurance. No medical professional should ever underestimate the importance of having this type of insurance coverage, even if they think they would never make a medical error or be accused of making one.