If you are a medical professional with a functional or Integrative Medical practice, have you considered how you would handle a malpractice lawsuit or claim? The reality is that medical professionals face numerous legal risks in their line of work, and these risks can be financially devastating if you lack adequate insurance coverage.
Professional liability insurance, also known as malpractice insurance, provides coverage for damages resulting from malpractice lawsuits or claims. However, not all policies are created equal, and selecting the right policy can be challenging.
This article outlines five essential considerations to help medical doctors or doctors of osteopathy choose the best professional liability insurance policy.
Consideration 1: Policy Coverage
The first consideration when selecting a professional liability insurance policy is policy coverage. Medical professionals should ensure that the policy covers their specific practice area. For example, a functional or Integrative Medical practice may require coverage for alternative therapies such as acupuncture or herbal medicine.
Medical professionals should also ensure that the policy covers all services offered by their practice. It is crucial to review the policy’s coverage limits, which determine the maximum amount the insurer will pay for damages resulting from a malpractice claim.
Consideration 2: Policy Exclusions
The second consideration is policy exclusions. Medical professionals should review the policy exclusions to ensure that the policy does not exclude coverage for services offered by their practice. For example, if the practice offers alternative therapies, the policy should not exclude coverage for these services.
Medical professionals should also ensure that the policy does not exclude coverage for specific claims, such as claims resulting from sexual misconduct or intentional harm.
Consideration 3: Policy Limits
The third consideration is policy limits. Medical professionals should carefully consider the policy limits, which determine the maximum amount the insurer will pay for damages resulting from a malpractice claim.
It is essential to ensure that the policy limits are sufficient to cover potential damages resulting from a malpractice claim. Medical professionals should also consider the cost of defense, which can be significant even if the claim is unsuccessful.
Consideration 4: Insurer Financial Stability
The fourth consideration is the insurer’s financial stability. Medical professionals should ensure that the insurer has a solid financial rating.
A financially stable insurer is more likely to honor claims and pay damages resulting from a malpractice claim. Medical professionals can check an insurer’s financial rating through independent agencies such as A.M. Best or Standard & Poor’s.
Consideration 5: Policy Cost
The fifth consideration is policy cost. Medical professionals should consider the cost of the policy when selecting professional liability insurance. However, cost should not be the only factor considered.
A policy with lower premiums may have lower coverage limits or exclusions that may not be suitable for a functional or Integrative Medical practice. It is crucial to balance the cost of the policy with the coverage, exclusions, and limits to ensure that the policy provides adequate protection.
Final Thoughts
Professional liability insurance is critical for medical professionals, especially those who own a functional or Integrative Medical practice. Medical doctors or doctors of osteopathy must carefully consider policy coverage, exclusions, limits, insurer financial stability, and policy cost when selecting a policy.
By considering these five essential factors, medical professionals can choose the best professional liability insurance policy to protect their practice from potential legal risks. Don’t leave your practice vulnerable to legal risks. Protect your business with professional liability insurance.
Don’t leave your practice vulnerable to legal risks. Protect your business with professional liability insurance from Access Integrative Medicine Inc. Contact us today to learn more about our comprehensive coverage options and how we can help safeguard your practice and reputation.