If there’s one thing sure in this world, it’s that anything can happen. You may be a well-lauded professional today and then wrongfully sued for malpractice the next. How do you prepare and protect yourself and practice from this?
This is where having a malpractice insurance policy can give you peace of mind. KASE Insurance is a leading provider of malpractice insurance in Toronto.
Malpractice insurance is a type of professional liability insurance. It protects professionals in the event that a dissatisfied client or patient makes a formal case against them under the account of neglect, violation of the standard of care, or erroneous treatment decisions that as a result caused physical or emotional injury or jeopardized the overall welfare of the client. Malpractice is not limited to the medical field. Pharmacists and lawyers can also be sued and taken to court by aggrieved clients.
Through the years, there have been countless studies that have looked into the prevalence and risks of medical malpractice. All evidence suggests that a practicing physician will, in fact, benefit from having medical malpractice insurance at some point during his entire professional career.
A 2018 Johns Hopkins research claims that over 250,000 patients in the U.S. die every year from medical errors, which can happen any time from diagnosis, the actual treatment, up to post-treatment care. Medical malpractice has been touted as the third leading cause of death next to heart disease and cancer. During the same year, the Canadian Patient Safety Institute, a non-profit organization, revealed that about 28,000 patients die because of preventable medical malpractice in the country, too.
From these incidents, tens of thousands of medical malpractice lawsuits are filed each year, with billions of dollars spent on settling patient claims. Without malpractice insurance in place, it’s not hard to imagine how one unfortunate incident can dry up your savings and drag your professional career down the drain.
Most malpractice insurance in Toronto typically covers acts of error and omissions. The insuring agreement should specify the exclusions, conditions, and definitions involved.
While some details may vary depending on your insurance provider and the unique conditions in the province or state where you are practicing, standard malpractice insurance generally provides coverage for the following:
It is crucial to note that purchasing malpractice insurance in Toronto does not give you the license to put yourself in compromising situations. As we have mentioned, there are exclusions that can disqualify your malpractice insurance claims. Here are some examples.
As with all insurance contracts, be inquisitive and outspoken if there are terms that seem vague or confusing as they play a huge role in the specifics of your scope of coverage. Logically, medical malpractice insurance has annual limits. Depending on the policy, the limit may add the legal assistance cost on top of the damage payments, which can exhaust your coverage immediately. Ideally, the best option is to shop for malpractice insurance that has a separate limit for it.
Malpractice insurance falls under a professional liability policy. It can be customized to fit various industries for the benefit of any licensed professional. Here are some examples.
In the healthcare industry, medical malpractice insurance is also known as medical professional liability insurance. It is highly recommended to general physicians and medical specialists, opticians, obstetricians, pediatricians, surgeons, gynecologists, and dentists.
On the other hand, if you employ other healthcare practitioners, whether as full-time staff or independent contractors in your practice, purchasing medical malpractice insurance with vicarious liability coverage is encouraged. This feature protects you from claims due to their medical errors.
Attorneys are also at risk of being taken to court by disgruntled clients who are unhappy with how their case was handled. They can sue you, whether rightfully or maliciously for legal malpractice. This mitigates claims of professional negligence against you; protects your reputation, practice, staff, and associates; and gives you the confidence to concentrate on cases.
Pharmacists are also susceptible to malpractice complaints, which can be due to releasing the wrong drug to the wrong person or giving incorrect dosage. Any individual who works at a pharmacy and dispenses drugs or administers doses to customers could benefit from a pharmacy malpractice insurance. Some state laws obligate hospitals, nursing care facilities, and community-run pharmacies to provide malpractice insurance to their employees. This, however, is not the case for those working as contractual, part-time, or consultants.
KASE Insurance is a top-rated provider of malpractice insurance in Toronto. We are most notably known for our one-of-a-kind insurance policies that are specially developed to serve the risks and requirements unique to each business niche and industry.
To know more about us and our different professional liability insurance and malpractice insurance coverage, we encourage you to reach out to us. Our knowledgable staff would be more than happy to respond with a free quote or schedule you for a no-commitment consultation with one of our lead brokers to discuss your concerns in detail.
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