Globally, the healthcare industry is one of the largest, most diverse, and fastest-growing industries. In Canada, the total health expenditure sits at around $264 billion, which represents about 11.6% of Canada’s total GDP.
There are over 1,200 hospitals, 90,000 physician offices, 27,000 dental clinics, and 3,300 medical and diagnostic laboratories in Canada. And these establishments only represent a fraction of the entire healthcare industry.
Working as a healthcare professional is considered one of the most stable jobs available. However, working as a healthcare professional carries its own unique set of potential risks and liabilities. In such an industry when the health and lives of people are on the line every day, professionals must be prepared for unforeseen events and lapses in judgement. Claims of medical malpractice that results in injury, illness, or death can lead to devastating costs and liabilities.
Medical professional liability insurance is vital to the success of any medical professional and healthcare business as a whole. This insurance policy will protect you financially while giving you peace of mind so you can focus on what matters. KASE Insurance is one of the leading providers of medical professional insurance in Toronto and the rest of Canada.
Medical professional liability insurance, also known as medical malpractice insurance, is a comprehensive, must-have policy that is tailor-fit for all professionals who provide healthcare services. This insurance policy provides coverage for the legal costs and expenses that can arise from claims of medical malpractice.
Medical malpractice is when a doctor or other healthcare professional causes harm to a patient due to negligence or omission. Negligence can take many forms such as an error in diagnosis, treatment, aftercare, or health management.
To be considered medical malpractice, the claim should have the following characteristics:
Careers in the healthcare industry are diverse thanks to the various sectors that operate under this industry. A few sectors include hospitals, nursing and residential care facilities, ambulatory healthcare services, and private medical practitioners. Whether the healthcare professional works as a doctor, surgeon, nurse, dentist, optometrist, physical therapist, and so on, they all
share one thing in common – a responsibility for the health (and even lives) of their patients or clients.
In these noble lines of work, where the stakes are often high, even the most well-trained and experienced healthcare professional can find themselves facing a medical malpractice claim. All it takes is a single mistake or oversight that leads to injury, illness, or death. Any malpractice claims made against an individual can lead to devastating legal and retribution costs.
Ensuring you’re covered through comprehensive medical professional liability insurance does not only provide peace of mind and financial security, but it may also be mandatory for your line of work. Canadian physicians, for example, whether they are in private practice or working for hospitals, are required to obtain this type of insurance.
On a daily basis, people look to doctors and other medical professionals to provide them with the correct diagnosis and suitable health advice. However, mistakes in diagnosis or advice can lead to injury, illness, and even death to the patient. In such cases, medical professional liability insurance assists with expenses related to potential lawsuits such as legal costs and settlements.
Oftentimes, healthcare professionals are entrusted with the care of the vulnerable – such as children, the elderly, people with mental disabilities, people with critical illnesses, and so on. With such a responsibility, healthcare professionals such as nurses, home healthcare providers, and the like are highly susceptible to claims of negligence.
If this negligence is proven to have caused injury, illness, or death to an entrusted patient, this can count as medical malpractice and can lead to a lawsuit. Medical professional liability insurance provides coverage for such scenarios.
No matter how small an error may seem, it can still result in a costly malpractice lawsuit. For example, if poor imaging leads to the misdiagnosis of a patient, then the laboratory could be held responsible for the damages that this leads to. Medical professional liability insurance provides coverage for situations like this.
Medical professional liability insurance, or medical malpractice insurance, is essential for all professionals who provide healthcare services. This type of insurance can be secured by professionals themselves or the establishment that they work for. Medical professional liability insurance is highly recommended for the following:
In such an industry such as healthcare, where the health and lives of people are always on the line, it pays to be prepared for anything. By securing medical professional liability insurance, you’ll always be a step ahead. However, because all businesses and professionals have unique needs, we encourage you to speak to us so we can customize your insurance policy to appropriately suit your needs.
As one of the top insurance providers in Canada, we at KASE Insurance are happy to be your partner in putting together the best insurance policy for you and/or your employees. We are proud to have a great track record, serving clients from various industries. Through the years, we have gained a wealth of industry recognition and collected multiple awards along the way. With KASE Insurance, you can be sure that you are in good hands.
There’s always someone to help and answer your questions. Contact us today or get a quick quote and let’s get started!
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