Medical Malpractice is a specialized type of professional liability insurance, providing coverage to physicians and other medical professionals for liability arising from disputed services that result in a patient’s injury or death. Many doctors face at least one medical malpractice lawsuit in the course of their career.
Carrying this type of insurance is essential for physicians—and is often required by law. Other medical professionals who should consider this type of coverage include dentists, psychologists, pharmacists, optometrists, nurses and physical therapists, among others.
Depending on the location and nature of a medical practice, medical malpractice insurance can take several forms, including:
- An individual or group policy purchased from a traditional private insurer.
- An individual or group policy obtained through a medical risk retention group (RRG), a mutual organization of medical professionals organized to provide liability insurance.
- Coverage provided as part of a policy held by an employer, such as a hospital.
Medical professionals should seek insurance coverage for themselves as individuals, as well as for their business entity—e.g., corporation, partnership, limited liability company—and their employees.