Healthcare organisations and professionals can face risks with patient and medical care. Canopius offers medical malpractice (also known as medical indemnity and professional liability) insurance solutions, tailored to suit your business. This can include public liability insurance to cover claims of injury or damage caused to third parties, and business insurance to protect the overall operations of the healthcare organisation.
What is Medical Professional Liability Coverage?
Medical Professional Liability Insurance, often referred to as Medical Malpractice Insurance, is a type of insurance that provides protection to healthcare professionals and organisations.
It covers legal costs and damages that may arise from claims of professional negligence or failure to provide the expected standard of care. This can include professional indemnity insurance to cover financial loss due to professional errors or omissions and liability insurance to protect against claims of injury or damage caused by the healthcare provider.
Who Needs Medical Insurance Coverage?
Medical Insurance coverage is essential for healthcare providers, including doctors, nurses, surgeons, dentists, and other medical professionals.
It’s also crucial for healthcare facilities like hospitals, clinics, and private practices.
This insurance helps safeguard these professionals and entities against the financial risks associated with malpractice lawsuits and claims.
How Much Does Medical Insurance Cost?
The cost of Medical Liability Insurance varies widely depending on several factors, including the type of medical practice, the healthcare professional’s speciality, location, claim history, and the coverage limits.
High-risk specialities like surgery typically have higher premiums than lower-risk areas.
What Does Medical Insurance Cover?
Medical Liability Insurance typically covers legal fees, settlements, and judgement costs associated with malpractice lawsuits.
This can include compensation for patient injuries, medical expenses, lost wages, and punitive damages.
It also often covers the cost of defence, including attorneys’ fees and court costs. Some policies may include coverage for privacy breaches and regulatory fines.
LONDON – 07 February 2024 – Canopius Group, a leading global specialty (re)insurer, today announces the appointment of Valentina Minetti as Head of Medical Professional Liability (MPL). She takes up the role with immediate effect. Valentina brings nearly three…
London — June 02, 2023 – Canopius Group, a leading global specialty (re)insurer, has announced the launch of its medical malpractice business with the appointment of Ashley Moulton as healthcare underwriter. Ashley brings more than a decade of medical…