Medical malpractice insurance is a specialized type of professional liability insurance that provides coverage to doctors and other medical professionals for liability arising from disputed services that result in a patient’s injury or death.
As per The Straits Times, from 2006 to 2011, claims against doctors have increased by 90% in Singapore. While only around one percent made it to court, more than half ended in financial compensation being paid.
You may be one of the lucky few healthcare workers who have been practicing for a long time without malpractice insurance, and haven’t had a patient claim or complaint. But that’s the problem with luck... It tends to run out.
Don't leave it to chance and get your medical malpractice insurance! If you're convinced, here are eight policy essentials for you to take note of:
1. Claims
A claims cover provides protection for failure to follow the accepted standards of care of your professional area of expertise, resulting in harm to your patient from medical negligence.
Despite your best efforts, even the most sophisticated systems can malfunction and result in patient injury, causing varying patient claims in malpractice cases.
2. Good Samaritan Acts
While there is no legal duty of care for medical professionals to act under law for medical emergencies in public, you do have an ethical duty to provide healthcare assistance and as a result, owe a standard of care to the individual receiving it.
Good Samaritan Acts coverage helps by protecting you when you provide care in emergency situations, so you can focus entirely on the needs of the patient.
3. Medico-legal complaints
This occurs when a practitioner’s decision-making, conduct, or communication skills is questioned.
While the process can take years to resolve and have significant impact on the individual personally and professionally, having coverage in your policy ensures a speedy approach in professionally handling the outcome.
4. Vicarious liability
Vicarious liability assigns liability for patient injury to you, if you have a legal relationship to the person who caused the injury. For instance, if an employed staff member causes patient injury, you may be held legally liable and responsible for it as well.
Having this cover means you’re protected for patient injury, even when it’s out of your control.
5. Unintentional intellectual property infringement
If you’re working in research, this insurance cover is crucial for your profession.
It protects not only the owner of the intellectual property but also if you have unintentionally infringed upon intellectual property rights of others.
6. Legal representation costs
Sometimes the defense costs associated with a malpractice case can be sizeable. Having access to legal representation costs means you’re covered for such expenses and won’t need to be out-of-pocket.
7. Automatic run-off cover
This cover protects you from any future liabilities once you cease medical practice, such as via retirement. An example could be that you may have treated a patient prior to retirement but who then lodges a complaint after you have retired.
Run-off coverage may extend to months or even years. However, do be informed that it doesn’t protect you if you engage in medical practice during your retirement or period of absence from the medical profession.
8. Optional extensions
When purchasing an indemnity insurance policy, some policies can offer optional extensions. For example, some do offer optional coverage for unintentional cyber and privacy infringement.
Optional extensions offer custom-made insurance solutions to suit your professional circumstances.
Get Medical Malpractice Insurance Today!
As a healthcare provider, your patients’ well-being is your number one priority. This insurance coverage will help you take care of other potential accidents, protect you from any resulting financial losses and minimizing interruptions to your practice.
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