Do you need malpractice insurance? According to The Insurance Journal, the urgent care sector of healthcare is now an $18 billion industry with no slowdown in growth in sight. With the rise in demand, a rise in the number of medical errors is also expected, and not only physicians are at risk.

Malpractice insurance is a form of professional liability coverage that is most commonly associated with doctors, but it can—and often should—be purchased by other medical professionals. This insurance provides coverage in the event the individual, such as a doctor, nurse, or even medical technician or rehabilitation therapist, is sued by a patient for treatment that resulted in harm.

In the U.S. alone, there are 15,000 to 19,000 medical malpractice suits annually, which result in billions of dollars paid for injuries. All those practicing in specially-trained medical fields should ask their employer or insurance professional about the value of medical malpractice (also known as professional liability) insurance.

Not only can malpractice insurance provide the means to pay for a settlement, it also can pay for legal costs. Because the burden of proof on plaintiffs is quite high, many claims end up being denied or withdrawn, but the legal costs must be paid by the defendant regardless of the outcome. It is important to know if defense costs will be paid in excess of your limit of insurance or if they decrease the limit available to pay for settlements or judgments against you.

There is often also a date back to which coverage would historically apply, referred to as a “retroactive date.” This date is important since no claims would be paid if the original injury or treatment occurred before this date. With many malpractice claims arising years after the original treatment, this is an important provision of the policy.Don’t think it is only doctors who need medical malpractice insurance.

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