Professional Liability Insurance For Health Care Workers & Professionals

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Understanding Health Professional Liability Insurance.

What Is Health Professional Liability Insurance?

If you work in health services, proper insurance for your business is a necessity. There is an inherent risk when dealing with the health and wellbeing of others. Even if you are not at fault, an accusation of negligence could potentially damage your reputation and livelihood.

That protection comes in the form of insurance for healthcare workers, otherwise known as health professional liability insurance. Insurance for healthcare workers is tailored specifically to the unique needs and exposures of the healthcare industry, acknowledging the severity of what a loss could cost a client if you were to make a mistake.

Professional liability insurance for healthcare workers covers your business for claims arising from professional wrongdoing, causing financial loss. A client may allege you’ve caused harm by offering misinformation, making an error while performing a promised service, or failing to provide a necessary service. In any case, a lawsuit could cost you tens of thousands of dollars, regardless of if you win or lose. Health professional liability insurance can spare your business from financial devastation.

Protect yourself so you can continue to do what you do best – provide care for others.

Examples of Health Professional Liability Insurance

Alleged or actual negligence

Coverage in the event incorrect advice is given or a professional mistake is made, causing financial loss.
Administrative error

Failing to obtain an appropriate consent form from a client to share confidential information

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How Does Insurance For Healthcare Workers Help?

If you or your business were ever sued for alleged or actual negligence, error, or omissions, resulting in financial loss, your health professional liability insurance would kick in to help cover the costs. This coverage is designed to include any relevant costs pertaining to a lawsuit, which could include your legal expenses, your defence costs, awards and settlements – up to your policy limit.

Here at EasyCover, you can select from three different levels of protection. Those are:

$1 million
$2 million
$5 million

This is the maximum amount that your insurance will pay out over a 12-month policy period, regardless of the number of claims you make during this time. How much coverage you may wish to purchase is largely dependent on your industry, your clients, and the value of the service or advice you offer. You’ll also want to take in the average estimated cost of litigation for your industry.

Each claim you make is also subject to a deductible. You must pay this amount before your insurance kicks in to cover the remaining costs. For healthcare workers, coverage can make or break their business’ longevity.

For healthcare professionals, medical malpractice insurance can sometimes be required and provided through a professional regulatory body.

How Much Does Professional Liability Insurance for Healthcare Professionals Cost?

Professional liability insurance for healthcare workers is tailored to cover defence costs if you are ever taken to court. Its cost largely depends on the kind of business you run, its revenue and more. Your overall costs for your health professional liability insurance will vary based upon, but not limited to:

Your industry or specialty
Your gross or average revenue
Your business’ size
Your business’ history
Your insurance history
Your clients
Your employees

There is no one average insurance cost for healthcare workers. For the best prices, work with an EasyCover broker. We have access to some of the top carriers and can provide cost-effective professional liability insurance for healthcare workers.

You may also be able to package your professional liability insurance for healthcare workers with additional insurance options, like commercial general liability insurance to guarantee that you also have coverage for general liability exposures like property damage and bodily injury. Professional liability insurance won’t be enough to cover these all on its own.

Protecting Your Healthcare Business from Professional Liability Risks

Whenever you offer any form of advice or service, you may be faced with liability risks. Although having professional liability insurance for healthcare workers is an integral part of your defence, your best option is to avoid litigation altogether. It’s simply the best way to save yourself stress and avoid facing claims – which, over time, can increase your premiums.

EasyCover has offered some options for additional risk mitigation strategies that you can use to lessen your chances of being sued.

Have clear expectations – Having everything clearly explained before any work is done or advice is given, outlining what is expected of both yourself and your client. You may also wish to get it in writing and have a clear contract. Ensure that treatment options and fees are made clear.

Stay organized – Having clear and coherent organization skills removes the risk of missing important communication opportunities or forgetting integral details. This also removes the chances that a client could suffer as a result of your error.

Communicate – This applies to both your clients and your employees. It can be tough to have open and honest communication, but it’s critical for the wellbeing of your business. Keep your client regularly updated, keep them informed on all available treatment options, and clarify if you aren’t 100% sure about something – especially if it’s regarding the outcome of a treatment that they’re paying for.

Quality control – Have appropriate procedures in place so any potential errors are caught.

Refer out – If a client needs a particular service or has a request that is outside of your realm of expertise, refer them to someone who can help them. Don’t take on more than you’re capable of handling.

Keep records – Always follow up on conversations with an email, ensuring everyone is comfortable and in agreement with what was discussed. This also keeps everyone on the same page and accountable. If you are ever sued, this is vital documentation.

Even if you do everything in your power to prevent them, mistakes can happen. EasyCover’s professional liability insurance for healthcare workers provides professionals with peace of mind, as well as protection if things don’t go as planned.

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