There are times that a medical practice or healthcare group takes on risks that affect patients and health professionals. Mistakes in billing, treatment, or diagnosis may be accidental, but they can occasionally happen, leading to financial and legal issues. Most healthcare facilities and physicians carry malpractice and professional liability insurance policies. Yet, these policies come with coverage limits.
You often can choose a fixed coverage limit when selecting a policy, with limits determined by how much financial risk you assess in the business. Many areas in the United States require certain levels of liability insurance for physicians and medical personnel to practice. You can also choose the limit based on how much coverage you can afford. But just because you have a coverage limit that doesn’t make it enough for every situation.
There may come a time when a devastating mistake or accident occurs. If something like this is severe enough, then the damages may exceed your coverage limits. This means that you still may owe a significant amount of money even if insurance honors your claim.
That’s why it’s important to consider purchasing umbrella insurance. Umbrella insurance adds extra coverage levels to your insurance policy. These coverage levels typically extend past the range of your normal professional liability insurance. It covers a much higher limit and goes above and beyond claims directly relating to your practice or facility.
Umbrella insurance may be the added layer of protection that’s essential for you and your medical facility. However, this does not mean it’s okay to take unnecessary risks at your practice. Umbrella insurance will likely not cover you if you take negligent risks. As the patient’s wellbeing is of utmost importance, always be careful in your practice. Make sure that you are following all rules to make your practice or medical facility as safe as possible.
For more information on how you can defend yourself and your practice from medical malpractice claims, contact us today!