Often, the topic of insurance can be complicated: what do you need, what don’t you need, and what on earth is medical malpractice insurance? Well, we’ve got all the answers, so sit tight, keep reading, and listen up.
For those who don’t already know, medical malpractice is when a patient is treated with inadequate care, a missed diagnosis, or perhaps given the wrong treatment, resulting in harm. There are also other forms of malpractice, but these are the most basic. However, contrary to what many people think, it’s only really businesses who work in the healthcare industry that need to worry about medical malpractice insurance.
This blog post will highlight what businesses need to invest in this type of insurance, followed up with further information on different insurance types.
What businesses need medical malpractice insurance?
As previously discussed, only healthcare businesses require this type of insurance. For example, if you are a doctor, nurse, midwife, or psychologist, then you should seriously consider purchasing adding this to your insurance plan.
While it is not usually required, without it you run a massive risk. For example, let’s say you accidentally prescribe too high a dosage of medication to a patient, resulting in harm (physical or mental), perhaps an addiction to the drug. If the patient decides to sue for malpractice, then you would be left to pay all legal fees and any potential payout by yourself or from your business. However, with medical malpractice insurance, all (or part) of this will be covered, protecting your professional credibility, and keeping you afloat.
What insurance do small businesses need then?
The kind of insurance you need as a small business depends on the services you provide. At Professional Plans, we provide a business owner’s insurance package, including various different essential insurance types, such as property and possession insurance, business interruption, and others.
If you require auto insurance, health insurance, or other types, then you will also need to purchase this separately. To find the best insurance packages and deals for you and your business, we highly recommend working with a professional.
So, to find out more information, contact a member of our team today.
Most small businesses do not need medical malpractice insurance. This is because this type of insurance is generally only applicable for those in a healthcare setting. If you are unsure whether or not your business classifies as a healthcare setting, then we recommend speaking to a professional insurance provider to find out more.