Medical malpractice insurance is not a requirement in the state of Illinois, however, many professionals opt to buy this indemnification for that protection it provides. Industries, where malpractice insurance is most common, are among doctors, those working in the field of dentistry, psychology, those who work in pharmacies, and in various levels of nursing, optometry, and physical therapy.
What Does Malpractice Insurance Cover?
Malpractice insurance is a type of commercial insurance, and it will protect you in situations where you are sued due to errors that result in damage to your patients. In the event that a lawsuit is brought against you, your policy will help cover costs that are from legal fees and bills arising from arbitration, going to settlement and damages that are awarded for punitive, compensatory, and medical reasons.
You’ll need to consider if you want ‘claims-made’ coverage that will address suits and injuries that arise during the time in which you are insured or an ‘occurrence’ policy that will cover those that are filed regarding incidents that happened while you were insured, even if they occur at a later date.
It is always important to remember that legal action can be taken long after the offending action was taken, and you can also purchase ‘tail’ coverage to extend past the date when you cancel your insurance by a certain number of years. Also important to remember is that malpractice insurance does not apply to criminal activities or falsification of medical records.
Martin Insurance Team Located in Evergreen Park, IL Wants to Help You
Bring your insurance needs to Martin Insurance Team, and we will do our best to tailor a commercial insurance package to you. We have experience serving customers in the Evergreen Park, IL and look forward to working with you. Stop by or contact us online to discuss any questions you may have about commercial insurance today!