All insurance serves to cover clients for various financial disputes they could face in their personal lives or in the workplace. Whether you are in a car accident or receive a malpractice claim, insurance helps you avoid financial ruin. When looking for insurance, you should know how to differentiate between policy types. Here is the difference between general vs professional liability insurance.
What Is General Liability Insurance?
As the name implies, general liability insurance is a broader form of insurance compared to the professional type. Typically, general liability insurance covers a business or corporation from physical risk and property damage liabilities. When bodily injuries occur on your premises or you cause damage to another person’s property, people can file a claim against you. Depending on your industry, these policies can cover you for injuries as well as slander and copyright infringement.
What Is Professional Liability Insurance?
Professional liability insurance hits closer to the personal side of insurance rather than the corporate. This insurance type covers risks such as negligence and malpractice in delivering your services. Claims in this realm typically revolve around a physical injury or financial loss. For example, medical malpractice insurance for dentists is a professional dental liability insurance policy that covers malpractice and negligence claims.
How Do I Choose?
One company or person may choose to have both general and professional liability insurances. Since they cover different scenarios, it is up to you to choose the insurance you want. If you choose general liability insurance, you are protecting your business from broader issues in business operations. However, if you choose professional liability insurance, you are protecting yourself from errors and omissions in your own services. It may be wise to have your own professional policy while leaving the general one to your employer. If you are a business or practice owner, try taking policies out for both in order to cover all your bases.
Know the difference between general vs professional liability insurance so you can adequately protect your business and personal assets. If you have any questions about these insurance types or would like to find the right policy for your situation, reach out to our insurance professionals at Baxter & Associates today.
In medicine, there is always the possibility of a mistake. Your years of training and focus pay off with most of your patients. However, there is the off chance that your medical advice, treatment, or procedure ends up harming a patient in unforeseen ways. Under these circumstances, it is important for medical professionals of all types to have the appropriate insurance coverage. Without it, you could be in serious financial and professional trouble. To start your journey into the insurance world, here is who needs medical malpractice insurance and why it is so important.
A Brief Description of Medical Malpractice Insurance
What is medical malpractice insurance? This particular form of insurance is no stranger to the majority of physicians and medical professionals practicing in the United States. However, if you are entering the field or looking for your first job in medicine, you may not know about these policies. At its core, medical malpractice insurance is a form of professional liability malpractice insurance for medical professionals. This insurance provides certain coverages—each provider dictates the specific amounts and terms—for medical professionals if they come under fire.
Who Needs Medical Malpractice Insurance?
The world of medicine is as deep as it is wide; there are dozens and dozens of specializations, trainings, and roles. But the reality is that almost anyone who plays a part in the diagnosis, treatment, operation, and care of a patient is responsible and liable to some degree. So, the short answer is everyone! Even if it is to just cover your bases professionally, obtaining medical malpractice insurance is critical to the longevity of each medical professional’s career. If you or someone you know is looking for medical malpractice insurance, reach out to our team here at Baxter & Associates. Here is a comprehensive list of the people who must have this type of insurance.
Physicians and Surgeons
The larger the scope of work, the higher the stakes of medical liability. You may expect that at the uppermost levels of the medical field, physicians and surgeons diagnose, operate, and treat hundreds of people with some of the most invasive and detailed plans. Though MDs and DOs are essential to the medical process, their job descriptions leave them open to serious risks. Medical malpractice insurance is essential for these people due to the intensity of their work. Physicians, doctors, and surgeons all need adequate coverage to secure a long and prosperous medical career.
The role of nurse practitioners is contingent upon the state wherein they practice. However, they are one of the few medical professionals who work in similar leagues as full-fledged doctors and physicians—a degree available to NPs is a Doctorate in Nursing Practice, or DNP. Nurse practitioners, like all medical professionals of their grade, work with patients every step of the way. Their job functions expose them to many scenarios where patients could file a claim against them in the future if any harm occurs. So, it is best for NPs and ARNPs to obtain the proper medical malpractice insurance ahead of time.
Certified Registered Nurse Anesthetists
CRNAs or Certified Registered Nurse Anesthetists are integral to the success of surgical operations. They are responsible for selecting anesthetics, administering them, monitoring patients, and awakening them from anesthesia-induced sleep. Anesthesia is complex and CRNAs must tailor each vial and dosage to their patient’s needs. Going under can be scary for patients and anesthesia does not always work in its intended capacity. Though CRNAs extensively train and practice in their field, the fact of the matter is that anesthesia is sometimes fickle and causes psychological or physical damage to a patient. Certified Registered Nurse Anesthetists must find malpractice coverage that suits their needs. Without it, they could face serious financial and legal issues.
Physician Assistants live in the space between physicians and nurses. They do not have the same level of education and responsibility as a doctor, but they do work in considerably similar capacities. Because they work in tandem with a physician and even serve as a patient’s primary healthcare provider, PAs are at risk of legal claims of malpractice. With the right physician assistant malpractice insurance, PAs can continue their work with peace of mind.
Turning to a few special medical positions, podiatrists are at the top of the list. As medical professionals who work with feet, podiatrists are an essential part of the medical system. For many people, their feet are critical to their capacity to work and live, so any malpractice issues could cause life-long disability. Podiatrists should obtain podiatry malpractice insurance to protect their practice and continue serving people’s foot-related needs.
Dentists are another medical professional who deals with particular parts of the body—namely the mouth. Dentists should find professional dental liability insurance to cover their practice and career. Without it, an injured patient could file a claim against them resulting in serious damages.
Chiropractors work with the human body in ways many other medical professionals do not. They adjust and manipulate the structure of people’s bodies to alleviate pain and misalignments. Though they may not perform surgery or prescribe drugs, they do move patients’ bodies in ways that could result in damage and injury. Chiropractor professional liability insurance is the way to go for chiropractors who want to head off any legal claims.
Knowing who needs medical malpractice insurance equips you to find the right solution for your professional goals. With focused research, budgeting, and planning, you can secure insurance that will cover you for your entire career and ensure a bright future for your vocational journey. If you have questions about any of these insurance types or want more information about one of our tailor-made policies, reach out to us at Baxter & Associates today.
The world of medicine is vast, with thousands of people in hundreds of specializations, including chiropractors. Here is what you should know about the importance of malpractice insurance for chiropractors.
No One Is Risk-Free
You may be the most passionate chiropractor in the world and work with the most practiced precision. But there may come a time when a client makes a claim against you, and you have to handle a time-consuming and financially draining problem. Passion and perfection are not sufficient protections against the will of an allegedly harmed patient—no one is risk-free. Chiropractors need to obtain medical malpractice insurance specific to their branch of medicine.
Safeguard Your Career
Malpractice insurance for chiropractors is critical for long-term stability. Your medical career not only depends on the quality of your work and the credibility of your experience, but also on your financial liquidity over time. If you do not have enough assets to continue practicing your work, you are essentially out of business. Claims against chiropractors and other medical professionals can end up in court with hefty settlements. Whether you cover for lawyer fees, court fees, or settlement payments, you will shell out a significant amount of money—so much so that many people cannot bounce back from such losses. Safeguard your career today with insurance that fits your needs and budget.
Protect Yourself Now
There is no sense in waiting for a claim to come across your desk. It is best to acquire insurance now for anything that could happen tomorrow. Patients and their lawyers typically take time to write and file a claim against you. Research your options for insurance coverage and reach out to a trained insurance professional today like those on our staff here at Baxter & Associates.
We cannot overstate the importance of malpractice insurance for chiropractors. If you have any questions about chiropractic malpractice insurance or would like to speak to an agent today, contact us at Baxter & Associates.
The history of medical malpractice law in the U.S. is long and complex, but some shining moments truly shifted the tide. Medical professionals must adhere to ethics codes.
Here is more on the foundation of modern medical malpractice law.
The very first medical malpractice case in the United States took place in 1794. The plaintiff’s wife died at the hands of a doctor who claimed he performed a proper operation. The husband won the case, marking the beginning of medical malpractice law in the U.S. In the centuries since then, medical malpractice cases have increased, as have the number of lawyers working in this field of law.
Into the Courts
The state is usually the entity with authority over medical malpractice law as opposed to the federal government, so these cases are filed in a state trial court. Because of the division between all states, each jurisdiction has a slightly different way of handling various malpractice issues based on the history of local rulings. Though there is a foundational common law, the state legislature provides minor modifications.
Medical Malpractice Today
Standardization has made medical malpractice law today much different than how it was in the 1700s. All medical professionals interacting with patients should have protection from these cases. Whether you are a surgeon, pediatrician, or nurse practitioner, liability insurance is critical to safeguarding your career. Though it all began with one case, it is estimated that almost 17,000 medical malpractice cases are filed each year in this country. Malpractice law has even reached public view with celebrity cases like the ones of Michael Jackson, Julie Andrews, and Elvis Presley.
Understanding the history of medical malpractice law shows us how this type of litigation came to impact medical professionals in the United States. If you have any questions about medical malpractice or are looking for malpractice insurance options, contact us at Baxter & Associates today.