When you work with the human body, you’ve got to take numerous extra precautions to protect yourself and your career. One such action involves getting set up with the right coverage just in case of disaster. That means finding adequate medical malpractice insurance.

Florida independent insurance agents can help you get set up with the right kind of medical malpractice insurance for your needs. Even better, they’ll get you equipped with the proper coverage long before you ever need to actually use it. But before that, let’s take a deep dive into this crucial coverage.

What Is Medical Malpractice Insurance?

Medical malpractice insurance is a type of coverage designed for professionals who work with the human body, including physicians, dentists, druggists, psychologists, and more. This coverage is critical for individuals in the medical field, as it protects them against lawsuits for accidental injuries or death as a result of their services. A Florida independent insurance agent can help you and your practice get equipped with the necessary medical malpractice insurance for your field.

How Does Medical Malpractice Insurance Work in Florida?

According to insurance expert Jeffery Green, medical malpractice insurance comes in two basic forms. These are:

• Claims-made medical malpractice insurance: This coverage only reimburses the policyholder if the service is provided and the claim is made while the policy is in force.
• Occurrence medical malpractice insurance: This coverage reimburses the policyholder if the service is provided while the policy is in force, regardless of when the claim gets filed.

A Florida independent insurance agent can help you determine which type of medical malpractice insurance makes the most sense for you.

What Does Medical Malpractice Insurance Cover in Florida?

Medical malpractice insurance is a special form of Florida professional liability insurance designed to protect professionals in the medical field. This coverage protects medical professionals from the legal expenses required to defend and settle medical malpractice lawsuits, as well as settlement fees if they’re found to be liable for the claim.

Medical malpractice insurance covers the following:

• Costs of medical damages
• Costs of punitive and compensatory damages
• Costs of arbitration and settlement
• Costs of attorney and court fees

Your Florida independent insurance agent can further explain the critical protections provided by medical malpractice insurance, and why you need it.

Medical Malpractice Insurance in Florida Stats

Medical malpractice insurance is crucial for medical professionals across the US, regardless of whether coverage is legally required by the state or not. Check out how Florida stacks up against other states when it comes to the highest premiums earned for coverage.

Direct premiums earned by the medical professional liability insurance market in the United States in 2018, by state (in million US dollars)

In 2018, the medical malpractice insurance market generated $1.6 billion in direct premiums in the state of New York. Florida ranked fourth on the list, behind only New York, California, and Pennsylvania. Florida’s direct written premiums for medical malpractice insurance that year totaled $603.38 million.

Regardless of where you practice, having adequate medical malpractice insurance is crucial to safeguard both your business and yourself as a trusted medical professional.

Does a Medical Assistant Need Medical Malpractice Insurance?

Green said that anyone in the medical field who provides treatment to patients should have their own medical malpractice insurance. This crucial coverage is needed by:

• Physicians, specialists, and surgeons
• Dentists
• Anesthesiologists
• Nurses and nurse practitioners
• Psychologists

All of these professionals’ assistants also need medical malpractice insurance. A Florida independent insurance agent can help insure your whole team.

What Doesn’t Medical Malpractice Insurance Cover in Florida?

Medical malpractice insurance unquestionably provides a ton of critical coverage for professionals in the medical field, but it doesn’t cover just everything. Coverage also comes with its own set of exclusions, like:

• Criminal acts
• Inappropriate alteration of medical records
• Intentional and dishonest acts
• Sexual misconduct liability

Your Florida independent insurance agent can help address any concerns you may have about what your medical malpractice insurance excludes.

What Is Tail Coverage Medical Malpractice Insurance in Florida?

Green explained that tail coverage can be added to claims-made medical malpractice insurance for a set period of time to cover services provided while the policy was in force. So, a retiring physician might purchase five years of tail coverage to cover services that they performed during their active career, even after they’ve stopped working. Tail coverage can be purchased in one-year increments depending on your needs.

Does Umbrella Insurance Cover Medical Malpractice in Florida?

No, umbrella insurance cannot be applied to medical malpractice liability cases. Florida commercial umbrella insurance does provide critical additional liability coverage for businesses, but coverage does not include medical malpractice cases. That’s why medical malpractice insurance is so critical for professionals in the medical field to provide them with ample liability protection.

Here’s How a Florida Independent Insurance Agent Can Help

When it comes to protecting medical professionals against liability risks and all other disasters, no one’s better equipped to help than an independent insurance agent. Florida independent insurance agents search through multiple carriers to find providers who specialize in medical malpractice insurance, deliver quotes from several sources, and help you walk through them all to find the best blend of coverage and cost.