Medical Malpractice Insurance: A professional liability insurance that agents should not miss

What if we told you that 250,000 people in the US die every year because of medical negligence? Statistics show that malpractice is the 3rd leading cause of death in the US. 

Different states in the US demand medical professionals to have malpractice coverage to work in any medical facility. With 15,000 to 19,000 medical malpractice suits filed every year in the US alone, it only makes sense to do so; this is where you, the agents, come in.

Professional liability insurance protects all types of professionals. Be it accountants, or doctors, to more. As an agent, you should provide the right professional liability insurance to the right professionals.

So, what insurance would you provide to accountants, brokers, and consultants? E&O Insurance. We’ve already talked about that before.   

And for the doctors? Medical Malpractice Insurance, of course. In this blog, we’ll be focusing on Medical Malpractice Insurance you can recommend to relevant clients.

Professional Liability Insurance  

Before we dig in too deep about malpractice insurance, let’s get a brief on professional liability insurance.

Professional liability insurance is a form of business insurance that provides coverages to professionals when damage is caused due to negligence or liability, resulting in loss or bodily injury.  

Like previously mentioned, you should provide the right professional liability insurance to them. Be it E&O, Legal Malpractice, or Medical Malpractice Insurance.

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!

Are they any different?  

You might be wondering about the differences between professional liability, e&o, and malpractice insurance. Well, they are the same. There aren’t many differences, and you can use these terms interchangeably.

So, what is the difference between all these insurances? Malpractice insurance is for medical professionals. Professional liability insurance is for professionals, whereas E&O insurance is for advisory professionals such as insurance agents, consultants, etc.   

Let’s suppose you provide umbrella insurance for your client. But the thing is, your client might be under the illusion that their professional errors are covered.  

Medical Malpractice Insurance  

First things first, Medical Malpractice Insurance is a specialized insurance coverage for medical professionals.

As you become more comfortable with professional liability insurance, you ought to dig deeper into malpractice insurance.

Agents and brokers who specialize in selling professional liability insurance may have to start focusing on selling professional liability insurance to medical practitioners. i.e., Medical Malpractice Insurance.  

TIP: Don’t forget to know what kind of policy you have proposed (occurrence or claims made). Know if any of these claims have been made previously.  

It’s essential to have a wide range of knowledge about professional services. What risks are your clients most exposed to? You should keep that in mind. Why is it important to do so? So that you can arrange insurance policies in such a manner that they cover the risks in the broadest way possible.

You should provide and maintain specialization around health care. Furthermore, provide your clients with the necessary policies covering their risks.

So why should agents invest in Medical Malpractice Insurance? 

Let’ go with the data first!

  • 33% of physicians spent more than 40 hours on their lawsuit defenses.
  • According to NPDB, on average, there are 12,414 medical malpractice cases reported.
  • 99% of physicians face at least one lawsuit by the age of 65.

All these data show that agents have ample potential in this market. Insurance agents providing malpractice insurance are not like ones who offer any other type of insurance. Don’t forget to keep in mind the policies that might differ according to states.

The healthcare sector is one of the fastest-growing industries. It’s an opportunity for agents to tap into this market.

Bottom line  

Malpractice Insurance is a niche you cannot miss.    

Providing insurance to health professionals can be beneficial for agents. Why? Because the market in this sector is vast.   

Prepare your clients for times when things go wrong. Keeping them protected in all cases will ensure protection for any situation.

In addition to malpractice, due to the sensitive nature of medical records, health professionals should consider cyber insurance as well. You can provide your clients with a separate cyber insurance or add it to the malpractice policy.  

Medical Malpractice Insurance is a market you cannot ignore, and hopefully, now you know why!

What are your thoughts? Write down your opinion below! 

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!

Pin It on Pinterest

Share This