Does your Malpractice Insurance cover these key events?

Amigo MGA Malpractice InsuranceIn addition to all the other costs of becoming a doctor, from the time in school to the ensuing debt, medical professionals also need to be concerned about malpractice insurance. Work on the human body can often go awry, since best practices change with some frequency, no two bodies are created equal, and doctors are people too. As such, doctors need to be covered in the event that a procedure goes wrong and the patient sues for damages caused. Even well-intentioned doctors make mistakes, so coverage is required by most practices and hospitals as a precautionary measure.

If you’re new to the medical field and need to purchase malpractice insurance, or if you haven’t reviewed your malpractice insurance policy in some time, a few seemingly-small aspects may slip through the cracks. Make sure you’re covered for the following instances.

Cyber Insurance: As we all remember too well from the recent cyber attacks against hospitals in the EU and other countries, the cybersecurity in healthcare facilities is often subpar, despite how vital it is to the wellbeing of the patients. Doctors today need to ensure that they’re covered in the event of a cybersecurity breach, data leakage, or malicious hostage situation.

Volunteer Insurance: Many doctors spend parts of their careers volunteering overseas to provide free or reduced-cost medical care to sick people in developing nations. Some malpractice insurance policies only cover work on American soil or within the walls of the doctor’s practice. If you plan to offer your services to those in need, make sure that you choose an insurance plan that covers you in case something goes wrong during a pro bono procedure.

Non-Medical Protection: As the healthcare industry is, in fact, a business, there will be some business-like liabilities you’ll need to protect yourself against. Take, for example, tax forms or insurance claims. In the event that you accidentally misfiled your income tax or made a mistake filing a Medicare claim, you’ll need some insurance to cover the costs of correcting the problem and all the red tape that will certainly ensue.
Overdose Insurance: The opioid epidemic is hitting crisis levels in some states, and as such, the likelihood of being sued for an over-prescription that lead to an addiction or death is climbing. As was made clear in the riveting work of investigative journalism American Pain by John Temple, the federal government now has a vested interest in prosecuting doctors and facilities it dubs “pill mills,” a term used to describe offices that dole out opioids with reckless abandon for a profit. With this in mind, ensure that your malpractice insurance will help you fight claims that your medical prescriptions were malicious and solely for profit.

The Importance of Personal Insurance

Amigo MGANavigating the world of insurance can be a tough one. No one likes the idea of losing their valuables to the unplanned curveballs life throws. How do you know what’s worth protecting when investing in personal insurance? Following this handy list can help inform your choices when understanding which insurance is most important, and what a program typically covers.

Simple, important and a necessity if you’d like to go anywhere with four wheels, automotive insurance is paramount. However, it’s not enough to understand your state’s minimum requirements and purchase a plan based around that. Be sure and consult the agent you’ve chosen to purchase insurance from when building a policy. More often than not, they are genuinely attempting to provide you with the best possible coverage for your money, and auto-insurance is one of the few that get utilized the most.

Renter’s or homeowner’s insurance is fantastic for safeguarding what matters most. Renter’s insurance can differ from state to state, and where you decide to rent. Even if your complex does not require the purchasing of renter’s insurance, protecting your possessions from break-in or incidental damage is always a good idea. Homeowner’s insurance is a must-buy for what will possibly be the largest investment of your life. When carrying a mortgage, homeowner’s insurance is a necessity, but keeping a policy intact for when your mortgage is paid off is the best way to protect yourself from fire or natural disaster. Beyond disasters, homeowner’s insurance can and will protect you should your possessions be stolen, or an accident occur on your property.

Lastly, umbrella insurance is an excellent catch-all should the worst happen. All types of insurance have their limits, and should you find yourself in a situation where those limits are met and exceeded, umbrella insurance is designed to cover the overflow. Able to cover you during overseas travel, umbrella insurance is an excellent safety net should your initial fail-safes give way.