Medical Malpractice policies protects you if a client suffers an injury or death arising from the treatment you have performed. It can cover your costs if you need to pay compensation to correct a mistake or settle a claim, and covers the cost of your legal defence.
Where you provide medcial advice, treatment, counselling or therapy to clients or patients it could potentially cause them harm. From hands on treatments, emergency care, administering drugs, alternative therapies, to psychology, life coaching, mediation and couselling. Brady Insurance are a long established broker who provide an excellent tailored package for these professions.
Benefits of Cover
Without adequate insurance cover, you could be liable for thousands of euros worth of legal fees and compensation payments payable to your client if you are found to have been negligent in your services to them. Our insurer providers have developed a bespoke policies for therapists which offers a comprehensive insurance solution for practitioners.
Key Features of the Cover:
The policy includes cover for claims brought against you or your employees, volunteers, sub-contractors or outsourcers during the period of insurance for:
- Breach of professional confidentiality: liability cover for breach of professional confidentiality in connection with the Insured’s business Libel and slander:
- Libel and slander committed without malice in connection with the Insured
- Inquest costs in respect of unexpected deaths which may give rise to a claim
- Physical injury, death, mental injury, illness, mental anguish, disease, disability sickness and shock of any patient caused by the Insured’s negligent, act, error or omission
- Loss of documents: destruction, damage or loss of documents which are owned or entrusted to the Insured
The policy also includes cover for your own losses occurring during the period of insurance arising from:
- Dishonesty of your employees or sub-contractors or outsourcers directly contracted to you and under your supervision;
- Loss, damage or destruction any document, information or data of yours or which has been entrusted to you.
How to choose the right Limit of Indemnity with MedMal
Most Medical Malpractice insurance policies will offer a maximum limit both per claim or overall in a single policy period "in the aggregate".
If your policy limit is €1,000,000 for example, that means that the policy will only pay up to €1 million during the policy’s active term.
If you have two claims in the policy period, one reserved at €500,000 and one reserved at €750,000 which together total €1.25 million in potential losses, you will only be able to receive up to €1 million in that year of cover. That’s a potential €250,000 gap in coverage. That’s why it is important that you work with your insurance agent to determine the policy limits that will most appropriately address your facility’s coverage needs. It’s important that you carry adequate coverage for your highest financial risks. However, you shouldn’t carry too much coverage, either. Our team will consult with you, and look at the common limits for your occupation and think over the frequency and severity liklihood of any malpractice claims.