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Medical Malpractice Insurance

As a healthcare provider, you've spent your life working to help others—but if you make a mistake, you could end up facing a medical malpractice lawsuit. With the average jury award just under $800,000, medical malpractice insurance could be the only thing standing between you and having to close down your entire practice.

However, these cases can be difficult to resolve. As noted by the National Association of Insurance Commissioners, quite a lot of funding goes into investigating claims and determining whether or not malpractice occurred. If it didn't, then patients often have no basis for a lawsuit.

If a patient does have a basis for a claim, Waypoint Insurance Advisors, Inc. agents will work with you throughout the defense process to help cover losses in the event you're found liable for malpractice. Remember, there are no forms of medicine that are immune to malpractice suits. Whether you're a general practitioner or a dedicated specialist, there's always the chance of something going wrong, and more frequently, patients believing you did something wrong.

 

Medical Malpractice Coverage

Medical malpractice policies cover liability associated with any form of wrongful practice (intentional or not), with a particular emphasis on bodily injury, property damage, and medical expenses. They also cover defending against lawsuits related to these (many of which can take more than a year to reach a successful conclusion).

There are two major types of coverage:

·         Occurrence policies cover against losses that happen during the period that a policy was in force, since many people may not file suit for more than a year after the alleged malpractice incident. Once the suit is filed, it may take more than two years to resolve.

·         Claims Made policies cover any claims that are made during the time the policy is in force (and usually for a set period of time afterward, in the case of ongoing litigation).

A majority of malpractice cases can and will be settled out of court, without ever having to risk the high claims of a trial. Waypoint Insurance Advisors, Inc. agents try to work towards this outcome whenever they can—settlements rarely happen until late in the process, but they allow for lower payouts when necessary. This helps us keep your premiums low, and protects you from the anxiety (and interruption of your business) that a trial can bring.

Be sure you know which type of medical malpractice insurance you have and how long it covers you for, since this can determine whether or not you have any coverage at all if a suit is brought against you. If you're not sure how long you'll need coverage for, one of our agents can talk with you about your plans for the future and how much insurance you need.

1. Goguen, David. "National Medical Malpractice Statistics." MedicalMalpractice.com. Accessed April 20, 2016. http://www.medicalmalpractice.com/national-medical-malpractice-facts.cfm.

2. "Medical Professional Liability Insurance." Accessed April 20, 2016. http://www.naic.org/cipr_topics/topic_med_mal.htm.

3. "What Percentage Of Medical Malpractice Cases Settle Versus Go To Trial." Lawyer Locator. Accessed April 20, 2016. http://www.lawyerlocator.com/medical-malpractice/percentage-of-cases-settled-versus-trial/.

Our Location

Waypoint Insurance Advisors

7900 Excelsior Blvd, Suite 100
Minneapolis, MN 55343
Main office: 952-835-4848
Fax: 952-470-2142

Our Providers

Testimonials

Waypoint provides high-quality professional results for all your insurance needs. In my case, they were able to get me the highest-quality coverage for less money. In addition, they made recommendations that increased my protection. Waypoint surpassed my expectations! Call them today if you’re looking for the best.

Not only are they very knowledgeable about the industry, but they are willing to go the extra mile to find the best rates and policy for your family’s needs. They are very responsive to phone calls and emails and always make themselves available to answer and help with any questions that arise. We wouldn’t even consider going elsewhere. Waypoint came highly recommended by a friend, and we can definitely see why.

My family and I have been using Waypoint Insurance Advisors for many years and it’s for one reason: Personal Service. In an age of impersonal communications and a one-size-fits-all mentality, Waypoint stands out above the rest with their dedication to finding ME the right product at the right price, all with a personal touch. I highly recommend Waypoint.

I have worked with other insurance providers in the past who have claimed to be able to provide the best protection for the lowest price and never found one as honest and dedicated as Waypoint. They took the time to find out what I needed to have done and was able to increase my protection at the same time lowering my costs. Waypoint’s first concern is your concern. They put the customer first and this is what I was looking for in choosing an insurance agent.

Waypoint is extremely responsive and offers a personal touch second to none in my experience with insurance companies. It’s comforting to know I have a local insurance agent that is only a phone call away, no 1-800 numbers! I have referred many families to Waypoint and will continue to do so.