How Does Insurance For Healthcare Workers Help?
If you or your business were ever sued for alleged or actual negligence, error, or omissions, resulting in financial loss, your health professional liability insurance would kick in to help cover the costs. This coverage is designed to include any relevant costs pertaining to a lawsuit, which could include your legal expenses, your defence costs, awards and settlements – up to your policy limit.
Here at EasyCover, you can select from three different levels of protection. Those are:
- $1 million
- $2 million
- $5 million
This is the maximum amount that your insurance will pay out over a 12-month policy period, regardless of the number of claims you make during this time. How much coverage you may wish to purchase is largely dependent on your industry, your clients, and the value of the service or advice you offer. You’ll also want to take in the average estimated cost of litigation for your industry.
Each claim you make is also subject to a deductible. You must pay this amount before your insurance kicks in to cover the remaining costs. For healthcare workers, coverage can make or break their business’ longevity.
For healthcare professionals, medical malpractice insurance can sometimes be required and provided through a professional regulatory body.
How Much Does Professional Liability Insurance for Healthcare Professionals Cost?
Professional liability insurance for healthcare workers is tailored to cover defence costs if you are ever taken to court. Its cost largely depends on the kind of business you run, its revenue and more. Your overall costs for your health professional liability insurance will vary based upon, but not limited to:
- Your industry or specialty
- Your gross or average revenue
- Your business’ size
- Your business’ history
- Your insurance history
- Your clients
- Your employees
There is no one average insurance cost for healthcare workers. For the best prices, work with an EasyCover broker. We have access to some of the top carriers and can provide cost-effective professional liability insurance for healthcare workers.
You may also be able to package your professional liability insurance for healthcare workers with additional insurance options, like commercial general liability insurance to guarantee that you also have coverage for general liability exposures like property damage and bodily injury. Professional liability insurance won’t be enough to cover these all on its own.