An individual can lose a lot when they fall to professional malpractices. It can be their natural physical appearance. It can be their sense of confidence and self-esteem. It can also be their savings or future earnings. With so much at stake, it is promoted that professionals get a professional liability insurance.
What is Professional Liability Insurance?
Professional liability insurance is a type of malpractice liability insurance, Florida attorneys explain. It can be called different names, depending on profession. In the medical field, it is called malpractice insurance.
A malpractice insurance covers financial costs in two ways. First, during filing of a case against negligence. Second, for coverage of damages incurred as declared by law.
Its coverage focuses on three items, namely the following:
- Alleged negligence of duty
- Loss caused by the alleged negligence
- Error or omission in the product sold or services provided
Difference from General Liability Insurance
Typical liability insurance covers damages as a result of bodily injury and property damage. Some legal claims may arise without causing the injuries covered by said insurance. These include negligence, violation of good faith, and misrepresentation (product) or incorrect advice (services), to name a few.
Malpractice Insurance in Florida
Practicing doctors in Florida must have $100,000 in malpractice insurance and a minimum of $250,000 to have hospital staff privileges. Pre-arranged secured assets are an alternative. But these options are seldom used. And while doctors without this insurance can practice their profession, they have to post a disclaimer at their office. It would be a double loss for a patient to be filing for such a case and not know that the doctor is uninsured.
Doctors that care enough for patients know how to protect them. One way to do that is through having malpractice insurance. It provides patients with proper compensation for an error.