Medical Malpractice Insurance - Covering Margin of Error

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  | Published: 03 August 2021

Don’t gamble with your health, get the right cover at the right price.

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Human beings are imperfect and prone to making mistakes. While error is an integral part of human behavior, some professions do not allow for a margin of error since they can prove fatal. One such profession which has no scope of error is the medical profession. Even the slightest error could lead to devastating consequences which might land a fatal blow to the life or lifestyle of the patient and the career of the medical professional. Any error in diagnosing or treating a patient can attract legal liabilities. Medical Malpractice Insurance allows medical practitioners to deal with these legal liabilities efficiently.

What is Medical Malpractice Insurance?

Medical Malpractice Insurance is a unique type of insurance plan which offers financial protection to individual healthcare workers such as nurses, physicians, doctors, lab technicians, and surgeons as well as medical institutions against legal liabilities that may arise due to the case of medical negligence or errors. In case of any medical fallacy, practitioners or healthcare workers may face court cases for compensation. At times, the court may order medical practitioners to pay compensation amount, to the patient or their family, which is beyond the financial reach of the medical practitioner. A small mistake can put a serious dent to their finances and profession. To safeguard their financial interest in such cases, Medical Malpractice Insurance provides financial cover for lawyer’s fees, compensation amounts, and other financial losses generated from the case of litigation.

Why do I need Medical Malpractice Insurance?

According to the Medical Liability Federal Law No. 4 of 2016, a medical professional is required to pay financial compensation to the patient or their family in case of medical malpractice arising from ignorance, lack of care, wrong diagnosis, and other errors. Irrespective of your medical experience, every individual is prone to committing mistakes. To protect your finances in such cases, it is beneficial to purchase Medical Malpractice Insurance which will cover most of your legal liabilities in case of any unlikely unforeseen unfortunate event. With Medical Malpractice Insurance, you can transfer all the burden of legal liability to the insurance plan and do your work without any stress. Besides, when you purchase Medical Malpractice Insurance, you get peace of mind with it for free!

What is covered under Medical Malpractice Insurance?

Medical Malpractice

Any damage, harm, or loss caused to the patient due to any act of negligence, recklessness, or ignorance of a medical expert is covered under Medical Malpractice Insurance.

Legal Representation

Once any medical dispute reaches the court, you may end up losing more money than you have earned to save your profession. To ensure that the litigation does not empty your pockets, Medical Malpractice Insurance covers legal representation so that you can afford the best legal representation without any concerns.

Clinic and Support Staff

If you own a clinic, you are responsible for any damage or harm caused to the patient in your clinic. Even if you are not directly responsible for any malpractice, the patient can sue the clinic over the mistake of the technical assistant or the nurse. With Medical Malpractice Insurance, you can cover your clinic and support staff to avail of the claim in case of any claim raised against them.

Loss of Earnings

A lawsuit can put a serious dent in your medical practice. Patients might hesitate to visit your clinic or consulting you. In another scenario, the court may hold your medical license temporarily till the case is not resolved. In both cases, you end up losing money. Some Medical Malpractice Insurance Plans offer cover against loss of earnings to ensure that you do not suffer financially.

Mental Anguish or Pain

The court case against your medical practice can cause mental exhaustion or trauma or stress. In case the case puts a dent in your mental health some Medical Malpractice Insurance plans cover it to make sure that you can recover quickly.

Compensation

If the court orders you to pay a compensation amount to the patient, the Medical Malpractice Insurance pays the amount on your behalf to secure your finances.

Compensation Limit

Usually, the range of compensation offered on Medical Malpractice Insurance plans varies between AED 250,000 and 5 Million. In some cases, hospitals and medical institutions purchase plans with higher compensation up to AED 100 Million.

What is not covered under Medical Malpractice Insurance?

  • Punitive damage or exemplary damages i.e. damages assessed to punish the defendant for outrageous behavior or reform the conduct
  • Fines and Penalties
  • Services performed by a medical expert without a proper license for the service

Types of Medical Malpractice Insurance

Medical Malpractice Insurance comes with two types of insurance plans:

Occurrence

Occurrence Medical Malpractice Insurance plan is a type of plan that covers any claim for an event that occurred during the period of coverage. Even if the event is reported to the provider later, the event will still be covered. Besides, the policy covers events that occurred in the period even if the policy has lapsed. This type of insurance plan is usually more expensive since it does not require any strategy and it is more viable.

For instance, let us say that any damage was caused to the patient while the policy was in force but the patient takes action after the policy has expired. In this case, the occurrence plan will still offer benefits.

Claims-made

A claims-made policy covers the insured only if the policy was in force when the event took place and when the lawsuit was filed. In case if either of the two is not in place, the claims-made policy does not offer any benefits. This policy is more restricting and time-bound and thus cheaper.

How much does Medical Malpractice Insurance cost?

The Medical Malpractice Insurance cost depends on various factors:

Your area of specialization

The area of your medical specialization plays a crucial role in determining the Medical Malpractice Insurance cost in the UAE. According to studies, surgeons, obstetricians, and ER doctors are at the highest risk of being sued. Therefore, the Medical Malpractice Insurance cost is usually higher for them in comparison to doctors in other professions.

History

Just like any other insurance policy, Medical Malpractice Insurance is influenced by your history. If you have a history of legal liabilities arose due to your profession, the Medical Malpractice Insurance cost may be higher for you. The more claims you make, the costlier your Medical Malpractice Insurance is.

Coverage

Your coverage also contributes to your Medical Malpractice Insurance cost. In case you wish to purchase a cheaper Medical Malpractice Insurance policy, you will be required to pay less.

Type of Medical Malpractice Insurance Policy

The type of Medical Malpractice Insurance plan also affects the Medical Malpractice Insurance cost. As mentioned earlier, the occurrence type of policy is more expensive than the claims-made type of insurance policy.

Things to know before purchasing a Medical Malpractice Insurance policy

Before purchasing a Medical Malpractice Insurance policy you should consider these things:

Premium and Coverage

Various insurance providers will offer you Medical Malpractice Insurance at different prices. It will be useful to compare the Medical Malpractice Insurance cost online to find the best Medical Malpractice Insurance.

Exclusions

Read the policy document carefully to know the inclusions and exclusions. Often the nuances escape our attention which might prove problematic later. Therefore, before signing the document, make sure that you are well acquainted with all the details.

Coverage Period

Pay attention to the coverage period and the type of policy. If you have purchased an occurrence-type policy, you do not need to worry about the coverage. However, if you have the claims-made type of policy, you should always check the date carefully.

Insurance plan offered by Employer

If you are working in a hospital, it might be more beneficial to confirm with your employer before purchasing Medical Malpractice Insurance. Many hospitals buy this insurance to create a mitigation plan in case of any legal liability. Under such circumstances, buying insurance will not benefit you. If your employer has already purchased the insurance policy, you do not need to worry about it.

How to purchase a Medical Malpractice Insurance policy?

You can purchase medical malpractice insurance in minutes from our website. All you need to do is:

  • Enter personal details and requirements
  • On the next page, our website will offer you the Medical Malpractice Insurance policies which meet your needs
  • Choose the insurance plan you prefer
  • Enter the details
  • Pay the premium
  • You will receive a policy document

Conclusion

If you are a medical practitioner in the UAE, it is compulsory by the law in the UAE to purchase a Medical Malpractice Insurance policy. This insurance will cover all the uncertainties that might halt your practice temporarily. On our webpage, you can find the best insurance policies as per your requirement and secure your finances against any legal liabilities that may arise due to your profession.