Malpractice Insurance Information

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Malpractice insurance is designed for any profession, like doctors or lawyers, where malpractice can occur. Get malpractice insurance information with help from an insurance professional in this free video clip.

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Video Transcript

Hi, I'm David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego. Today, we're going to talk about malpractice insurance. Let's start with what is malpractice insurance. Malpractice insurance is a form of professional liability. Malpractice specifically refers to physicians but professional liability as a whole if we take the subject is coverage for anybody who provides a service as their main business, attorneys, doctors, insurance professionals, anyone that provides their service and the client that they service could have a financial loss because of what they've done needs professional liability insurance. So what does it cover? It covers your errors and omissions or mistakes. If I as an insurance broker, provide a detailed amount of information to my clients and they suffer a loss, my professional liability insurance is going to step in. So really if you provide a service as your main business model, you need this coverage. A couple things that you really want to consider when it comes to malpractice or professional liability insurance, number one, look at the exclusions, make sure that your policy doesn't have an exclusion for what you do. Very important, number two, look at the coverage date that your carrier is providing. Most insurance policies, malpractice insurance policies have what you call a retroactive date. Make sure if you change carriers that you keep that retroactive date going all the way back into the past, otherwise you're going to have a claim problem. Check with your brother, they'll explain this to you. Finally, make sure you look at A rated carriers. These days professional liability carriers are strong but you want to make sure you're with the best. Ask your broker to shop for you and they'll make sure they get you the best price and coverage option. I'm David Sumpter, commercial insurance specialist with Wateridge Insurance.


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