YOU ASK:
What is the definition of Malpractice Insurance?
WE ANSWER:
Malpractice Insurance refers to insurance that aims to protect against loss or liability incurred by professionals in the course of their practice. This is usually provided to lawyers, doctors, therapists, nurses, and professionals and specialists who are prone to lawsuits filed by clients for alleged error or acts of negligence.
In the event that that the professional is sued for malpractice, the lawsuit may result in very high liability costs (which can even reach millions of dollars) and the insurance covers for this. States require professionals to carry malpractice insurance, where the amount of required coverage changes from state to state.
Was this insurance question and its answer useful?
| Not a bit | Very useful |
Have an Insurance Question? Ask For Insurance
More insurance terms around malpractice insurance:
- Managed Care
- Manual
- Marine Insurance
- Maturity Date
- McCarran-Ferguson Act
- Mediation
- Medicaid
- Medical Information Bureau
- Medical Malpractice Insurance
- Medical Payments Insurance
- L-Share Variable Annuity
- Loss Reserves
- Loss Ratio
- Loss of Use
- Loss Costs
- Loss Adjustment Expenses
- Loss
- Long-Term Disability Income Insurance
- Long-Term Care Insurance
- Lloyd’s of London