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What is Medical Malpractice Insurance?
Medical malpractice insurance is a type of lawsuit insurance, specially designed for healthcare practitioners. It protects you from lawsuits related to negligence/errors and omissions while providing medical services. For instance, if you’re an oncologist, you could get sued if you misdiagnose a patient.
Medical malpractice insurance is legally required for doctors in Singapore. If you’re an allied healthcare provider, it’s also vital that you carry this coverage to protect yourself from legal liability.
What does Medical Malpractice Insurance cover?
- Errors & Omissions / Negligence / Malpractice: Coverage for professional mistakes while providing healthcare services & advice for clients.
- Defamation: Coverage if you are found guilty of libel or slander.
- Retroactive Claims: Coverage for mistakes that occurred before you bought your current Medical Malpractice Insurance.
Medical Malpractice Insurance is usually structured on a “Claims Made” basis. This means that even if your claimable event occurred several years ago, as long as you file a claim while your current policy is active, you’ll be protected. You must have held uninterrupted Medical Malpractice coverage for this retroactive protection to apply.
- Subcontractor Errors: Coverage for subcontractor mistakes that harm your clients.
- IP/Patent Infringement: Coverage for accidental violation of Intellectual Property (IP) belonging to someone else.
Do I need Medical Malpractice Insurance?
As long as you provide any kind of medical services to clients, it’s critical that you have Medical Malpractice Insurance to protect your practice. For a small annual fee, you immediately protect yourself from lawsuits that could potentially deal a crushing financial blow to your healthcare business.
It is standard practice for these medical professionals to carry Medical Malpractice coverage:
Specialists (e.g. Oncologists, Cardiologists, etc.)
Optometrists and Opticians
- TCM Doctors
- Occupational Therapists
How much Medical Malpractice Insurance do I need?
Evaluating the amount of coverage you should carry is a complex process. Our experienced brokers at Provide will analyse your business, and craft a custom solution for your practice.
Here are some major factors that one should think about when evaluating the amount of coverage:
Regulatory/Professional Association Requirements: Doctors in Singapore must carry at least $1 million Medical Malpractice Insurance.
Worst-Case Scenario: Think about the types of advice you provide, the services you offer, or the procedures you perform. What is the maximum amount you could be sued for? And how much would it cost for lawyer’s fees?
Size of Practice: The more clients you service, the greater the more malpractice liability you are exposed to. The more employees you have, the greater the chance that someone, somewhere, does or says something they’re not supposed to.
How much does Medical Malpractice Insurance in Singapore cost?
Medical Malpractice Insurance starts from $50/month. Prices will vary depending on the specific types of healthcare services you provide, and your practice’s annual revenue.
With Provide, you save up to 25% on your annual premiums. That’s because our digital operating model creates lower overheads, and we pass every dollar saved back to our clients.
In order to get the best coverage for your business at the lowest cost possible, it’s crucial to work with a great broker. Our industry experts, with 20+ years of combined experience, will:
1. Analyse your healthcare practice’s unique needs.
2. Craft a custom malpractice protection plan for you.
3. Scour the insurance market for the best coverage and lowest prices for you.