HOA Insurance

If you work as an attorney or run a medical practice, you’re likely well-aware of the importance of malpractice insurance.

Essentially a specialized form of professional liability (E&O) insurance, Malpractice Insurance can help protect physicians, health care professionals, and lawyers from the legal and financial liability of negligence or wrongful practices.

Whether the third-party damage caused by your practice takes the form of a bodily injury, financial loss, or property damage, Malpractice Insurance can help you with the cost of remedying the situation and legal defense.

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Do All Medical Professionals & Attorneys Need Malpractice Insurance?

While nobody likes to think they will make a mistake in their work, Murphy’s Law tends not to discriminate.

Considering the American Bar Association estimates nearly 40% of attorneys will face a malpractice claim at some point in their career, the importance of Malpractice Insurance for Lawyers is abundantly clear.

Along the same lines, Medical Negligence is the third leading cause of death in the US, with nearly 20,000 Medical Malpractice suits filed here yearly. Even though many malpractice lawsuits conclude without a penalty judgment against the defendant, the cost of malpractice claim defense can be staggering.

As if that wasn’t reason enough, most states require medical professionals to carry malpractice insurance to work in a hospital or other medical facilities.

You deserve the peace of mind of knowing you’re covered.

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Older Caucasian physician wearing a white lab coat with a stethoscope, cracking a wry smile for the camera

How are Malpractice Lawsuits Decided in Court?

Once a malpractice claim is filed, the injured party typically retains an attorney and files a lawsuit against the party at fault.

While not all injured parties end up taking this route, the abundance of attorneys willing to take a malpractice case on pro-bono and possibility of a higher payout is more than enough to inspire many to do so.

Once the possibility of a settlement is off the table, a malpractice case is typically set for trial.

To win a malpractice lawsuit, the injured party’s attorney must demonstrate beyond a reasonable doubt that:

  1. The defendant committed a breach of medical or professional protocol resulting.
  1. That breach of protocol led them to pursue a different course of action than another professional in their industry would have, given the same circumstances.
  1. A physical or emotional injury was suffered by the Plaintiff as a result of this different course of action.
  1. There’s ample evidence that the Defendant directly caused the damage to the Plaintiff.

You’ve worked too hard building your practice to let something like a malpractice suit threaten your financial security.

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Types of Malpractice Insurance

Malpractice insurance typically takes one of two forms:

  • Claims-Made: The policy in effect at the time of a reported claim covers liabilities through the extended reporting period as long as it isn’t canceled.
  • Occurrence-Made: The policy in effect covers any claim that occurs during the policy period, regardless of whether the policy has since been canceled.

While the occurrence-made form of malpractice insurance was popular in the past, the price volatility it brought on inspired the move towards the Claims-Made approach most insurance providers use today.

Claims-Made Malpractice Insurance helps control costs for insurance companies, who then pass those savings on to policyholders in the form of lower premiums.

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How Much Does Malpractice Insurance Cost?

Malpractice Insurance is not cheap.

That said, considering the potential cost of being sued without it, it’s almost always a wise investment.

Unlike most modern insurance providers, Tomins believes each customer we serve deserves Malpractice Insurance that’s tailored to their specific business and situation. We take the time to get to know your operation before designing a policy with the right coverages at the right price, giving you the peace of mind of knowing you’re covered.

Our 24/7 online easy-access portal guarantees you’ll have the documents and answers you need as soon as you need them.

The best part?

Coverage from Tomins is powered by Higginbotham and backed by over 50 years of experience and a team of seasoned malpractice insurance experts.

Tomins—because you deserve an insurance partner that works as hard as you do.

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Getting your Malpractice Insurance Quote Today

At Tomins, we refuse to take the shortcuts in designing our Malpractice Insurance Policies.

To help us deliver the perfect coverage for your firm, we ask that you gather the following information before you apply:

  • Gross Annual Sales
  • Business Address and Tax ID
  • Target Effective Date (Date of Policy Start)
  • Number of Employees you Currently Employ
  • Information about other insurance you currently hold
  • Volume, Nature, & Storage Method of Client Data
  • Proof of professional licensing & other relevant
  • Brief Description of Your Business Operations
  • History of Past Claims (at least 3 years)

You deserve the peace of mind of knowing you’re covered.

TOMINS—mindful insurance today, successful business tomorrow.  

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