Chapter 2: How Insurance Can Save Your Medical or Healthcare Practice Millions
Part 1: Malpractice Insurance for Healthcare Professionals
Malpractice Insurance Policy Limits for Healthcare Professionals
When reviewing policy limits for your Malpractice Insurance, there are numbers to keep in mind: the individual limit and the aggregate limit. Here's what you need to know:
- Individual limit. This is the maximum amount your policy will pay for any one claim.
- Aggregate limit. This is the most that will be paid in any policy term for all claims.
For example, a policy with limits of $1 million / $3 million will provide a maximum of $1 million per claim and $3 million for all claims during a policy term.
Some states mandate that medical professionals carry a specified minimum amount of Malpractice Insurance, but we'll delve deeper into that subject later. For reference, most small healthcare practitioners take limits of $1 million / $3 million. If you need help deciding on limits that are appropriate for your private practice, consult an insureon agent.
Next: Medical Malpractice Statutes of Limitations