Professional liability insurance for medical technicians isn’t just an option; it’s a key component to protecting yourself and safeguarding your business. Malpractice Insurance along with Errors and Omissions coverage are different names for the same thing. Essentially it is coverage for allegations of negligent acts, resulting from the occupation covered.
This day and age, lawsuits are becoming more commonplace. A variety of technicians need professional liability insurance including:
- Biomedical Technicians
- Lab Technicians
- Clincal Lab Technicians
- X-ray Technicians
- Blood Bank Technicians
- Radiological Technicians
- Cardiology Technicians
- Community Health Technicians
- Dialysis Technicians
- Health Registrar Technician
- Histologic Technician
- Mental Health Technicians
- Behavior Technicians
There are two types of professional liability insurance for technicians: occurrence coverage and a claims-made policy.
- Occurrence coverage is lifetime coverage for your policy period. This means that it does not matter when a claim is made, if the date of treatment for the incident being reported occurred during the policy period, it is covered. There are no step increases to the premium in an occurrence form policy.
- Claims-Made Policy only covers claims reported during the policy period. If a claim is reported after the expiration date of a policy there would need to be “tail coverage” (link to prior blog) in place in order for that claim to be covered. “Tail Coverage” can be added onto your current policy to increase the period of time claims would be covered. Claims Made policies typically start at a low premium which has step increases each year as the liability increases.
For a quick rundown of the difference between occurrence and claims-made policies, please visit the FAQ page on our website or our blog, 3 Differences Between Claims Made & Occurrence Based Coverage.
There are many general coverage benefits to your policy when you purchase professional liability insurance. You receive up to $35,000 for defense of a complaint made to your regulatory board and defendant’s reimbursements all have higher limits, to guarantee maximum protection.
Benefits of Professional Liability Insurance for Technicians Include:
- State licensing board defense coverage
- Deposition expense coverage
- Medical expense coverage
- First aid coverage
- Assault coverage
In selecting your professional liability insurance, remember that not all policies are created equal. Choose an insurance provider that you can count on so you can rest assured that you’re protected. CPH & Associates offers the benefits you deserve and coverage you can count on.