Obstetricians professional liability insurance also known as errors and omissions insurance for obstetricians is an insurance coverage that provides financial protection to obstetricians in the event they cause damages, losses, or bodily injury to clients or third parties as a result of their negligence, errors, or mistakes.
This insurance kicks in to pay for damages only if the cause of damages are covered by the policy.
What Do Obstetricians Need To Know About Obstetricians Professional Liability Insurance
Most people don’t consider the obstetrician field to be quite as risky as other medical fields. This might be true to a certain point, but it would still be foolish to not protect yourself to the fullest. You spent a lot of time and money getting your practice up and going and you don’t want one little mistake to put you in financial ruins.
This is why insurance policies like obstetricians professional liability insurance and commercial general liability insurance are essential.
CGL insurance will protect you in the event that someone is injured on your property or property damage occurs. However, obstetricians professional liability insurance offers a different type of unique coverage.
How Does Obstetricians Liability Insurance Cover Your Company?
Even the smartest individual in the world can make a mistake or get a wrong answer. Unfortunately, as an obstetrician your mistakes could be a lot more costly than just hurt pride. As an obstetrician, you are tasked with one of the most precious tasks in the world. And, that is to safely bring new life into the world.
Just the slightest mistake on your part and you might kill or harm the child or mother. What do you think is going to happen in one of these situations? The grieving parents are probably going to be so upset that they sue you.
Even if you are not at fault, the court costs and lawyer fees alone could run into thousands of dollars. And, what if you lose the case?
You could literally be looking at close to a million dollar lawsuit. This is where obstetricians liability insurance offers up its protection. It will cover the court costs, lawyer fees and the settlement.
Keep in mind, the coverages mentioned above must exist on your policy for you to be protected. Make sure to ask your broker about policy wordings!
What’s The Average Price For Obstetricians Insurance?
When it comes to pricing obstetricians insurance things can really get tricky and complicated. This is because insurance providers base their rates on certain factors.
If you have a large number of employees, you are going to be expected to pay more for coverage. If you have filed claims in the past, you will probably have to pay more for coverage.
If you are just now opening your business, your policy rates will be higher. These are just a few of the factors that are considered. That being said, some average sized obstetricians will pay anywhere from $600 to $1,000 for obstetricians insurance.
Get The Right Amount Of Obstetricians Professional Liability Coverage
Not only is acquiring this policy essential to protecting your company, but you need to make sure that you have the right amount of coverage. This is the amount that the insurance company will cover per claim before you have to start paying out of pocket.
The idea is that you want to get enough coverage that could protect you from the worst-case scenario.
This is why experts in the field would recommend getting at least a one million dollar policy.
Let Us Handle Your Insurance Needs
There are a number of insurance providers in the Ontario area, but only some of them have the insight that we do in obstetrician field. We offer obstetricians insurance and have been working with a number of practitioners in the area.
Our brokers can help you put together a variety of policies that will offer you, your employees and your business the protection that they need for risk exposures.