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What Is Hospital Professional Liability Insurance and Why Do You Need It?

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Owning a hospital can be a difficult affair. It’s expensive and very difficult work to not only manage, but run. There’s very little time to think about decisions, as patients must be rushed to various facilities, and treated as soon as possible. Stress is definitely on you, but it is also on your employees, and staff. Physicians face the difficult task of treating the patients speedily and with superb accuracy. The body is a delicate thing, and humans are imperfect. Sometimes difficult decisions are made, often with a lack of proper information, or time to consider it. These decisions can lead to very bad results, and even may be the result of negligence, whether good or bad in intention. That can be a serious liability to you and your hospital. Not only may they be responsible for their actions, but it may also lead to lawsuits, and legal responsibilities for you as well. Perhaps by now, you’ve heard of Hospital Professional Liability, or have some clue of its existence. What is it? How is it so important for your hospital?

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Hospital Professional Liability (HPL) Insurance

A Hospital Professional Liability Insurance plan covers any financial loss a medical institution or hospital is legally obligated to pay. In particular, for any charges of medical malpractice, professional error, or property damages committed by a physician, nurse, or other staff member that works for the insured. HPL plans include professional board and committee members, and their actions as well. This includes fees for legal proceedings and costs for defending against lawsuits that occur because of these incidents. This protects your institution and its staff from financial collapse or bankruptcy, in the case that you may have to pay more than what you have, or can afford to give.

The Importance of HPL Insurance

As you may suspect, HPL Insurance is essentially protecting your institution from the individual actions of its employees. However, it can also help save money, on both your part and your patients’ part. Malpractice suits and charges can cost thousands, if not millions of dollars, and have a high rate of success for the plaintiff, according to statistics. Even if you do succeed in winning, there are still court fees, and charges for defense attorneys. Since a policy can cover most of the expenses for major malpractice incidents, it prevents a hospital or institute from having to save up for expenditures like these. HPL providers may also be able to provide legal representation, or pay for legal representation at an affordable rate. This frees up more of your budget for normal expenses, like paying for the staff and equipment, or utility costs (which are vital for a hospital’s day-to-day operation). Not only does this help you, but allows you to require less from your patients, reducing fees. Furthermore, it will allow them to seek health insurance providers that don’t require expensive premiums to cover larger percentages of fees.

What to Look For in an HPL Insurance Provider

Searching for the right HPL Insurance provider will likely be harder than finding normal Insurance, but it will be a worthwhile investment of time, and money in the long run. The first thing you will want to do, is search for the laws and policies on this type of insurance in your state. Different states require different things, and some may require a minimum policy for your hospital. Next, you’ll want to shop around, and evaluate limits, pricing, and how much a policy will cover. Although self-explanatory, it might be difficult to find reviews to help support a company’s claims of quality service. Oros Risk Solutions can assist in understanding which insurance plan may be the best suited to meet an individual’s needs. Also, it may be a good idea to contact hospitals under their coverage, and ask how they feel about the policy they have. Doing some research on history, especially legal history, will also be able to show you how well they provide.