Errors and Omissions Insurance: Do I need it? When we think about Errors and Omissions (E&O) insurance, we usually picture it protecting architects, restaurant owners, truck drivers, or laundromats. Often, we need to pay more attention to the critical importance of these policies for sophisticated sectors like the healthcare industry.
Our perspective might change significantly if we consider a recent study by the Johns Hopkins University School of Medicine, which found that medical errors in the U.S. cause over 250,000 deaths annually. Medical errors are the third leading cause of death, following cardiovascular diseases and cancer.
According to the state’s Department of Health, in 2021, there were 1,727 medical malpractice claims in Florida alone, with an average payout of $244,728. These claims, often stemming from harm caused by a professional’s mistake, omission, or commission, can have significant financial implications for healthcare professionals and their practices.
The Department of Health states that the most common cause of these claims is the failure to diagnose a disease, followed by issues related to treatment. These statistics clearly illustrate the necessity of having E&O insurance, which is specifically designed to protect healthcare professionals from negligence claims or errors made while providing specialized services to their patients, providing a crucial layer of security and reassurance.
This liability policy covers the legal costs of a claim and the resulting compensation, as stipulated in the contract. When evaluating the importance of this insurance, it’s crucial to consider that compensation for negligence causing non-economic damages to a patient, such as pain or suffering, can reach up to $500,000. In cases involving catastrophic injuries or death, compensations could climb to a million dollars.
Everyone makes mistakes, but if you are a healthcare professional, run a clinic, work with patients, assist a doctor or dentist, or are employed in any medical office, obtaining E&O insurance from Univista Insurance is highly advisable. Errors and Omissions Insurance: Do I need it?
Call us today for a comprehensive evaluation! 305-728-2088. You can also get a free quote here.
