About Professional Liability Insurance, also known as Malpractice Insurance

Professional Liability insurance, in its simplest meaning, is coverage that protects a qualified professional against claims alleging negligent acts, errors, or omissions in the performance of providing professional services. All practicing healthcare providers need Professional Liability insurance. This is the case whether an individual is employed or self-employed in independent practice. In the event of a licensing board complaint or a suit alleging “malpractice,” Professional Liability insurance is the only line of defense in protecting a healthcare provider’s personal and business assets.

The emergence of new areas of practice, new governmental regulations (e.g., the HIPAA Privacy Rule or Medicare and Medicaid regulations), and the increase in licensing board complaints has produced a new set of potential risks and necessitated additional protections for healthcare providers. The Professional Liability Policy offered through Trust Risk Management Services (TRMS) includes coverage that addresses these risks.

The program also offers Professional Liability Insurance for students of the health care profession, designed to cover activities such as practicum and internships.

This policy also affords General Liability protection and a number of significant coverages including the following features:

  • Coverage is written on an Occurrence basis
  • Standard Professional Liability limits are$1 million/$3 million with options available for other limits on request
  • Individual protection for Professional Liability, Personal Injury Liability, acts as a Good Samaritan, General Liability, and Fire/Water Legal Liability exposures
  • Group practices and entities may purchase seperate General Liability limits
  • Other important coverage's include: Licensing Board Defense, Defendant's Reimbursement Benefit, Disposition Fees and Expenses, Assault, Medical Expense, First Aid, Damages to Property of Others, HIPPA Fines and Penalties and Consumer Notification Cost and Sexual Misconduct
  • There is no deductible—The policy covers first dollar defense expenses and indemnity
  • The cost of defense does not reduce your coverage (i.e., defense costs are paid in addition to the policy’s limits)
  • 24-hour worldwide coverage, provided the claim is brought in the United States, its territories or possessions, or Canada.

Premium discounts are also available for:

  • Newly Licensed Practitioners 50%
  • Part Time Practitioners 50%
  • Continuing Education 10%
  • Switching your coverage to TRMS 10%
  • Applying Online 5%
  • Group Policies (2 - 6) 4%

* In IL Personal Injury, General Liability and Host Liquor Liability and Fire/Water Legal Liability are not included in the professional limits however may be purchased as a separate limit. In NY General Liability and Host Liquor Liability and Fire/Water Legal Liability are not included in the professional limits however may be purchased as a separate limit. Discounts are subject to terms and conditions per state and may vary in percentage or not be available in each state or for each profession. Maximum combined discounts for any state not to exceed 50%. Discounted premiums are subject to a minimum premium.