Professionals in any of several industries need Errors and Omissions (Professional Malpractice) coverage. This is in addition to your general, property, or business liability insurance. E&O policies protect the insured from financial risks which may be incurred by making a mistake within your professional capacity.
What does that mean for the medical professional? You meant to double-check on a drug being administered or prescribed, but got rushed and forgot. The patient started to bleed out during a surgury, things got crazy, you thought you’d counted all the instruments back, but missed one. You’re human. Things happen, even with the best of intentions. If the patient suffered any consequence, you could be sued for an Error or Omission. Even if you’re not found financially responsible, the costs of defending against that claim could be significant. Enter your Errors and Omissions policy. The company takes over the moment you’re served, and you’re able to continue to focus on giving your patients the best care possible.
Who needs this protection? Virtually anyone in a Professional capacity, but especially those with any degree of autonomy. A NA or CNA isn’t likely to be sued because they’re working supervised, with no one beneath them. Their supervisor or the company which placed them will bear that burden. (Of course, anyone with significant financial assets may want to get protection, realistically, someone working at a CNA’s salary isn’t likely to have that sort of exposure.) RNs, LPNs, NPs, Chiropractors, Physicians, Medi-Spas, Dentists, Oral Surgeons, all should have an Errors and Omissions policy.
And now you know what that policy is doing for you! Next time we’ll talk about the limitations and details of an E&O policy, so check back soon!