Medical Malpractice Insurance For Medical Establishments in Canada

Medical Malpractice Insurance For Medical Establishments in Canada

Medical malpractice insurance for medical establishments in Canada is available in two main policy forms. Claims-made policies and Per Occurrence policies are the types of coverage that most medical malpractice insurance providers offer. Based on the medical establishment you own or are opening, you may be able choose between these two types of policies, but in some cases the top Canadian insurers that ALIGNED Insurance works with will only offer claims made policies to help limit their liability.

Your liability concerns govern the cost and coverage of your medical malpractice insurance. That’s why it’s important to talk to an insurance broken who can search through insurance products offered by multiple insurance companies. Talk to an insurance broker at ALIGNED Insurance in order to find the policy that fits your medical establishment.

Did you know that almost half of all Canadian parents reported using child care? With so many different child care facilities, insurance option range widely. Did you know that three in every four Canadians visit a dentist at least once per year? Each dental office is different and therefore the insurance coverage and cost should be different.

The choice between the two types of medical malpractice insurance may differ. You may be opening a new practice, or changing your current medical malpractice insurance policy or provider. In order to understand your insurance needs, here’s what you should know about acquiring medical malpractice insurance for a medical establishment in Canada.

Per Occurrence Policies For Medical Malpractice In Canada

Per Occurrence policies for medical malpractice in Canada offer coverage for medical malpractice claims at the time the event took place. You would not be covered for fees associated with a claim if the event happened before coverage began. A per occurrence policy might still be the right choice for a medical establishment in Canada.

It helps to have an insurance broker look through the policies based on your specific office. Per occurrence policies are sometimes more costly because they cover you for events that happen at any time during the period of time coverage was in place. You are even covered when filing a claim after the coverage has expired. Based on your medical establishment, this may be the appropriate policy, or it may not. Know your options before you decide.

Claims-Made Policies For Medical Malpractice In Canada

Claims-made policies for medical malpractice in Canada offer coverage only if the policy is in place when the supposed event of medical malpractice became know and also when the claim is filed. It’s likely that a claims-made policy may be less costly than a per occurrence policy because the time of required coverage is longer.

This is another reason why discussing your medical malpractice insurance needs with an ALIGNED Insurance broker is extremely valuable. If you have insurance and are wishing to change your insurance policy or provider, you need help assessing if you will be covered in the interim. Do you have tail coverage from your current policy or if you require prior acts coverage from your next policy? These options will help your medical establishment remain insured for medical malpractice while changing insurance policies.

Considerations For Your Medical Malpractice Insurance

There are a few factors about your medical practice that make a difference in the policy for your medical malpractice insurance. Cost of insurance is often based on the assessment of risk. Medical establishments in Canada are deemed to be at a higher risk if they deal with vulnerable populations. For example, medical malpractice insurance for medical establishments in Canada may be more costly for those dealing with children or the elderly. You want to be sure you have an affordable medical malpractice insurance policy if you run an establishment like:

  • Hospice
  • Nursing Homes
  • Geriatric
  • Convalescent
  • Clinics and Daycare
  • Family Planning
  • Maternity
  • Nurseries and Crèches
  • Pediatric

Medical malpractice insurance for a medical establishment in Canada may also need to factor in the number of patients in your care. If the volume of patients is higher, the cost of the policy is higher. You want to choose a policy that covers you for all claims, no matter how many patients you have. Take this into account if you run a medical establishment like:

  • General Clinics
  • Health Screening
  • Private Hospitals (Surgical and Non-Surgical)
  • Public Hospitals (Surgical and Non-Surgical)
  • Rehabilitations (Physical and Mental)
  • Infection Centers
  • Well Women/Well Man

Medical malpractice insurance will also be required for medical practices that vary in number of practitioners. If your practice has more practitioners, your medical malpractice insurance will be higher. Your insurance broker can help you find coverage that takes into account how many practitioners work in your office. You want your coverage to span across your entire practice if you run a business like:

  • Dental
  • Drug/Alcohol Dependency
  • Elective Cosmetics
  • Hair Replacement
  • Psychiatric

You don’t want to be over charged for your medical malpractice insurance for medical establishments in Canada. You also have to be certain you’ll be covered for all claims you need to file, no matter when the supposed medical malpractice event took place. Talk to your insurance broker in order to find the policy that allows you full coverage at an affordable rate.

At ALIGNED Insurance, we search through the 65+ top Canadian insurance companies to find the right policy for you based on all the factors listed above.


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