Princeton University defines malpractice insurance as "insurance purchased by physicians and hospitals to cover the cost of being sued for malpractice."
Essentially, this insurance helps protect practitioners from financial burden if they are ever sued.
Practicing physicians must purchase their own malpractice insurance. However, medical students are often covered under an umbrella policy that serves its students. Before entering into rotations, check with the school to see what the malpractice insurance covers and how it works.
Medical students who have the opportunity to be a visiting student at another school are not always covered by that institution's malpractice insurance. Check with the school before beginning studies to determine if outside malpractice insurance must be purchased. This often applies to international students.
When faced with purchasing malpractice insurance, the best resources are to ask teachers and other students. Using personal recommendations from experienced professionals will help determine quality insurance providers.
The cost of malpractice insurance depends on the following variables: location, area of study, and what limit of liability will be placed on the policy purchased. The Healthcare Service Provider's Organization (HSPO) offers quick quotes based on this criteria.
For example, a student focusing on respiratory therapy in Connecticut has an annual premium of approximately 29 dollars. This cost will increase upon graduation.
There are a few things to keep in mind when looking to purchase malpractice insurance. How much coverage is required may depend on the specific area of study; consult those in similar concentrations to determine needs.
The second consideration is whether the school or teaching hospital has what is called School Liability Insurance. This is designed to protect a school in case of a lawsuit. If a problem arises and a patient is suing the hospital for malpractice, School Liability Insurance may prevent that patient from collecting from the school. In a case like this, the patient may then decide to sue the individual, making it that much more important for a student to be protected by his own malpractice insurance.